Initial Phase: Formulating the Idea You have a great idea for a company – now is the time to do your homework. Before writing a business plan, extensive research is required to answer several key questions: * How clear is the idea? Can it be summarized in two sentences or less? * What are the vital market demographics? * Who will be your customers? * Is there a real need for this product? * How is your company different from others? Once you've answered these questions, you can move on to the next phase
