A business plan is a formal statement of business goals, reasons they are attainable, and plans for reaching them. It may also contain background information about the organization or team attempting to reach those goals.
Do your research. In order to be able to write a strong, comprehensive business plan you need to possess a sound knowledge of the market you are involved in. You need to actively conduct market research and ensure that your plan makes reference to your findings. It should include factors such as market size, the predicted growth path of said market and how you propose to gain access to it. For example, if you are planning on opening a bar then your business plan should include figures based on the local population, cost of suppliers, predictions about whether the bar industry is likely to grow or decline in the area and a review of the competitive environment.
Finally, a business plan should be error - free. This is important because your business plan defines who you are as a business person. If it turned out sloppy, then that does not speak too highly of you.
Starting a woodworking business can be a highly profitable enterprise with a lot of flexibility however it is important that you plan it carefully. Having a woodworking business plan will allow you to borrow funds from investors or the bank in order to get you started. In this guide you will learn what you need to have in your woodworking business plan.