When it comes to starting a business, most entrepreneurs are so focused on the money, they forget that there are other hidden costs to contend with, writes Alan Manly, OAM, CEO of Universal Business School Sydney.

Rising costs, supply chain issues, and wage pressure all culminating in higher inflation, has made starting a new business a more challenging endeavor in the current environment.

Typically, startups with a good business plan give comfort to entrepreneurs and investors; in part because the plan details the objectives, strategies and tactics, along with the anticipated profits and expected costs.

There is however a wide variation in business plans. Some are voluminous demonstrations of thorough research, while some exist as a mere template borrowed from the internet to meet the formalities. Others, it has been found, reside in the mind of the entrepreneur.

History shows that all styles of business plans can prove to be successful.