After carrying out the necessary research it will be very useful to spend time writing a realistic business plan. The business plan need not be too detailed for starters but it must be a realistic one.
What should a business plan contain?
It should include details about the purpose of the business, financial management, and strategic plans. A very important part of a business plan is doing an accurate costing for the product or service to get realistic estimates of expenses, profit margins, and turnaround time.
In addition to the costing, a workable cash-flow projection should be carried out which will outline the cash requirements of the business or project over a specified period of time.
Writing a business plan really is a rewarding exercise as the effort spent on doing a business plan will pay off later in the life cycle of the business or project.