Why do you need Business Planning and Idea Validation?
- It helps in deciding the business activity by considering important aspects such as name & place, type of entity & business activity, necessary training & experience, target audience, support members, mission statement, etc.
- It helps in analysing the current and the potential competition, studying the strengths and weaknesses of similar products/services
- It helps in studying competitors on various parameters such as market trends, pricing structure, etc.
- It helps in finalising funding requirements, along with looking for funding sources such as banks, NBFCs, Government schemes, subsidies, etc.
Business Planning and Idea Validation Details
- Estimate annual sales with ease
- Assess the feasibility and viability of the proposed business
- Product/service identification and finalisation process is simplified
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‘Feasibility’ refers to examining the possibility of manufacturing the product or delivering the service. ‘Viability’ refers to examining the sustainability of proposed business activity in the coming years.
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It takes approximately 4 working days once all documents, along with the required information, are received.
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Writing a business plan is an opportunity to carefully think through every step of starting your business. It helps in a number of ways including:
– Validating your assumptions and determining the need for your product or service in the market
– Giving a structure to your idea, and saving time and resources in the long run
– Making projections that give you a clear understanding of how your business will operate in the future -
A Business Plan can be prepared when you are planning to start a business, so as to understand the ‘viability’ and ‘feasibility’ of the proposed business idea. Also, for existing businesses, when the entrepreneur is planning to expand the venture or is introducing a new line of service/product or is opening a new branch, etc.