You`ve had that smart business idea for a while now, but you did not put it in practice and you might soon regret that. The number one reason for which many people don`t start a business is that they do not have a good business plan. But do you need one? Yes, eventually you will need an excellent business plan, but when you are just starting out, in the first few months, you only need it in order to know what you have to do next and in order to have a clear direction. So, in the beginning, what you can do is to create a simple and concise business plan that works and can be followed easily.
To start creating your validation business plan ask yourself a couple of important questions like:
- Who do you need to target?
- How can you differentiate from competitors?
- How will you generate revenue?
- How will you promote your product or service?
- How much money do you have to invest to create the product?
- How much money do you need to invest to get a new customer?
You need to clarify these things in your mind and even to write them on paper to come back to them when needed.
The next thing you need to do is to create an actionable checklist. Write down five steps that you can start to execute immediately. They need to be simple tasks that will not take very long, but which will bring some tangible results. Each step must move the business forward in a measurable way either by bringing more clients, generating more sales or improving the product.
The next part is even more important and it is: execute your plan. A fine checklist is worth nothing if you don`t put it in practice. Do each step on your checklist as soon as possible and once you finished all the tasks take the time to revise the results, the new feedback and to create another checklist.
This initial work you do and the feedback you get will help you immensely to complete a more complex business plan. You will understand what your business requires, whom you need to target and what you might need to outsource in the future. When you are ready take it to the next level, create a professional business plan you can confidently show to investors.