You've Got a Business Plan—Now What?

Table of Contents

• You've Got a Business Plan—Now What?
• Understanding the Importance of Execution
• Validate Your Idea
• Avoid Playing Startup
• Secure Funding
• Build a Strong Team
• Choose the Right Software Developer
• Tools that Replace Hiring
• Establish Your Brand
• Develop a Marketing Strategy
• Set Up Operations
• Network and Build Relationships
• Prepare for Failure
• Be Careful with Online Courses
• Conclusion
• FAQ

You've Got a Business Plan—Now What?

You've developed a solid business plan, a significant milestone in your entrepreneurial journey. But what must an entrepreneur do after creating a business plan? A lot of people feel stuck and unsure about what to do next. This guide is here to help you take the next steps with 'a bit more' confidence.

Understanding the Importance of Execution

First off, having a business plan is fantastic but it's just the beginning. A plan outlines your vision, strategy, and objectives, but execution is where the magic happens. Without action, even the best business plan is just a document. You've probably heard this many times from friends, former colleagues, or former business partners saying "you stole my idea," but so what? Execution is everything; just having an idea in your head or on paper means nothing. Let's break down the key actions you should consider next.

Validate Your Idea

Before you go full throttle, it's crucial to validate your business idea. While your plan might look brilliant on paper, you need to ensure there's a real demand for your product or service. Here’s how you can do it:

• Talk to Potential Customers: Get out there and gather feedback directly from those who might use your product. Surveys, interviews, and focus groups can provide invaluable insights.
• Analyze Competitors: Look at what similar businesses are doing. What's working for them? What's not? Learn from their successes and mistakes.
• Run a Pilot Test: If feasible, create a prototype or a minimum viable product (MVP) and test it in the market. This can help you understand customer reactions and refine your offering before a full-scale launch. If you want to validate an online business, there are lots of cheap no-code options to help you build an MVP quickly and on a budget.

Avoid Playing Startup

Don't get stuck on admin tasks. Avoid wasting time on things that seem important but aren't, like talking too much with lawyers, hiring advisors, or obsessing over company culture. It sounds essential, but it’s not for early-stage startups. Shaan Puri calls this "playing startup," like when kids play house. Stay away from this trap. I wrote an article on Playing Startup that covers the mistakes to avoid.

Secure Funding

Most businesses need some form of funding to get started. Depending on your business model and industry, consider the following options:

• Bootstrapping: Use personal savings or revenue from the early sales to fund your business. It's a great way to maintain control and avoid debt, but it might limit your speed of growth.
• Investors: Pitch your idea to angel investors or venture capitalists. They can provide substantial funding, but you'll need to share ownership and decision-making control.
• Loans and Grants: Explore traditional bank loans or government grants. These can be useful, but come with obligations and interest rates to consider.

Honestly, all these funding options look simple on paper but are tough to pull off. Bootstrapping with your own savings, for instance, requires careful planning and budgeting. In 2024, with AI and affordable tech, you might be surprised to find you don’t even need traditional funding to launch your project.

Build a Strong Team

No entrepreneur can do it all alone. You'll need a solid team to make your business happen. Here's how to build one:

• Identify Key Roles: Determine which roles are critical to your business operations. This could include technical experts, marketers, sales personnel, or customer service reps.
• Hire Passionate People: Look for individuals who are not only skilled but also share your vision and passion for the business.
• Build a Positive Culture: Create a space where innovation, teamwork, and growth thrive. A great company culture can draw in top talent and keep them motivated.

Choose the Right Software Developer

If you're starting an online business or planning to develop new apps, you'll eventually need a software developer. But which one do you choose? Developers come in all shapes and sizes, and it's important to know who fits your project. Take a look at this beginner-friendly guide to picking the right software developer.

Tools that Replace Hiring

Luckily, in 2024, you don't always need to hire someone to kickstart your project. AI is replacing a lot of hiring now and can really save you money. Canva is your designer, Carrd is your website builder, and Copy.ai handles your copywriting, among others. If hiring isn't an option or within your budget, these tools can help fill the gaps.

Also, check out our tools section for more resources to help you out.

Establish Your Brand

Your brand is more than just a logo or a tagline; it's the identity of your business. Here's how you can develop it:

• Figure Out Your Brand Values: What does your company stand for? What values do you want to share with your customers?
• Keep Your Voice Consistent: Make sure your website, marketing materials, and customer interactions all have the same message.
• Create Visuals: Team up with designers to make your logo, pick your colors, and design other visuals that represent your brand.

Building your brand is important, but don't get too caught up with branding or logo design at the start. This can lead to playing the startup game again, as mentioned before. Especially early on, people don't really care about your branding. It's a tough truth, but you'll need to earn their trust over time.

Develop a Marketing Strategy

You need to get the word out about your business. A well-thought-out marketing strategy is essential:

• Get to Know Your Audience: Make sure your marketing speaks to the right people. Find out where they spend time online and what catches their attention.
• Use Digital Marketing Tools: Take advantage of social media, email campaigns, SEO, and ads to boost your brand and bring more visitors to your business.
• Measure and Adapt: Track the performance of your marketing campaigns. Use analytics to understand what's working, and be ready to adapt your strategy as needed.

Set Up Operations

Honestly, this part might be a bit much at the start of your startup or project, but I still want to highlight a few important things.

• Choose Tools and Platforms: There are tons of tools out there to help you handle different parts of your business, like project management, accounting, and customer relations.
• Establish Processes: Set up workflows and processes for everyday tasks to keep things consistent and running smoothly.
• Ensure Compliance: Ensure your business follows all the necessary legal and regulatory rules, like getting permits, licenses, and handling taxes.

Network and Build Relationships

Networking can open doors to opportunities, partnerships, and mentorships:

• Attend Industry Events: Conferences, seminars, and trade shows are great places to meet like-minded individuals and industry leaders.
• Join Entrepreneurial Communities: Join online forums, meetups and local business groups to swap insights and tips.
• Find a Mentor: Look for experienced mentors who can guide and support you as you build your business.

Prepare for Failure

Running a business is rewarding, but it comes with its challenges. Be ready for any bumps along the way:

• Keep Things Flexible: Be ready to change your approach if things aren't working out.
• Handle Your Money Smartly: Monitor your cash flow and budget to stay financially stable.
• Be Resilient: Entrepreneurship takes grit. Celebrate small victories, learn from setbacks, and stay focused on your big-picture goals.
• Friends and Family will Judge You: When you fail, your closest friends and family might judge you. This is something that can happen, so you'll need to be tough. Don't let it get to you. Read more about when friends and family judge you.

Be Careful with Online Courses

Eventually, you'll notice you’re missing some skills and might want to fill those gaps with courses and further education, which is great. But from my experience, be cautious of online courses from self-proclaimed gurus who try to inspire and motivate you with unrealistic expectations, essentially 'selling you dopamine highs'. Be careful before signing up and reaching for your credit card too quickly.

Conclusion

Making a business plan is a huge first step, but it’s just the start of your journey as an entrepreneur. By moving forward with things like validating your idea, getting funding, building a team, and establishing your brand, you can turn your vision into a successful business.

FAQ

Once the business plan is finished, the next step is to:

Once your business plan is done, the next step is to start implementing the ideas and strategies you've outlined. It's time to put your plan into action! Execution is everything.

Can you recommend any sports activities to help with anxiety and stress?

Yes, definitely! Boxing is a fantastic sport for this. Check out our blog post to see why boxing is so beneficial and how it can help entrepreneurs.

How can I start building an audience from scratch?

Building an audience is super hard but Shaan Puri can give you useful tips on how to achieve this. Read more about it here.