What is a business plan?
In GCSE Business, a business plan is a detailed document that sets out the key goals, strategies and financial projections of a business.
The main aim of producing a business plan is to reduce the risk associated with starting a new business. It can help the owners raise finance and identify the resources needed to set up and operate the business effectively. Producing a business plan forces the owner to think about every aspect of the business before they start, which should reduce the chance of failure.
Contents of a business plan
Although the contents of business plans can vary, they typically include the following elements:
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