Is there enough demand for your product or service? This is something you'll want to investigate in more detail as you develop your business plan. At this point though, what's important is to do some preliminary research. Searches on Google, Hoovers or Bizminer will help you study a particular industry, and you can often drill down your research to a particular state or city. Your search at Google is of course, free, but you'll often find for a small investment at sites such as Hoovers or Bizminer, you'll get meaningful data for your market vertical, which you can start analyzing right away. It's also not a bad idea to survey buyers on their purchase behaviors and perceptions towards your product or service. Arranging a questionnaire or focus group can give you some useful insight into how potential buyers react to your product or service. If it's reasonable, consider giving away product or service trials and then follow_up to evaluate user expectations and experiences. If you don't have demand for your product or service, it really doesn't matter how great it is anyways, right?
Your Business Should Be Flexible, Not Rigid _ Your business needs to be flexible and dynamic. It needs to adapt to your customers needs, to the changes in the market, to the economic climate, to the available technology. It needs to evolve as you experiment with advertising media, copy, headlines, price points, offers, social networking and split testing. As you create a market you'll be surveying them to find out what they really want from your business and then you'll be creating exactly that. You'll be creating goals that you want to achieve and tracking them weekly or monthly using a spreadsheet. The common factors here are flexibility, experimentation and adaptation. Now tell me where a rigid five year business plan fits into this scenario? It doesn't, because a rigid plan is the last thing you need.