Over 4.7 million businesses start annually in the U.S. One in five businesses fails within first year. Successful businesses focus on generating more than spending consistently
SWOT evaluates company's competitive position and strategic planning. Framework assesses internal and external factors for current and future potential. Uses data-driven approach to identify strengths, weaknesses, opportunities, and threats
Identify target audience and desired services. Visit other cafés and gather market research. Determine location based on demand and competition. Create comprehensive business plan including financial projections
A business plan outlines company goals, strategies, and timeline for achievement. It serves as a roadmap for business growth and funding. Not every successful business launches with a formal plan
Third edition by Sunil Chopra and Peter Meindl. Contains 543 pages with 333,672 words. Divided into six main sections covering strategy, planning, and operations
BRD outlines project requirements for success and provides clarity to stakeholders. Document helps stakeholders understand project objectives and lifecycle expectations