We've found these 5 items to be the key components to building an effective, working business plan. We'll even let you in on a secret - only one of these steps is really any work. The rest are just an encouragement to actually get out there and make it happen.
Nothing is set in stone. Your business plan should be strong enough to attract potential investors and partners, and provide a stable foundation to actually start executing on your vision. You can amend & update it as you go.
Here are some of the categories you may want to consider. You’ll want at least a solid framework for each of these areas before you get started:
Don’t get bogged down with too many details early on. You may need some clarity for your investors or partners, but more likely you’ll be changing, iterating, and adapting on the fly in the early days. Your product may change. You might respond to environmental factors. Knowing when to pivot is important, so keep your plan lean to start.
Ask seasoned people you respect (hopefully with some experience in your field or industry) to look over your plan. They will point out pitfalls and traps, and share their experience. More importantly, they’ll give you affirmation that your plan is solid. Their confidence in your business is an important part of the process. These are likely your best early referers.
Getting out there, executing, and hitting the pavement is at least 75% of the struggle. If you’ve done all the above, you’re already well ahead of the rest.
I know that this may feel overly simplistic, but it’s really that easy. The hardest part is choosing to start something and actually acting on it. If you have a solid product or service to offer – you’ll find that the process will confirm itself. People will be excited about your vision, give great input and encourage you to dive in. And remember the 80/20 rule – your plan doesn’t have to be perfect. Getting it 80% of the way offers all of the real benefits you need from it. Don’t waste the 20% making it perfect – it will change anyways. Just go out and do it!
Re-visit your plan every 6 months for the first year or two – you’ll find that services you agonized over detailing will be services you no longer provide. And much of your revenue could be coming from projects that you are skilled at, but never dreamed you'd sell in the first year. At least that's our experience. Be flexible, manage expectations, and deliver. Start now!