If you have a business idea you are probably raring to go and full of enthusiasm. This is good, as you will need that enthusiasm and dedication to get through the hard work that lies ahead. Before you start working on the detailed planning of your idea, you need to do a quick viability study. This will help you with the following:
A business plan is a document that summarizes the operational and financial objectives of a business and contains the detailed plans and budgets showing how the objectives are to be realized.
It communicates a viable business idea. We communicate with employees, suppliers, investors, financial institutions and other stakeholders. The main reason for this communication is to convince stakeholders that the new venture will be successful and it is worthwhile to invest in the enterprise.
When you run a business, you assume responsibility for the well-being of a range of people, from employees to customers. Your business activities have the potential to affect these stakeholders in serious and costly ways, and business insurance protects you financially from some of these consequences.