If Frank believes in the potential of his venture after assessing it, what should his next step be?

Developing a business plan is the essential next step for Frank after assessing the potential of his venture. A solid business plan serves multiple purposes; it outlines the vision, mission, goals, and detailed strategies of the business. It also provides a roadmap for how Frank intends to operate and grow the business. This document is crucial not only for guiding day-to-day operations but also for attracting potential investors, as they often require a well-structured plan to understand the concept and viability of the business before committing any financial resources.

A business plan will allow Frank to clearly articulate how he will execute his ideas, handle financials, and navigate challenges, thus positioning his venture for success. Additionally, it's an opportunity to identify the target market, set marketing strategies, and establish performance metrics to gauge success.

While other steps like implementing marketing strategies, conducting competitive analysis, and evaluating funding options are important, they often naturally follow the creation of a comprehensive business plan, which serves as the foundational document that unifies all aspects of the venture.