THIS IS THE FIRST IN OUR NEW SERIES OF CONCISE BUSINESS SCHOOL FEATURES, TAKING YOU THROUGH EVERY STEP OF CREATING AND MANAGING A SUCCESSFUL BUSINESS. THERE WILL BE MORE ESSENTIAL ADVICE IN THE NEXT ISSUE OF MSAFIRI.
01 DEFINE YOUR BUSINESS CONCEPT
The first step in creating a business plan is to clearly define your business concept. This involves identifying your target market, understanding their needs, and determining how your product or service fulfils those needs. You should also define your unique selling proposition (USP) - what sets your business apart from the competition.
02 CONDUCT MARKET RESEARCH
Market research is crucial for understanding the competitive landscape, identifying market trends and
