Your business idea will never get off the ground unless you have a sound business plan. The business plan is simply the strategy for a potential company that you present to lenders and investors. It has to make the case for your business idea. Lenders and investors judge your business idea by the plan you present; therefore, it’s very important to get this right. So, here are a number of great tips that will help you create an excellent business plan:

Determine the Target Audience

First of all, you need a consumer base for your business idea. For example, if you want to sell soap, you should first identify people who want to buy soap. You should know your target audience by factors such as location, age, gender, occupation, income range, and so on. This information is necessary to build a customer base. You can use statistics compiled by the …