The old adage, failing to plan is planning to fail is so true. Yes businesses do succeed every day without a plan. And businesses that plan sometimes spend too much of their time on the planning stage. But a plan that is proportionate to the scope of your business idea will ALWAYS improve your chances of success and help you avoid those ‘surprises’ that can do you in.
A good plan will address these issues:
- Feasibility: Will your idea work and how much capital will be required
Market penetration: Who is your customer, how will you reach them and what will you say
- Staffing: what/who do you need to deliver your product/service
- Financial: How much money and access to money will you need before you start, and after you start, including cash flow to keep paying the bills while you work to attain profitability
Running your business will take a phenomenal amount of your time and energy. Having a game plan to follow during the intense startup phase will significantly improve your operations and success.