Question

For several years, Addison has volunteered to play the piano and sing at a local nursing home. Now, Addison has decided the time was right to get into the growing eldercare market. She created Music and Memories, a nonprofit corporation that would hire local talent to perform her own music productions directed toward this market. In order to write and produce several productions each year, Addison needed start-up funds. An instructor at the local community college suggested that she begin by __________, because this effort would help introduce her idea to interested investors as well as suggest government grant applications that Addison might pursue.

Answer 1

Answer: Preparing her business plan

Explanation: A business plan could be described as a written document detailing the framework of a particular project or business. A business plan details the nature or overview of the proposed business, market research and analysis of the proposed product, structural analysis of the organization, target market and marketing strategy, the financial and cost estimation, sources of funds and so on.

A well written business plan is almost always necessary before starting a business as it contain all necessary details one might need or possible challenges to be encountered. It is also required on other to get external funding from government or corporate organizations.