Have a Plan, Business or Otherwise

Just about every new business owner and entrepreneur has been told at one point in their journey that they need a business plan.  Put your idea on paper.  “You need to create a  detailed plan that  projects 5 years into the future that outlines your expectation of your resources: where they’re coming from, amount needed and the exit plan if the resources aren’t available.”  Now, if you’re looking to get a loan from the bank or funding from Angel Investors and Venture Capitalists, by all means, start that business plan.

But if you’re starting your own business from your own funds (and many of us do, because why in the world would be want to give up even an ounce of control to someone else just yet), a formal business is not necessary.  But you still need a plan.

Scrap the executive summary and don’t worry too much about the five-year projection.  If you can’t get off the ground, there isn’t even one year, let alone 5 years, to worry about.  When designing your plan, think of it as a road map for you to follow, all the things you need to have or get done in order to see your business through.  This should include an expense sheet, potential clients/customers and how to target them, which social media sites to use (and to say there are hundred of social media links would be an understatement) because you don’t have to use them all, just the ones that work for you and a general idea of how this business will be funded until it can fund itself.

Your “business” plan doesn’t have to be written in stone or drawn in blood.  It should be flexible enough to change just as you and the business will change; as you add or take away products and services, increase your customer base and hire employees.  However you choose to build your dream business, start with a plan.

Check out Mashable Business http://mashable.com/2012/01/21/6-things-starting-business/ to have this point reiterated.  Must be something to having a  plan!



One thought on “Have a Plan, Business or Otherwise

  1. bizengineer says:

    Also show how you will or have understood the customer needs and requirements. What evidence is there to support that customers will buy your product or service, and at what price?

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s