Recently some clients and non clients have come to me with ideas for a new businesses. Some are brilliant, some less so. One thing I recommend to all prospective entrepreneurs is that they go through a business planning process. To your average Entrepreneur, this can sound like a pain worse than death. After all, the idea is burning brightly in their heads, its all they can think about, they are consumed by it, they have thought it through and can see no downside – it’s like being in love for the first time.
So my suggestion of a business plan is like bringing your mother along on your first date with the love of your life – questioning your every move, looking over your shoulder, admonishing you for every wrong move, not liking your date because they are fearful for you. But they only want the best for you – same as a business plan. Enough of the analogy…
Here’s why you need to take the time to do the plan – And I mean a proper plan where you will test all your business acumen, where you will have to think things through and where your judgement will be questions.
1. If you go through the plan properly, you will be asked to cover all the eventualities in the business. You may not have all the answers, but they will be highlighted to you.
2. You will be forced to think long term – 1,3 and 5 year because that’s what being in business is all about
3. You will be forced to think of the people you will need, the skills you require and the source of these skills.
4. This is a business, so you will be forced to look at the financials. If they do not make sense at this stage, they will not make sense when you have sunk all your money into the project.
5. You will be forced to think of your target market – who will buy your product and will they buy it again and again.
6. you will be forced to think of your marketing strategy. getting a new business off the ground, be it global, national or local, requires a strategy and it requires a continuous commitment. Who will do this and what will you pay for the privilege .
Any time you spend on your plan will be time well spent. Yes it may cost you some money but it will cost you loads more if you do not know where you are going.
Take the first step today and give me a call on 087 222 0720 – for a business plan that Rocks