Starting a new business can be exciting, but starting one without the proper research and preparation can be a nightmare. What’s worse, if you’re depending on outside investors, your lack of preparation may mean that the business never gets off the ground to begin with.
What you need is a business plan, and the folks over at Washington State University have put together an infographic detailing ten steps you should take when creating one. Not only do they include the typical questions like “What need does my idea fulfill?” but they take things a few steps further by including things like funding sources, target demographics and profitability planning.
So, if you’re thinking about starting a new venture, or even already in the process of doing so, make sure you’re keeping in mind the steps below: