Starting a new venture
All your life you have dreamed of owing your own business. You have what you feel is a great idea/concept. So, how do you make this a reality? What should you do first to get your idea from something that just exists in your mind to something that has a legitimate potential to become a viable business? While there are several steps and many details along this journey, the Business Plan is the first step making your dream a reality.
What is a Business Plan? In basic terms a Business Plan lays out the What, Why, How, When & Who of your business.
What: The product or service your business intends to provide.
Why: The reason why starting this business is a good idea and will ultimately be a success.
How: By what means will this business provide it goods or services.
When: When will be business important milestones? Important hires, launch products, profitability, expansion, etc.
Who: Key player(s) in the initial startup and how they are uniquely qualified to drive the business to success.
The Business Plan is the document that you will share with potential partners, financiers, launch customers, key new hires that demonstrates that validates that you have more than just a idea or dream, but you have thought this new venture through. You have done your homework, researched, analyzed and vetted to the best of your ability the viability of this new business and arguably most important it shows that you are vested and believe in this new venture.
Writing a Business Plan may seem complicated or confusing, but it really isn’t. Don’t get too focused on what the final product will look like, focus on the What, Why, How, When & Who. After all, these should be easy for you as you have been dreaming, studying and probably telling people about this for a long time. Find someone with the skills and background to take your ideas and plans and put them into a professional looking document / presentation.
I’ll get into more specifics on the How and When in separate posts, but for now don’t let the thought of developing a Business Plan deter you. As you go through the process, seek advice from trusted business professionals and find reference materials that will help you think through the process of not only starting a new business, but how you set your business up for long-term success. I recommend reading a book by author John Minahan titled The Business Mechanic: 9 Simple Ways To Improve Your Business. This book provides valuable insight on how to run a business from start to finish all in a very readable and understandable format.
