It allows you to work out all the different areas of your plan, so that you can identify and solve problems before they happen. When you prepare your Project Report, try to think of these points:

• Technical feasibility

This combines all the technical areas of your business, and shows how they will work. Some points to include are the product specifications to be adopted, the availability of raw material, an outline of the manufacturing process, quality control measures, power supply, availability of water, transport facilities and communication network. These depend on the type of business you are setting up.

• Economic viability

Here, you have to try to plan how you business will work financially. You need to work out all the costs you will have on one side, and things like the amount of sales and demand you will get when you sell your product on the other. Be very honest in this section, because it is better to realise that your business will fail on paper than when you have put your savings into it.

This section also should contain information on any bank loans you may need to take, as well as details of the repayment schedules thereof.