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When you are conceiving a new business or new product or service, you should at least create a basic business plan (see our simple business plan template below).This business plan should cover the basics of your plan.
There are several types of business plans, but they are all similar.
For instance, it should include the reasons you think the business, product or service will be successful.
It should prove that the market is big enough to support your business.
There are also 2 types of business plans based on the level of comprehensiveness.
One is a simple business plan, as previously mentioned, that covers just the basic items to give a preliminary assessment regarding whether or not the company is viable.