Hi, you are listening to daily business tip podcast brought to you by coach305 In yesterday podcast we talked about one of the setup legal structure In today podcast we will talk about another step. The business plan. This part of setting up your business is to create the actual business plan. The elements that we have discussed up to this point will all be included in the business plan. A business plan is a detailed written document that describes the nature of the business and the intended target market and contains an overview of the competition, a summary of the products/services offered, a discussion of your skills and expertise, and a financial summary. A business plan is considered the blueprint for your business and how the business will be set up. Business plans are important for your reference as well as for the reference of any other stakeholders who might be interested in the company, such as partners or investors.