Paul O'Reilly-Hyland: One of the most important things a person ought to do before starting a business is write a good business plan. The business plan is where both the investors and the person can see what is the business all about, how it is going to make profit, and what is its competitive advantage over the other competitors in the specific market. When it comes to business plans you can be either one of two people: the one writing it and the one reading it. Here, of course, for the purposes of simplicity and shortness I do not include all the people that provide you with information about the future business and all the middlemen needed to complete your business plan, neither do I include the actual person, who is probably writing the business plan but I mean the owner of the future business. Similarly, I do not think of the reader the person, who may first review the business plan on the side of the potential investor but the investor (or creditor himself) since he is the one who is going to finance the venture. Now having cleared that out of the way it is simpler to comment on the process itself. If you are planning on producing a business plan it is important for you to focus your effort on some minor details you may otherwise ignore. The most important thing for you is to expect that a business plan may cost you anywhere between $5,000 to $40,000, including market research, legal and financial expertise and it is important that you make it as concise and to the point as possible not only to impress the reader but also to possibly save on money but that should not be a target, when doing it. When you are the writer the most important thing is to ask yourself questions constantly. Questions like: How large is your target market? How fast is it growing? Where are the opportunities and threats, and how will you deal with them? When you are on the other side, when you are reading this it is vital notice those small details that give away whether or not to invest in the project. This may also serve as guide on what to underline to the writers of business plans. If you are going to invest your money in a business plan and you want to make a profit you had better be aware how this business is going to make money. This is the single most important thing for an investor and he should be quite aware of it.