That best way to find out whether you do or not is to do your research and write a business plan to see if your idea is feasible.The simple business plan template presented here will get you started.
How To Format A Business Plan
The resulting document can serve as the blueprint for your business and be supplied to financial institutions or investors if debt or equity financing is needed to get your business off the ground.
Capping your plan at 30 pages should be sufficient unless you need to include photos of products, equipment, logos, business premises or site plans, etc.
Potential money lenders and investors want solid research and analysis, not long, wordy descriptions.
It’s not easy to keep everything completely up-to-date as you make changes to your numbers, and integrating the right charts and graphs into your business plan is harder than it looks.
However, if you’re new to business planning and just want to get a sense of what a plan looks like and want to get the process started quickly and cheaply, then downloading a free template is the best way to get started.