Firstly, writing the plan isn’t as important as starting-up and getting your idea off the ground. If you think you know what to do, jump right in and get your beak wet. Use that momentum you’ve got and aim for the stars and beyond! Start that new app. Kickstart that new device. Get STARTED.
Why are business plans important?
They’re useful. Business plans should be used as a guide to assist management towards taking action. Perhaps a plan may show 100 clicks get 1 sale. If real-world experience show it takes double that, 200 clicks, a clear management decision towards allocating marketing dollars in the future is clear as day.
Business plans are important to potential financiers, thus making plans increasingly more important while raising funds. It shows you’ve thought out what your idea needs. Venture capitalists (VCs), angel investors, and banks will be meticulous with financial projections, as you should be. Ultimately, they know that early projections will not be as predicted from the get-go. So should you.
Business are built one customer, one sale at a time.
- What is the business? Think through what makes a successful business, then write down your idea clearly in a sentence or two.
- In detail, who is the customer and why do they care? What makes them pay attention? How are you different in a way that’s important to customers?
- Think through strategies of implementing your idea and make your writing flow together. Go back to a previous section in your business plan and alter as you need.
Price point wrong? Keep trying. And watch this video below for more info!