Creating a business plan will help you achieve your entrepreneurial goals. According to Sachin Karpe, an appropriate business plan give syou the road map of your business very clearly.

1. Why is a business plan important explains
Sachin Karpe
Are you a budding entrepreneur? You have started with your
new company? Creating a business plan will help you achieve
your entrepreneurial
goals. According to
Sachin Karpe, an
appropriate business
plan give syou the
road map of your
business very clearly.
If you are new to the
business world, then
you must study the
market carefully
considering which
segment of the local
population will be seeking to use your products or services. This
needs an intelligent search. You should conduct a primary and
secondary search. It is very important to target your audience
who is suitable for your product or service. Not everyone needs
to be your target audience. If you are into the business of

2. making chocolates, it is very important for you to know the age
bracket. You have to analyse certain questions like –
• How many children are currently under the age of 20?
• How many other manufacturers already have a share of the
market?
• How big are your potential competitors?
You must identify your company’s initial needs. What will you
require to get started? Whether you want to buy an existing
company with 300 employees or start your own by adding an
extra phone line to your home office desk, you need to make a
list of the materials you’ll need to set up a company. You need
to research on the possible locations for your set up. You need
to chart down the most expensive and least expensive sites by
location. Gather as much helpful and credible information as
you can. Depending on your product, you may need to search
long and hard for relevant information.
A business plan won't be useful until you sure for what does
your company exist for? What will you accomplish for others?
What products and services will you produce or provide? Write
down all the specific needs your company will satisfy. Potential
investors need to know that your business will be meaningful
and marketable to people who can use your product or service
says Sachin Karpe. A successful business needs a good strategy
to follow. The first step in selecting an effective strategy is to
identify a competitive advantage for your product or service.

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