Create a business plan
Once your organization has decided that the business idea is sound, that the necessary major investment is worth making, and that it is the right fit with your organization, you will need to guide the implementation process with a serious and detailed plan. The business plan will identify how you will create your products or deliver your services, the skills you will need, the marketing channels you will use, and other technical issues such as pricing, governance, financing, and legal issues.
On the financial side, the business plan is used to convince investors or funders, showing how and when your enterprise will stop receiving subsidies and start generating profits (if this is indicated in your plan) and how those profits will be reinvested. You will also learn about building financial projections into your business plan in Chapter 5.
In your business plan, you will have to investigate your organization’s position in relation to the enterprise. This means making sure that your planning won’t be wasted due to legal barriers. Learn more in the "The Legal Context" section.