Before we dive deep into the how and what of a business plan, this first part of an ongoing series is focused on the why of starting a business and doing your homework and preparation properly.
You might have heard of the book “Art of the Start” by Guy Kawasaki. It is a great primer on getting ready to write the plan and the process of writing and getting the pitch ready for investors.
Business plans traditionally take about three months to write. It depends on how complex it is, how many people are involved, who or how many have to make final decisions and so on.
Where many business series get functional on sections (which we eventually will), none of them challenge you with the basic questions that must be absolutely answered before you write even the title page. You’d be surprised how people stop because they set out in the wrong direction and once they got into it they realized that everything was wasted and they lost direction and focus. Eventually they lost desire and drive which ultimately turns the business plan into a paper weight – for other paper.
So as you walk down this road with me on the path to business plan nirvana, ask yourself and your team the following questions:
- What are you gonna sell?
- Who are you selling to?
- Why do they want to buy it?
- What is the motivating factor?
- How are you gonna name your business?
If you don’t have the answers right off the top of your head that’s ok. Just get a pen and paper or some dry-erase markers and a white board and get to work.
Until next time…
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