The business planning process for new social enterprises is somewhat different from what it is for existing enterprises. Established social enterprises have a track record and historic information to draw from regarding their operations, costs, marketing experience, and staff; this information contributes to the development of a solid business plan that is based on more than speculation. If you have been involved in an existing social enterprise, you should be able to make fairly accurate projections and devise strategies based on experience. On the other hand, if yours is a new business, it’s best to develop your plan for the first year of its operations only.
The process of preparing a business plan should start with extensive market research. This can take weeks or months, depending on the techniques chosen (surveys, questionnaires, or focus groups) and the availability of information. To some extent, time needed for market research will be determined by the number of products or services you are offering, the location of your target market, the complexity of the industry, and the competitive and operating environments. When it comes to market research, don’t take short cuts; a common reason for the failure of many social enterprise programs is inadequate market research prior to launching the program.
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