So, do you need a Business Plan?
If you’ve been following this blog and my advice, you’ve done some of the necessary research to start your Business Plan. But, do you need one?
I’ve written more than my fair share of business plans, and I do believe they are a beneficial exercise. That being said, I NEVER intend to write another one again.
I believe the main benefit of writing a business plan is the fact that it forces you to do your homework. It forces you to think about/define:
- your mission
- your market
- your competitors
- the “opportunity”
- your marketing plan
- how you make money
- how you fund the idea
- the team
- the financials
- your exit strategy
A business plan is also probably a necessary evil if you are seeking outside funding (which is highly unlikely in our current economic environment).
But, writing a brilliant business plan also takes a LOT of time. Time spent writing and re-writing, instead of taking the steps to actually launch the business.
So, I’m going to skip this step and instead I am going to write a one page executive summary, with a sentence or two about the above topics.
My true intent for writing the executive summary is to provide me with focus and clarity of mission. This will keep me on the straight and narrow when new ideas come up that may be distracting.