Business Plan

At this point you have the essential elements for success:

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Market knowledge
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Competitive intelligence
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Partner options
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First hand experience

It is time for an operational business plan.

A well-planned trip will generally run from one week to 10 days. And with a little luck, you will now be in a position to put a working business plan together. You have talked with candidate partners, and undoubtedly those discussions will continue when you return. You will each have a certain “to-do” list to move your relationship forward. Part of this will be estimating sales and costs.

Again, this need not be a long document, but it does need to have numbers attached to it. This is the first time that you are actually projecting in a concrete way what this international market can mean to your company. Of course, from the market research you concluded early that there was good potential. But it is hard to quantify what portion of that potential you can capture until you are in partner negotiations.

In addition to numbers, the business plan should have tasks, personnel assignments and timing (a typical PERT-type chart).

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