You are planning to start a new business. You have worked out several details of it. How can you be sure it is a feasible idea? There is no single most suitable business for entrepreneurs. Everyone has to establish a business based on personal expertise, skills, aptitude, risk capacity and investment capacity. You should prepare a business plan to find out if your idea is feasible. This is a simple template divided into several parts. It covers market research, sales strategies, investment funds, employee requirements and other details.
You may be planning to borrow money from banks or other lenders to start your business. How will you repay the loan? Will it be a secured or unsecured loan? You are more likely to get a business loan against a collateral asset. Can you provide such a security? You have to think all these things and prepare the business plan to learn if you will be able to arrange sufficient funds for your new venture. Always keep some extra fund on side to handle emergency or unplanned expenses.
