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Business Planning

• I Have Created a Business Plan: Now What?

A business strategy is a fundamental tactic or combination of tactics to hit goals such as growing the business, gaining a competitive edge or turning around an ailing business. Your business strategy is brought to life by creating a business plan. Business strategies are essential for your long-term

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• The Power of a One Page Business Plan
• Do You Need an Accountant to Help Write Your Business Plan?
• Why You Really Need A Business Plan
• If you've been in the business world for a while, then you definitely know the importance of creating a business plan before starting out.
• However, simply writing down a beautiful business plan is not enough to get your business up, running, and gaining sales.
• There's loads of information out there about how to write a business plan, but once it's finished you may be thinking... now what do I do?
• Read on to find out the top 5 things you should do after you write your business plan to make it actionable.

You’ve written out your business plan. Congratulations! 

Maybe it’s really detailed. It could be full of optimistic financial forecasts for the next two years. Or perhaps you’ve used the Lean Canvas method and intend to fly by the seat of your pants.

Regardless, at this point, your business plan is all theory and pie in the sky. The onus is now on you to make it actionable .

Your business plan should not be static. Your business plan should be a working document that you can follow, edit, and change as required.

What comes next after writing a business plan?

Here are the 5 key things you should do next after you write your business plan:

• Make sure it connects to your purpose
• Begin to test and measure
• Use the 80/20 rule
• Learn something new (quickly)

1. Get help

It sounds like simple advice. I guarantee that you won’t be able to do everything on the list. If you lack the knowledge and experience to understand your sales numbers or have no idea how to advertise, find someone who does. You need to employ the experience of other professionals who can offer advice and guidance.

Not only that, if you need technical work done (like building a website or an email funnel) or creative work (like logo design and copywriting), you’re going to need to hire someone to do those things for you.

Unless you plan to tackle all of them yourself, these things cost money. If you don’t have a lot of funds or are bootstrapping , you may need to get creative. Can you offer your services in exchange for someone else’s expertise? Contra deals are a great way to get things done for free . It’s like the 2018 version of bartering. Whether you need to hire someone to get some work done or ask someone for advice, there are a lot of platforms like this one to help you get some work done on a limited budget.

2. Make sure it connects to your purpose

Why do you want to do what you do? If you cannot answer that question each and every time someone asks, that’s an issue. There will be times when you get stuck on something difficult. Your WHY is a way to keep you focused when things seem to be at their worst. You should get in the habit of connecting everything back to your WHY.

Your WHY is the reason for your business . It’s the driving motivation behind everything that you do. Do you know what your WHY is? If not, you should start thinking about it. Your WHY should be the foundation for everything that you do. It can help you get through the tough times and keep you grounded during adversity. It’s what sets you apart from your competition.

You may be in the same industry, but your WHY is what makes your business special.

3. Begin to test and measure

Begin to test and measure your assumptions. Your plan is untested and still just a concept. Now you need to see how effective your business plan functions in reality. Start looking for actionable things that you can measure. These will help you gauge your progress.

One of the easiest things to measure is sales. However, sales are the end result of all the work you have done. If you are using Google Adwords , what is your conversion rate? How many interactions do you need to make a sale? Once you start becoming familiar with these numbers and ideas, you can get smarter about understanding them. The more measurements you make, the better off you will be.

Testing the success of your business plan from multiple angles will help you see the big picture. For example, considering your sales information alongside your advertising will help you make informed decisions when you decide where to allocate your marketing budget. This brings us to the next point...

4. Use the 80/20 rule

The 80/20 rule, or Pareto’s Principle, states that there is always an uneven divide between the amount of work that we do and the reward that’s earned for that work. For example, you might find that 80 percent of your business comes from 20 percent of your advertising .

Conversely, that means that 80 percent of your advertising is only responsible for 20 percent of your business. Once you’ve identified this trend, you’ll want to direct more funds toward the part that’s working and reduce your spending on the less effective areas.

When you are searching for evidence of this principle, you want to look in 4 key areas:

• Daily habits

After you’ve collected your data, look for any places that have unbalanced spending and returns. Make adjustments as you see fit. Analyse your results and repeat the process. If you fail to look out for the 80/20 rule, you may unknowingly be spending money in all the wrong places and missing opportunities for a higher return on your time and money.

5. Learn something new (quickly)

Most people go into business using a skill they already know. Plumbers, accountants, fitness instructors, and web designers who go into business for themselves usually pick the industry because it is what they do best. The problem is that they quickly discover that they don’t know much about anything else. After a short time, they have accumulated some clients and then suddenly find themselves stuck.

They struggle when faced with a technical task like marketing, copywriting, or SEO . If you find yourself in a situation like this, your first instinct might be to hire someone to do it for you. However, you need to consider how limited your knowledge is of the task required. Will you be able to tell if the person you hire does a good job? You should always try to at least understand the work being done.

If you are thinking of hiring someone, consider whether or not you could quickly learn to do the work yourself. Being able to learn quickly is a skill that needs practice, too. If you are unable to learn quickly, you might find yourself working in your business and never on your business.

Now that you’ve got your business plan written, you need to be sure to take these 5 steps. How you manage your time and direct your energy will make or break your business. At this point, your business plan is just an idea, a theory. It is up to you to prove that it has the potential to be a successful, profitable business. Until that time, you should be making constant adjustments to fine-tune your business plan. The ideas outlined above provide the steps that are necessary to build, develop, and maintain your business through its infancy. 

What are YOUR tips after writing a business plan? 

Why is it important to have a business plan?

A business plan helps you establish a strong ground on which to start and grow your business. A business plan gives you a much clearer sense of direction..sure you might take a few detours and may still get lost along the way, but your business plan will help you get back on track.  The process for creating a business plan will be different for every business, but here are the key steps to create a business plan that covers all of the important details:

1. Identify and understand your goals 2. Research the competitor market  3. Define your brand and what makes your business unique  4. Understand your audience  5. Identify any roadblocks and how you'll navigate through them   

How do you make a business plan?

A typical business plan contains all or a combination of the following sections:

• Executive summary
• Description of the business
• Market research analysis
• Description of organisation and management 
• A description of service or product line  
• Sales and marketing strategy
• Funding requirements 

Ronan Leonard

Founder at  Eccountability

To challenge, inspire and support entrepreneurs. We've created a global community of accountability. Ronan Leonard is a Mastermind facilitator, connecting entrepreneurs and small business owners together to create the perfect virtual Mastermind group. Small business owners are often overwhelmed with to-do lists and need impartial advice to get the right support to help them achieve their goals. Ronan believes that 99% of your business problems are already solved and will connect you to a tribe that has the answers and to help you accelerate your learning. He believes that there is more value in making real peer-to-peer connections than paying for external contractors who have no vested interest in your success Passionate about helping others he is committed to giving away 1 in 6 spots on the platform to social enterprises and entrepreneurs from developing countries to create a global community. Ronan loves seeing the benefits that Mastermind groups have on each person who participates and has helped 100’s of business owners increase clarity, confidence and productivity by creating the support network for them to achieve their true potential. 9 Million YouTube Views! Ronan was just 23 he helped rescue passengers and fellow staff when the cruise ship he worked on sank off the wild coast of South Africa. For 9 years he continued to work on cruise ships sailing the world as a casino manager. His 1st business (a casino party company) grew from just 2 casino tables to over 50 and the largest gaming events company in Australia. With a casino background he understands risk vs reward and where the true value lies in where you put your time and money into (hint: it’s not gambling!). In his spare time he enjoys red wine and playing poker (but not at the same time) You can find some of his musing and thoughts here: https://www.linkedin.com/in/ronan-leonard/ https://twitter.com/eccountability https://medium.com/@ronan_leonard/

Do you need help with business planning?

There are 196 business coaches on standby

Phil Khor , Founder at  SavvySME

Good read. I might just add that hiring a business coach or consultant is another option to consider if you have written or plan to write a business plan. After all, you want to start on the right footing and working with a good business coach can help steer you in the best direction and get a solid review of your business plan. Investing in sound advice before you execute your business plan is not a cost but an investment because it saves you money from making terrible mistakes. Thanks for sharing Ronan.

Carolgreen712

Question: how does a business plan, work with not so good  with credit good or bad, or does it work with bad credit?

What Must an Entrepreneur Do After Creating a Business Plan

Creating a business plan is a significant milestone in the entrepreneurial journey. It lays the foundation for the business, providing a roadmap that outlines goals, strategies, and steps to achieve success. However, the journey doesn’t end once the business plan is completed. So, what must an entrepreneur do after creating a business plan? In this comprehensive guide, we will explore the critical next steps that entrepreneurs need to take to turn their business plans into thriving enterprises.

Understanding the Next Steps After Creating a Business Plan

Once the business plan is finished, the next step is to put it into action. This involves a series of strategic activities designed to build, launch, and grow the business. Let’s delve into the essential actions an entrepreneur must undertake:

• Secure Funding

After creating a business plan, what is the next step for starting a business? The next step is to secure the necessary funding. A well-crafted business plan serves as a vital tool in convincing investors, banks, or other financial institutions to provide the capital needed for the business. Entrepreneurs can explore various funding options, including:

• Equity Financing: Selling shares of the company to investors in exchange for capital.
• Debt Financing: Borrowing money through loans, bonds, or lines of credit.
• Crowdfunding: Raising small amounts of money from a large number of people, typically via online platforms.
• Grants and Competitions: Applying for business grants and entering startup competitions that offer funding as prizes.
• Legal Structure and Registration

Once the business plan is finished, the next step is to: decide on the legal structure that best suits the business model. Common structures include sole proprietorship, partnership, corporation, and limited liability company (LLC). Once the structure is chosen, the next step is to register the business with the appropriate government authorities and obtain any necessary licenses and permits.

• Build a Strong Team

A business plan is more likely to make a difference when the entrepreneur and management team are competent and motivated. Building a strong team is crucial for executing the business plan effectively. This involves:

• Recruiting Skilled Personnel: Hiring employees with the right skills and experience.
• Defining Roles and Responsibilities: Clearly outlining job roles and expectations.
• Creating a Positive Work Culture: Fostering a collaborative and motivating work environment.
• Develop a Marketing Strategy

In the process of starting a business, after developing a business plan the entrepreneur needs to create a robust marketing strategy. This includes:

• Branding: Developing a strong brand identity that resonates with the target audience.
• Digital Marketing: Utilizing online channels such as social media, email marketing, and SEO to reach potential customers.
• Advertising: Investing in paid advertising to increase visibility and attract customers.
• Sales Strategy: Outlining how the business will convert leads into paying customers.
• Set Up Operations

Operational setup is a critical step after creating an entrepreneur business plan. This involves:

• Location: Choosing a suitable location for the business operations.
• Equipment and Supplies: Procuring the necessary equipment, technology, and supplies.
• Processes and Systems: Establishing efficient processes and systems for day-to-day operations.
• Develop a Financial Management System

Once the business plan is finished the next step is to set up a robust financial management system. This includes:

• Accounting: Implementing an accounting system to track income, expenses, and profits.
• Budgeting: Creating a budget to manage financial resources effectively.
• Financial Reporting: Regularly generating financial reports to monitor the business’s financial health.
• Launch the Business

With all the preparations in place, it’s time to launch the business. A successful launch involves:

• Soft Launch: Testing the business with a smaller audience to gather feedback and make necessary adjustments.
• Grand Opening: Organizing a grand opening event to attract customers and generate buzz.
• Public Relations: Engaging with media and influencers to gain publicity.
• Monitor and Adjust

Entrepreneurs make many changes as they build their business plans. Why do you think this is? The business environment is dynamic, and unexpected challenges and opportunities will arise. Therefore, it is crucial to:

• Monitor Performance: Regularly reviewing business performance against the goals outlined in the business plan.
• Adjust Strategies: Making necessary adjustments to strategies based on performance data and market changes.
• Continuous Improvement: Striving for continuous improvement in all aspects of the business.

Additional Considerations

Revisiting the business plan.

Why should the entrepreneur revisit the business plan after launching? The business plan is a living document that should be revisited and updated regularly. This ensures that the business remains aligned with its goals and can adapt to changes in the market environment.

Utilizing Resources and Support

Entrepreneurs can leverage various resources and support systems to enhance their chances of success:

• Mentorship Programs: Seeking guidance from experienced entrepreneurs and industry experts.
• Networking Events: Participating in industry events and networking with peers.
• Business Incubators and Accelerators: Joining programs that provide mentorship, funding, and resources.
• Government Programs: Taking advantage of government programs and grants designed to support small businesses.

Legal and Regulatory Compliance

Staying compliant with legal and regulatory requirements is crucial for the smooth operation of the business. Entrepreneurs should:

• Understand Regulations: Familiarize themselves with industry-specific regulations and compliance requirements.
• Maintain Documentation: Keep accurate records of all business activities and transactions.
• Seek Legal Advice: Consult with legal professionals to ensure compliance and address any legal issues that arise.

Before creating a business plan, an entrepreneur must research thoroughly to ensure a solid foundation. Once the business plan is finished, the next step is to implement these strategic activities. By following these steps, entrepreneurs can effectively transition from planning to action, setting their businesses on the path to success. Planning in entrepreneurship is a continuous process, and the ability to adapt and refine strategies is key to long-term growth and sustainability.

In summary, what must an entrepreneur do after creating a business plan? They must secure funding, decide on a legal structure, build a strong team, develop a marketing strategy, set up operations, establish a financial management system, launch the business, and continually monitor and adjust their strategies. This comprehensive approach ensures that the entrepreneurial vision outlined in the completed business plan becomes a thriving reality.

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BSBCON is a leading business consultancy that specializes in helping entrepreneurs navigate the complexities of starting and growing a business. Whether you are starting a business plan or looking to understand how to do a business plan, we can provide the guidance you need.

Your business plan must be detailed and comprehensive to attract investors and guide your business strategy. Understanding the business next steps is crucial for the success of your entrepreneurial journey. Planning to start a business can be daunting, but with BSBCON, you’ll have a team of expert business consultants to assist you in achieving your entrepreneurial dreams. Contact us today to learn more about how we can help you reach your goals.

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What Must an Entrepreneur Do After Creating a Business Plan?: Next Steps

By: Author Selena Marc

Posted on Last updated: October 13, 2021

As new entrepreneurs, launching a business is exciting, right? We yearn for the thrill of financial freedom. Being our bosses, and, of course, the profits we expect to kick in.

Well, all that remains a dream if we have no concrete business plan.

We have to prepare for the steps that come before, and then once we have sat on it and confirmed that our business template is solid, prepare for the next steps. 

This article discusses what writing a business plan entails and the next steps after writing a business plan. 

What Does the Process of Writing a Business Plan Entail?

Writing a business plan for an entrepreneur involves two steps: 

1. Research

The research step is the most important. It arguably takes a significant amount of time, but we can derive some information that serves as a foundation for our business idea and plan with good overall intent. 

This is what to research for: 

Target Customers

Let’s say you have a product to sell to a specific age group. The aim here should be to understand the group of potential customers to whom the product is most appealing.

The advantage lies in knowing how urgently our potential customers need our product, how much it will cost, and if the product will stay relevant in the long term. 

Identifying Customer Channels

Now that we know who our target customers will be, how do we talk to them? The next step is to identify customer channels . 

These channels can vary depending on what we have discovered from our target audience and their preference. They include phone, email, text, social media, online communities, and even in-person. 

Customer Relationships 

How we interact with our customers determines whether we keep or lose them. We must give customers the best experience when interacting with us.

The advantage of a good customer relationship is having more demographic information on our target audience. It can also help you begin setting up a solid marketing plan.

Identifying Key Resources

Key resources include assets, staff, finances, brand, and so on. They help create value for our customers and plan for our capital and labor requirements. Make sure you take time to figure out how to keep your finances in line because your future self will be grateful.

2. Organization   

After research, the next step is organization. It entails drafting the blueprint for the final take-off of your company. Organization is a key component in any business and is a well-known aspect of personal development in general.

Key Partners 

We should determine who our manufacturers, suppliers, and subcontractors are.  

The information on our key partners is essential for drafting trade terms and conditions. It also helps determine our next step.

Key Activities 

The key activities are what our business is involved in. They enable our business to identify new ways to gain a competitive edge over our rivals.

Knowing our competition makes it easier for our business to determine its sales and marketing strategy .

Value Proposition

Our research and organization all come down to this aspect. It is where we explain our unique value and why we should be funded.

We need to write down our edge over competitors and our strengths and weaknesses. We can prepare a budget that includes a projected cash flow statement.

The following are the next steps to take after writing a business plan: 

Testing the Idea 

We have deliberated on our idea and put it down on paper (business plan). Now we need to see how it works.

Some actual fieldwork with live customer interactions is necessary here. That means testing the feasibility while collecting live feedback on possible locations to set up your business.

After gathering information from the test, it’s time to review our approach to the market depending on the feedback generated, whether positive or negative. 

Reviewing our approach allows for an evolution of the business.

Funding 

After live testing our idea and reviewing the changes, the next big step is to raise funds. 

Now that we have all the necessary information for our investors, once it’s approved, we can move on to the final step—the launch. 

As exciting as it is, launching a business is not always a bed of roses. That’s because starting a business is not simple. 

Let’s look at what must an entrepreneur must assume when starting a business: 

• Failing several times
• Often needing money
• We won’t work alone. We need help
• An uncertain future

As entrepreneurs, when we assume the above, we can learn and take corrective actions. In correlation to the assumptions, entrepreneurs also have daily stress, which begs the following questions:

The Main Reasons Entrepreneurs Experience Stress Daily

The main reason we can attribute to the daily stress entrepreneurs experience is competition.

We will be constantly concerned with what our rivals are doing, what innovations they are coming up with, and how we can always be at an advantage.

The competition also comes as a form of risk to an entrepreneur. And there is a solution to that.

One Way an Entrepreneur Can Decrease Risk

As entrepreneurs, we are risk-takers. One way to minimize risk is by analyzing and investing in risk management.

Risk management comprises building reputation, getting insurance, hiring qualified employees, and having emergency funds.

Final Thoughts

In summary, we have learned about writing a business plan and the next steps after writing a business plan. We hope you find this information useful as you prepare to launch your business.

As entrepreneurs, we should always have a proper plan and prepare well before undertaking any venture. In fact, We can sum it up by saying that failing to plan is planning to fail.

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My Business Plan Is Finished—Now What?

6 min. read

Updated November 22, 2024

Congratulations! You put a lot of research and thought into writing your business plan —and it’s finally finished. That’s a big accomplishment, and now you have a valuable road map for starting a business that will thrive. Be sure and celebrate this milestone!

Because so much goes into building your business plan, it’s tempting to think that once it’s done, you’re in the clear—all that’s left to do is open your doors and let things take their course. But actually, there are a few simple things you can do to give your new company a smart, strategic foundation, so you have a better chance to grow and succeed.

(A quick note: Of course, you may need to use your new business plan to get some funding—maybe a bank loan or money from an angel investor or venture capitalist. If that’s the case, our team has covered the topics of getting funded and pitching to investors in detail on Bplans. But you’ll still need to do the steps in this article as well.)

Once you start doing business, your days will get very busy. You’ll be making decisions and solving day-to-day problems. It’ll be difficult to carve out space to think about how your new company is performing and where it’s headed.

And yet, if you don’t make that time, you can easily run into critical problems, like cash shortages, costs getting out of control, or making the wrong decisions at the wrong times. That’s why we recommend that you build your foundation for good strategic practices now, so you’ll have developed good business management habits before you’re swamped.

We quote this statistic often because it’s powerful: companies that regularly review their numbers are 30 percent more likely to grow and succeed . Don’t fall into the trap of thinking you don’t have the time. Here’s how to set up a strategic foundation for your business.

Schedule a monthly business plan review

Right now, before you get busy running your business, schedule a one-hour business review meeting in your calendar every single month. The timing depends on your accounting operations—you’ll want to review the previous month’s finalized numbers, so choose a standing date in each new month when you can do that. You can have this meeting with your management team, or with a trusted advisor like your accountant.

In these meetings, you’ll look how the previous month’s actual financial performance stacks up against your business plan forecast . You’ll make this comparison for your revenue and your costs, and when your actual results are different than your forecast, you’ll explore why . It’s no more complicated than that.

Choose a few starting KPIs to measure business health

A KPI is a “key performance indicator.” It’s a specific statistic that helps you see whether your company is reaching the goals you set out in your business plan.

There are endless varieties of KPIs, and different industries and businesses use different ones. In fact, two departments in the same company might watch different KPIs. Don’t let that be intimidating, however—it’s really about deciding which metrics are most important to help you see your company more clearly. At this early stage, we recommend choosing just a few KPIs and watching these in your monthly review meetings.

For example, a retail business might track total sales per month. A service-based company might track its profit margin each month. If you’re not sure what to track, start with a few of the 29 metrics available in the LivePlan business dashboard , and add more to the mix as you gain confidence.

Set up a simple dashboard

In your monthly reviews, you’ll need a way to compare your accounting data against your business plan forecast, so you can easily see how your company is doing each month. You can do this with spreadsheets, but if you’re not a finance person, that can feel like more of a chore than it needs to. A good dashboard is as automated as possible, and it should display your key metrics in a graphical way . The easier your dashboard is to read, the more it helps you keep up the habit of monthly strategic reviews.

If you used LivePlan to create your business plan, then you’re halfway to having a complete dashboard. You can connect your accounting software to the LivePlan Dashboard in as little as 90 seconds if you’re using QuickBooks or Xero . You can also enter your accounting results manually each month if you prefer. However you enter your accounting data, when you have a visual way to compare it to your forecast, that makes your monthly reviews quick and simple.

Consider a Strategic Advisor

If you feel at all intimidated by numbers, it can really help to form a working relationship right now with a Strategic Advisor—an accountant who can interpret your numbers and help you formulate solutions when problems crop up. We keep a directory of advisors who work in LivePlan, so check that out.

We hear from entrepreneurs all the time who worry about the cost of hiring a Strategic Advisor too soon. But if an advisor can help you find and resolve problems before they become major financial issues, then you’re likely to find that your advisor pays for herself pretty quickly. Besides, you’ll have plenty of learning curves to hike as you start your company—you won’t have to scale them all at once if you get some expert help.

Get ready to update your forecast—often

In your business plan, you made the best estimates you could with the best information you had. But, don’t let that prevent you from making changes now. As you do business, you’ll learn more every day about your company and your market. Soon you’ll be in a better position to forecast realistically.

There’s nothing wrong with your original forecast needing an update—you didn’t know what you didn’t know before you started this company! So each month as you’re reviewing the numbers, consider how you might need to change your forecast to create targets your business can hit.

A startup company might adjust its business plan even more fundamentally that a typical small business, as it tries out different approaches in search of the most viable business model. It’s fine if your mission changes after you launch, or the way your company is structured, or the products and services you offer. Again, as you do business, you’ll learn a lot about what works and what doesn’t, and that will lead to updating your business plan so it stays realistic.

Good habits help you grow faster

We think of “growth” in two ways: the financial growth of your company, and your growth as an entrepreneur. By paying attention to your financial results regularly and revisiting your plan, you’ll be able to grow in both ways. Your company will stay healthy, and you’ll gain confidence to take on the challenges of running the business.

That’s a big reward for investing a little time in setting up good habits.

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Diane Gilleland

Diane Gilleland makes learning content for small businesses and creatives.

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What Must an Entrepreneur Do After Creating a Business Plan?

Every entrepreneurial journey begins with a pivotal step: crafting a solid business plan. But what comes next? The real adventure begins as they must ask themselves, “What must an entrepreneur do after creating a business plan?”

From Plan to Action

After crafting your business plan, the real challenge begins: turning that blueprint into action. It's not just about having a plan, but about putting it into practice. This process requires a deep commitment to growth, strategic adjustments, and practical implementation. The journey of entrepreneurship involves:

• Continual learning and skill development
• Evaluating and prioritizing aspects of your business plan
• Setting specific milestones to strive for
• Making strategic adjustments based on your progress and goals

Remember, the key to success as an entrepreneur isn't just about creating a business plan, but being prepared to adapt and evolve it as your business grows. Your determination and positive mindset will propel your business to new heights.

All businesses are different, but here's a basic blueprint for what specifically to start with:

• Funding and Legalities : Secure necessary finances and complete all legal formalities.
• Team and Workspace : Assemble your core team and establish a functional workspace.
• Brand and Product/Service : Develop your brand identity and your core product or service.
• Launch and Engagement : Initiate your business launch and start engaging with customers.
• Performance Tracking : Monitor business performance and make necessary adjustments.

Now we'll go into each in more detail.

Securing Your Financial Foundation

A successful business owner knows the importance of a solid financial foundation, ecuring solid financial backing is crucial for your business's growth. Whether it’s through angel investors, crowdfunding campaigns, or securing loans, these are the common ways to fund your business and take it to the next level.

Financial capital is crucial for a new business. It provides a strong launchpad and ensures long-term sustainability. Precise financial projections aid in assessing the necessary funds and devising plans based on these estimates. Establishing a robust finance management system, tracking losses and profits, and controlling sales operations are key to ensuring your business thrives.

Gathering What You Need

Every successful enterprise begins with gathering the necessary resources. This essential step allows a business to effectively meet its needs while managing expenses, critical for sustainability, and scalability. Market research can help identify the best sources and strategies for resource acquisition.

Efficient strategies include:

• Defining needs and setting priorities within your budget
• Seeking investment and forming partnerships to minimize overhead expenses

These strategies help manage resources effectively and plan for scalability, striking a balance between current expenditure and future growth potentials. Remember, formulating a business plan is just the start of your entrepreneurial journey.

Applying the 90/10 Rule

The 90/10 rule is a principle that encourages entrepreneurs to seek solutions that accomplish 90% of their goals with just 10% of the work, effort, or time. The idea is not to aim for perfection but to find an efficient and effective solution that delivers value quickly.

This rule is particularly beneficial for new businesses, as it allows them to focus on rapid value delivery rather than getting entangled in striving for a 100% solution, which could take significantly longer to build and implement.

Legal Groundwork

Establishing a strong legal foundation is a critical step in setting up a successful business. It's not just about having a great business plan or a stellar marketing strategy. Entrepreneurs need to ensure legal compliance to protect their business and facilitate proper tax filing.

Depending on the business structure and location, key documents such as business registration, business license, and operating agreements may be required. Other important paperwork might include a Business Plan, Partnership Agreement, Incorporation Documents, Sales Contract, and Service Contract. These documents are essential for the legal standing of the business.

Do I Need an NDA to Share My Business Plan?

No, you don't necessarily need a Non-Disclosure Agreement (NDA) to share your idea and plan. Ideas are plentiful and sharing yours could provide valuable feedback. It's essential to test your plan with others, particularly potential customers, to see if it has traction. Remember, the execution of an idea is always more important than the idea itself.

Assembling the Dream Team

An efficient team forms the support structure of a thriving enterprise. Assembling a team offers several benefits, including:

• Distributing the many important tasks
• Diversifying the team's abilities
• Providing invaluable guidance
• Offering access to resources

The ideal moment for an entrepreneur to start assembling their team is when their business idea begins to take form. This ensures they’re equipped with support for subsequent stages. After creating a business plan, the first thrilling priority is to build a team that can help turn the plan into action.

The Reality of Assembling the Dream Team

Assembling a dream team for your business isn't just about funding. It's about finding passionate problem-solvers who align with your vision. As an entrepreneur, you must be a planner, doer, and inspiring leader. This balance isn't always easy to achieve, but with the right mindset, you can turn your business plan into reality.

The Delegation Dynamic

Mastering the art of delegation is like learning to steer a ship effectively. Delegation techniques include:

• Playing to your employees’ strengths and goals
• Defining the desired outcome
• Practicing letting go
• Balancing delegation without micromanaging

Empowering your team members boosts productivity and morale. Here are some ways to do it:

• Provide clear goals and expectations
• Encourage open communication and feedback
• Offer growth opportunities
• Delegate authority
• Recognize and reward employees for their hard work and achievements

This is how you harness the power of the delegation dynamic.

Refinement and Adaptation of the Business Plan

Adapting and adjusting the business plan is crucial in the ever-changing business landscape. Successful businesses:

• Know their audience
• Validate their assumptions
• Iterate and improve
• Communicate their value proposition
• Stay true to themselves.

A well-planned marketing strategy can help you achieve your goals and reach your target audience effectively through the right marketing channels, including online marketing. By exploring various marketing strategies, you can find the most suitable approach for your business.

Building Your Brand

Building a strong brand and connecting with your target market are vital steps after creating a business plan. Your brand is not just a logo or tagline; it's your business's identity and what distinguishes you from competitors. Here's how to build and promote your brand:

• Identify your Unique Selling Proposition (USP) : What sets your business apart? Use this as your branding cornerstone.
• Define your brand personality : Reflect this personality in everything from your logo to your marketing materials.
• Create a memorable logo and tagline : These should be unique, memorable, and echo your brand personality.
• Consistency is key : Ensure your brand is uniformly represented across all platforms.

Engaging With Your Customers

Engaging with your customers starts with understanding their interests and behaviors. Here's how:

• Know your audience : Create detailed buyer personas to understand your target audience better.
• Personalize your interactions : Use audience information to personalize your interactions with them.
• Communicate regularly : Regular communication keeps your brand at the forefront of your audience's mind.
• Listen and respond to feedback : Show your audience that their opinions matter.

Building your brand and engaging your audience are intertwined processes that can catapult your business ahead of the competition.

Launching and Monitoring Your Business

The start of your entrepreneurial journey is marked by the formal business inauguration, a significant milestone that brings your product or service into the public eye. To ensure a successful business launch, it's crucial to meticulously follow a well-prepared checklist, fine-tune launch plans, and stay informed about common pitfalls to avoid.

Post-launch, it's all about tracking your business's pulse with Key Performance Indicators (KPIs). Choose KPIs that make sense for your business model, like customer acquisition cost or monthly recurring revenue. Use smart tools to automate data collection and visualization. But remember, data is only as good as the decisions it drives. Set tangible goals based on your KPIs, monitor progress, and tweak your strategy for peak performance.

Listen to your customers feedback

Above all, it's essential to listen to your customers. Establish effective feedback channels and integrate customer feedback into business improvement, making it a key component of your entrepreneurial journey.

Engage with your customers, ask for their opinions, and let their voices guide your actions.

The journey of entrepreneurship is filled with milestones and challenges. After crafting a business plan, the next steps include resource acquisition, financial and legal preparations, team building, and brand promotion. Remember, launching your business is just the beginning of your entrepreneurial adventure.

This is the moment where your vision starts to take shape in the real world. It's an exciting, nerve-wracking time, filled with opportunities for growth and learning.

Key Takeaways

• Transform your business plan into reality by focusing on actionable steps, resource acquisition, and adapting the plan as your business grows for long-term success.
• Solidify your financial and legal foundations, protect your intellectual property, and assemble a strong team that aligns with your business vision and can help achieve your milestones.
• Develop a compelling marketing strategy to engage your target market, build a resonant brand, and employ performance tracking to make data-driven adjustments for continuous improvement.
• Always listen to your customers. Establish effective feedback channels, integrate customer feedback into your business improvement plans, and let their voices guide your actions.

What comes after creating a business plan?

After creating a business plan, the next step is to secure funding and start putting your plan into action. Then, you'll need to select a location, obtain permits and licenses, and kick off your advertising and promotions. Exciting times ahead!

Why is it important to prepare a business plan?

A business plan is important because it provides a roadmap for the company's future, outlining its vision, goals, and strategies to guide entrepreneurs and stakeholders in understanding its operations and objectives. It also helps set clear goals, guidelines, and benchmarks for managing and growing the business.

What is the first step after creating a business plan?

The first step after creating a business plan is to start executing it by securing funding, acquiring resources, filing legal documents, and building a team. Get ready to bring your plan to life and make your business dreams a reality!

How important is it to protect intellectual property?

Protecting intellectual property is crucial for entrepreneurs as it helps legally safeguard their business and ensures seamless tax filing.

How can I identify and engage my target market?

To identify and engage your target market, research your target market, competition, and industry, analyze customer data, understand their interests and habits, observe consumer behavior, and use SEO tools. Embrace these strategies to effectively reach your audience and create meaningful connections.