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• I’m an Entrepreneur, and I Have a Business Plan: Now What?

Creating a business plan is crucial for anyone wishing to start a business. For an entrepreneur, the business plan is the first major hurdle to clear. But the job isn’t finished once the business plan is complete. It’s not uncommon for entrepreneurs to say to themselves, “I have a business plan; now what?”

So, what must an entrepreneur do after creating a business plan? If you’re uncertain about the next steps in starting a business, this entrepreneur planning guide is for you.

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Entrepreneur Business Plan Overview

First, let’s briefly review what should be included in a business plan. Read our guide to  writing a business plan for a more detailed breakdown of this document. The fundamental elements to include in a business plan include:

• Summary of the company’s structures and goals
• Market research, customer profiles, etc.
• Marketing strategies
• Financial overview and budget

The business plan should serve as the roadmap to keep you and your company focused daily. But knowing which steps to take after writing the business plan is also crucial. Here are some of the most important things to do after creating your business plan.

What Must an Entrepreneur Do After Creating a Business Plan

File any necessary legal documents.

Let’s start with the basic housekeeping tasks. Filing all necessary legal documents (business license, any  trademarks , contracts, etc.) is a prudent thing to do once your business plan is complete. This step formalizes your business structure and protects any products or brand images.

Identifying your business structure (LLC, corporation, etc.) should be part of your business plan. However, filing the necessary paperwork to classify your business accordingly is often the first step afterward.

Conduct more market research

Your business plan should include some market research and  initial marketing strategies . But the market, and your competitors, don’t stop changing the instant your business plan is complete.

One of the essential steps to set your business up for success is to continue conducting market research at all times. This enables you to stay on top of the latest trends and identify the strengths and weaknesses of your competitors. Doing this can help you find your niche or strengthen your areas of weakness.

Conducting additional research is also crucial for the evolution and growth of your brand. You will need more research to devise your post-launch marketing plan and advertising campaigns.

Fill out your team

You may have had a few critical positions within the company filled while writing your business plan. But there are likely other roles that need to be filled. Identify which areas require the most help, then search for the ideal candidates to fill those roles .

Assembling a team with diverse perspectives and backgrounds can be very helpful. If you are not experienced with any aspects of running your business, hiring experienced team members in those positions is also a good idea. This allows you to focus on your strengths while receiving guidance from those who have done it before.

Produce marketing content

Your business plan should outline branding and marketing strategies. Once that step is out of the way, it’s time to execute those strategies. Ecommerce has drastically changed how companies reach and connect with their target audiences.

Traditional marketing streams are far from the only options these days. Modern companies can use social media to interact with customers directly. Content marketing and SEO are also great ways to attract organic traffic to your website.

Whatever your marketing plan is, focusing on  creating engaging content for your brand is an excellent thing to focus on after creating your business plan. This keeps you focused and engaged while actively helping to grow the business early on.

Relationships and connections with other professionals will be a big part of your company’s success. It’s never too soon to  get into the networking habit to build new relationships and encounter new ideas.

Connecting with partners like retailers, distributors, and manufacturers can also build trust, which will be crucial later on. Networking is simply a good habit to get into for entrepreneurs.

Gather tools

Do you have everything you need to run your business successfully? The answer to that question is usually “no.” Once your business plan is complete, you should take some time to identify all the tools and resources you’ll need. This could be anything from marketing analytics and  website-building tools to basic office supplies and business cards.

On the technical side, one of the most essential tools you can choose from is your ecommerce platform . An ecommerce platform can help you build your online store, manage your business, and facilitate good customer relationships . For ecommerce entrepreneurs, ecommerce platforms are a central hub for everything related to your business.

Launch your business

The most significant step to take after creating a business plan is launching your business. Having a good launch day checklist is vital. But every entrepreneur should have a clear launch schedule and work hard to stick to it. This is the most exciting day for any entrepreneur, as it’s the first opportunity to put ideas into practice.

While launch day can be a day of celebration, it’s also the beginning of a long journey. This is your first chance to begin assessing your business plan and make necessary adjustments.

Continue to refine marketing plans, merchandising, etc.

As mentioned, launching your business is the first step in a long, difficult progress. Creating a business plan and launching a business is hard work. But running your business successfully is even more demanding. Remember that this long process requires focus, concentration, and consistency.

Stay focused on your company’s goals while assessing the market and your strengths and weaknesses. All of your entrepreneur planning steps should have prepared you for a successful launch. But maintaining success requires careful execution of your business strategies.

Want to Reach Customers Online?

Need help to create a website for your business and reach customers online? Ecwid can help. Ecwid is an accessible, easy-to-use ecommerce platform built to empower entrepreneurs in the ecommerce marketplace. Get started today!

Ready to become an ecommerce entrepreneur? Ecwid makes selling online easy for new and serial entrepreneurs alike. Learn more

• What Is an Entrepreneur?
• How to Become an Entrepreneur: Ecwid Merchants Share Their Advice
• How to Become an Ecommerce Entrepreneur
• Where to Start As an Entrepreneur
• Must-Have Software for Entrepreneurs
• Entrepreneur Quotes to Motivate You to Keep Moving Forward
• Examples of the Most Successful Entrepreneurs
• Best Entrepreneur Books
• The Best Way for an Entrepreneur to Decrease Business Risks
• Why Are Entrepreneurs Important To The Economy
• What Is the Industrial Entrepreneur Memorandum (IEM)
• Female Entrepreneurs: The Challenges Women Meet Pursuing Their Passion

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Max has been working in the ecommerce industry for the last six years helping brands to establish and level-up content marketing and SEO. Despite that, he has experience with entrepreneurship. He is a fiction writer in his free time.

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What Must An Entrepreneur Do After Creating a Business Plan

What Are the Steps to Take After the Business Plan?

Evaluate and refine the business plan:, establish clear objectives and milestones:, allocate resources effectively:, finish your business plan today, build a competent team:, develop a robust marketing strategy:, monitor and adjust financial plans:, cultivate a culture of innovation:, establish strong partnerships and networks:, embrace technology and automation:, seek feedback and adapt:.

In conclusion, the creation of a business plan marks the beginning of an entrepreneurial journey. However, the success of a business depends on the effective execution and implementation of the plan. By evaluating and refining the business plan, setting clear objectives, allocating resources effectively, building a competent team, and embracing innovation and technology, entrepreneurs can position their businesses for sustainable growth and success in the dynamic and competitive business landscape. It is the continued commitment to these actions that sets the foundation for a thriving and resilient business.  

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What Must an Entrepreneur Do After Creating a Business Plan?

10 Minute Read

Starting a new business is an exciting journey filled with possibilities and challenges. One of the first significant steps in this journey is creating a business plan. But what happens after that? What are the next steps to turn that plan into a successful business? This article will guide you through the necessary steps to take after creating your business plan, from validating your business idea to launching your product or service.

How to Validate Your Business Idea?

The first step after creating your business plan is to evaluate whether or not your business idea has a market. This could involve conducting market research, validating your idea using a simple website (you can create one with Mixo), building a minimum viable product (MVP) for testing, or gathering feedback from targeted potential customers. This step is crucial to ensure that there is a demand for your product or service before investing more time and resources into it.

How to Secure Funding for Your Business?

Securing funding is often the next step. This can come from personal savings, loans, investors, or other sources. It's important to have a clear understanding of how much money you need to start and run your business, and where that money will come from. This is often a challenging step, but it's essential for the success of your business.

How to Set Up the Operations of Your Business?

Once you've validated your business idea and secured funding, it's time to set up the operations. This involves obtaining the necessary equipment, setting up a production process, and building relationships with vendors and partners. This step can be complex and time-consuming, but it's crucial for the smooth running of your business.

How to Establish a Brand and Marketing Strategy?

Establishing a brand and marketing strategy is another crucial step. This involves creating a unique identity for your business, defining your target audience, and deciding how you will reach and communicate with them. A strong brand and marketing strategy can help make potential customers aware of your business and what it offers.

How to Launch Your Product or Service?

Once everything else is in place, you can officially unveil your product or service to the public, and begin selling. This is a big moment for any entrepreneur, and it's important to plan it carefully to make the most impact. This could involve a launch event, a marketing campaign, or other promotional activities.

Starting a business is a journey that requires careful planning and execution. After creating your business plan, it's important to validate your business idea, secure funding, set up operations, establish a brand and marketing strategy, and finally, launch your product or service. Each of these steps is crucial for the success of your business, and by following them, you can turn your business plan into a thriving business.

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What Must an Entrepreneur Do After Creating a Business Plan?

Team Kolleqtive

Congratulations! You’ve taken the monumental first step in your entrepreneurial journey by crafting a comprehensive business plan. This to-do list represents the culmination of your dreams, strategies, and aspirations. It’s a roadmap to guide you through the labyrinth of the business world. But, as you stand on the precipice of this exciting endeavor, What’s the next chapter for a dynamic entrepreneur like you? What must an entrepreneur do after creating a business plan?

 In this article, we’ll explore the critical steps an entrepreneur must follow to bring that plan to life and turn their vision into a thriving reality.

Table of Contents

The entrepreneur’s roadmap after crafting a business plan.

After creating a business plan, entrepreneurs must execute it, secure funding, acquire resources, file necessary legal documents, engage in advertising and marketing, and continually monitor progress to adapt to changing circumstances. They should also prioritize goals, manage finances, build mental resilience, and celebrate milestones to achieve success.

1- Execute the Plan

Securing Funding : The initial step after creating a business plan is to secure the necessary funding. Your business plan likely outlines the financial resources required to kickstart and sustain your venture. Whether you seek funding through loans, investments, grants, or crowdfunding, this is the time to put your financial strategy into action.

Acquiring Resources : Once you have secured the funds, it’s essential to acquire the resources outlined in your business plan. This could include physical assets such as equipment, real estate, or technology. Ensure that you have everything in place to launch your business successfully.

Infrastructure Setup : The infrastructure of your business, whether it’s a physical office or a digital platform, needs to be established according to your plan. A well-organized infrastructure is the backbone of your operations and supports your growth.

2- Advertising and Marketing

Develop a Marketing Strategy: An effective marketing strategy is essential to reach your target audience. Identify your unique selling propositions, select appropriate marketing channels, and create compelling campaigns. When it comes to promoting your business, consider leveraging Kolleqtive’s Advertising and Marketing services.

Engage in Advertising: Execute your marketing strategy through advertising campaigns, whether online, print, or broadcast. Effective advertising can build brand awareness and attract customers.

Leverage Digital Marketing: In today’s digital age, online marketing is vital. Utilize social media, email marketing, content marketing, and SEO to expand your online presence and connect with a broader audience.

3-Monitor Progress and Adapt

Stay on Course : With your plan in motion, it’s vital to continuously assess whether you are moving in the right direction per your business plan. Monitor your progress by tracking your goals and milestones and comparing them against your actual achievements.

Adjust Strategies : Business landscapes are dynamic, and entrepreneurs must be agile. Be open to changing your strategies if market conditions or new opportunities arise. Adaptability is a key trait that can make your business more resilient.

4-Manage Finances

Budgeting : Effective financial management is fundamental for the sustainability of your business. Create a budget that outlines your projected income and expenses. Regularly revisit and adjust your budget as needed to manage your finances effectively, recognizing that a new business should be based on an entrepreneur’s sound financial principles.

Cash Flow : A healthy cash flow is the lifeblood of any business. Monitor and manage your cash flow to ensure the business remains financially stable. Keep an eye on your receivables and payables to avoid cash flow hiccups.

5-Build Mental Resilience

Challenges and setbacks are part of the journey, and an entrepreneur must build mental resilience to navigate them with grace.

Set Realistic Expectations : Entrepreneurship is a rollercoaster ride with ups and downs. Understand that challenges and setbacks are part of the journey. Setting realistic expectations can help you handle these situations with grace.

Seek Support : Running a business can be mentally challenging, and seeking support is vital. Connect with mentors, advisors, and fellow entrepreneurs who can offer guidance and emotional support. Having a supportive network can provide valuable insights and encouragement . 

Learn from Failure : Failure is not the end; it’s a stepping stone to success. Embrace failures as opportunities for growth and learning. Analyze what went wrong and use these insights to improve your strategies. Remember, an entrepreneur must learn from failure, treating it as an opportunity for growth.

Practice Self-Care : Mental resilience is closely tied to self-care. Entrepreneurs often work tirelessly, but neglecting self-care can lead to burnout. Make time for relaxation, exercise, and activities that contribute to your well-being.

6-Goal Achievement and Productivity

Prioritize Goals : Not all goals are created equal. Determine which objectives are critical to your business’s success and focus your efforts on them. Identify key performance indicators (KPIs) that can measure progress.

Create a Plan of Action : Each goal requires a detailed plan of action. Break down large, daunting objectives into smaller, manageable tasks. Assign responsibilities and set deadlines to keep everyone on track.

Stay Organized : Use tools and resources that help you stay organized. Whether it’s project management software, calendars, or task lists, staying organized is crucial for productivity .

Measure Progress : Regularly review your progress toward your goals. Analyze data and feedback to understand what’s working and where adjustments are needed. This analytical approach allows for informed decision-making.

Celebrate Milestones : Remember to celebrate your achievements along the way. Recognizing your progress can boost motivation and keep your team engaged. Kolleqtive offers a range of resources and support to help you stay on track, reach your objectives, and celebrate your successes. These services include interactive tools, a supportive community, and opportunities for personal and professional growth.

In conclusion, creating a business plan is the foundational step in entrepreneurship, but it’s only the beginning. An entrepreneur would most likely be visionary, risk-takers, and an innovator, but they must also be an executor, a financial manager, and resilient problem-solvers. What an entrepreneur must do after creating a business plan is to execute it with dedication, adapt to change, manage finances effectively, build mental resilience, and focus on achieving their goals. By following these steps, entrepreneurs can bring their business plans to life and work toward success.

The business plan does not solely define the journey of entrepreneurship; the actions, adaptability, and determination of the entrepreneur shape it. Embrace the path, stay open to change, and with the right mindset and continuous learning, you can achieve the positive change and success you aspire to in entrepreneurship.

Unlock your full entrepreneurial potential with Kolleqtive . Join our community of like-minded individuals and embark on a journey towards success and positive change. Take the first step today!

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What Must an Entrepreneur Do After Creating a Business Plan?

Unlock success post-business plan creation! Dive into actionable strategies, personal anecdotes, and proven insights to elevate your entrepreneurial journey.

November 23, 2023

In the exhilarating world of entrepreneurship, there's a moment that stands out as both rewarding and intimidating: completing your startup business plan . This document, often dense with research, forecasts, and strategies, symbolizes the crystallization of an idea into a tangible roadmap for the future. Yet, the completion of a business plan isn't the finish line but rather a significant milestone in the entrepreneurial journey. It's the blueprint, the guiding star, but what comes next is the real challenge: executing the vision and turning abstract ideas into concrete realities.

Many budding entrepreneurs are left asking, "I've penned down my business plan. What now?" The afterglow of accomplishing this pivotal task can quickly fade when faced with the enormity of what lies ahead. It's not enough to simply draft a compelling plan. Success is determined by the steps taken post-planning, the strategy adjustments in response to real-world feedback, and the determination to keep going even when faced with unforeseen challenges.

This guide aims to walk you through those crucial next steps, offering insight, strategies, and best practices to navigate the post-planning phase with confidence. From refining and revising to mobilizing resources and marketing your vision, we'll explore the multifaceted journey of breathing life into your business plan.

So, let's dive in, charting the course for your entrepreneurial adventure and ensuring your meticulously crafted business plan doesn't just sit on a shelf but serves as a living, evolving blueprint for success.

Celebrate the Milestone

In a society that often stresses relentless forward motion and an almost obsessive focus on the endgame, it's easy to overlook the importance of pausing to celebrate milestones. However, each step in your entrepreneurial journey deserves its moment, especially one as significant as completing your business plan.

Why Celebrating Matters

• Acknowledgment of Hard Work: Crafting a comprehensive business plan is no minor feat. It involves hours of market research, financial forecasting, and strategic planning. By taking a moment to celebrate, you’re recognizing the effort, dedication, and sleepless nights you poured into its creation.
• Mental Reset: Pausing for celebration allows you to refresh and recharge. It offers a mental break, allowing you to approach the next phase with renewed energy and perspective.
• Boosting Morale: Celebrations, no matter how small, can be a source of motivation. They foster positivity, reminding you of your capabilities and fueling your drive for the challenges ahead.
• Building Team Spirit: If you're working with a team, celebrations help foster a sense of unity. It’s a way to thank everyone involved and make them feel valued and invested in the venture’s success.

Ways to Celebrate

• Reflect and Document: Take some time to journal or document your journey so far. This personal record will serve as a reminder of your growth and determination during challenging times.
• Share the News: Announce the completion of your business plan to friends, family, or on social media. Positive reinforcement from your community can be uplifting.
• Treat Yourself: Whether it's a special meal, a short getaway, or just an evening off with your favorite movie, find a way to treat yourself.
• Team Gathering: If you have a team, organize a small get-together. It doesn’t have to be extravagant—a simple lunch or coffee outing can do the trick.
• Token of Achievement: Consider getting a symbolic token, like a personalized pen or notebook, to commemorate this milestone.

Moving Forward with Gratitude

As you celebrate, it's also a moment to be grateful—for the resources that helped you, the people who supported you, and even for your own resilience and determination. Gratitude has a way of grounding us, keeping us connected to our purpose, and reminding us of the bigger picture.

Remember, in the vast timeline of your entrepreneurial journey, each milestone is a chapter. While the excitement of what's next is beckoning, savor this moment. Celebrate your achievement, for it's a testament to your passion, hard work, and the dream that set you on this path.

Review and Refine the Plan

A business plan is a dynamic document, not a static one. While the sense of accomplishment that comes from finishing the initial draft is undeniably satisfying, it's essential to understand that this is just the starting point. Your plan will need revisiting, revising, and refining to ensure it remains relevant and actionable in the real-world landscape of business.

The Imperative of Review

• Shifting Market Dynamics: Economic, technological, and social trends evolve, often faster than we anticipate. Regular reviews ensure your plan stays in sync with the current market conditions.
• Feedback Integration: As you share your plan with mentors, peers, and potential investors, you'll receive feedback. Incorporating this feedback can make your plan stronger and more effective.
• Spotting Oversights: No matter how meticulous we are, there's always a possibility of missing out on some details. Regular reviews help in identifying and rectifying these oversights.

Steps to Effective Refinement

• Seek External Feedback: Share your plan with trusted industry experts, mentors, or business advisors. Their fresh perspective and expertise can offer invaluable insights.
• Test Assumptions: Every business plan is built on assumptions—about customer behavior, market growth, or competitor actions, for instance. It's crucial to validate these assumptions periodically.
• Financial Review: Re-evaluate your financial forecasts and projections and budgets. Ensure that your estimates are realistic and in line with current economic conditions.
• Scenario Planning: Consider different scenarios that could affect your business—economic downturns, changes in consumer behavior, or new technological advancements. How would your business respond? Adjust your plan accordingly.
• Redefine Goals if Needed: Based on new data or insights, you might need to modify your business goals. Ensure that they remain SMART: Specific, Measurable, Achievable, Relevant, and Time-bound.
• Update Market Analysis: As markets evolve, so should your understanding of them. Regularly update your market analysis to reflect the latest trends and data.

Iterative Nature of Business Planning

Entrepreneurship is a journey of learning and adapting. Think of your business plan as a living document that grows and evolves with your venture. Instead of a one-time task, consider it a recurring activity. Set aside time annually or semi-annually to revisit your business plan. This iterative approach ensures your business remains agile and prepared for both challenges and opportunities.

In essence, a business plan isn't a document you create, stash away, and forget. It's the compass for your entrepreneurial journey. By committing to its regular review and refinement, you not only optimize its effectiveness but also increase the likelihood of your business's success in an ever-evolving marketplace.

Identify Key Stakeholders

Every entrepreneurial endeavor is like a ship sailing through the vast ocean of business. And just as a ship relies on multiple coordinates to navigate its course, a business venture leans on various stakeholders to ensure it runs smoothly and reaches its destination. Understanding and engaging these stakeholders is crucial, as they influence and are influenced by your business operations.

Who Are Stakeholders?

At the core, stakeholders are individuals, groups, or entities that have an interest in the success or failure of your business. They can directly or indirectly influence your business's operations, objectives, and decision-making processes.

The Importance of Stakeholder Identification

• Informed Decision Making: Recognizing and understanding stakeholders ensures decisions are made with their interests in mind.
• Building Strong Relationships: Regular engagement fosters trust and transparency, crucial for long-term success.
• Risk Management: Proactively addressing stakeholders’ concerns can mitigate potential risks.
• Resource Access: Stakeholders can often provide access to resources, be it financial, human, or informational.

Key Stakeholders in the Entrepreneurial Ecosystem

• Investors and Financial Institutions:
• Role: Provide capital and financial backing.
• Engagement Strategy: Regular financial updates, transparency in operations, and return on investment discussions.
• Employees and Team Members:
• Role: Drive operations, innovation, and customer relations.
• Engagement Strategy: Transparent communication, professional development opportunities, and a positive work environment.
• Customers and Clients:
• Role: The lifeblood of any business, they determine revenue and growth.
• Engagement Strategy: Feedback mechanisms, excellent customer service, and consistent value delivery.
• Suppliers and Vendors:
• Role: Provide products or services essential for your operations.
• Engagement Strategy: Fair negotiations, timely payments, and open communication.
• Partners and Collaborators:
• Role: Offer complementary skills, products, or market access.
• Engagement Strategy: Clear partnership agreements, aligned objectives, and regular progress check-ins.
• Regulatory Bodies and Government Entities:
• Role: Oversee compliance with legal and industry standards.
• Engagement Strategy: Stay updated with regulations, maintain open channels of communication, and ensure timely reporting.
• The Community:
• Role: The larger societal environment where the business operates.
• Engagement Strategy: Corporate social responsibility initiatives, community involvement, and addressing local concerns.

Stakeholder Mapping

Once you've identified key stakeholders, it's beneficial to map them based on their influence and interest in your business. A stakeholder map can help prioritize engagement efforts and tailor communication strategies.

In summation, identifying and nurturing relationships with key stakeholders is not just a strategic move but a foundational element of a successful business. By understanding and valuing the role each stakeholder plays, entrepreneurs can create a harmonious ecosystem that supports, challenges, and elevates their venture. Remember, in the world of business, no venture stands alone. It's the strength of your connections and the depth of your relationships that often dictate the heights you'll achieve.

Develop an Actionable Timeline

A business plan, rich with data and strategy, represents a foundational vision for your entrepreneurial dream. Yet, without a well-defined timeline, it remains just that—a dream. To actualize the plan and set it in motion, entrepreneurs must develop an actionable timeline, detailing the "when" to every "what" in the plan.

Why Timelines are Crucial

• Prioritization: A timeline helps prioritize tasks, ensuring crucial steps aren't missed.
• Motivation: Deadlines spur action. They create a sense of urgency and commitment.
• Resource Allocation: By knowing when tasks need completion, you can allocate resources more efficiently.
• Performance Tracking: Timelines provide a framework for monitoring progress and ensuring you stay on track.

Steps to Create an Effective Timeline

• Break Down Large Goals: Begin by dissecting your business plan's primary objectives into smaller, actionable tasks. For instance, if one goal is "Launch Product X," tasks might include "Complete prototype," "Run beta tests," and "Initiate marketing campaign."
• Sequence Tasks: Determine the order in which tasks should be tackled. Some tasks will naturally precede others. For instance, you can't run beta tests without a prototype.
• Assign Durations: Estimate how long each task will take. Be realistic in your estimations, and always allocate some buffer time for unforeseen challenges.
• Set Milestones: Milestones are significant events or achievements that mark progress. Examples might include "First 1000 products sold" or "Securing initial investment."
• Visualize with Tools: Use project management software, Gantt charts, or even physical calendars to visually map out your timeline. Visual representations make it easier to comprehend, adjust, and communicate the plan.
• Allocate Responsibilities: Assign each task to team members based on their skills and capacities. Ensure everyone knows their roles and deadlines.
• Review and Adjust: As you progress, there might be delays or accelerations. Continuously review your timeline and make adjustments as necessary.

Tips for an Efficient Timeline

• Stay Flexible: Not everything goes as planned. Build in some flexibility to account for changes or unforeseen challenges.
• Communicate Clearly: Ensure all team members are aware of the timeline and any subsequent changes.
• Celebrate Milestones: As discussed earlier, celebrating milestones can boost morale and motivation.

Avoiding Common Pitfalls

• Overloading: Avoid cramming too many tasks into short durations. This can lead to burnout and reduced quality of work.
• Procrastination: Delays can cascade, affecting subsequent tasks. Commit to your deadlines.
• Lack of Review: Regularly review your timeline to account for changes in the business environment or internal dynamics.

In essence, an actionable timeline transforms your business plan from a static document into a dynamic journey. It not only charts the course ahead but also keeps you grounded, ensuring that every day, week, and month, you're taking deliberate steps towards your entrepreneurial vision. As the adage goes, "A goal without a plan is just a wish." And within that plan, a well-defined timeline is the heartbeat, bringing life, rhythm, and pace to your entrepreneurial aspirations.

Secure Necessary Funding

The lifeblood of any venture, especially in its early stages, is often funding. Without the necessary financial backing, even the most ambitious business plan can falter before it even gets off the ground. Securing funding is a critical step that can dictate the pace, scale, and direction of your business’s growth.

Understanding Your Funding Needs

Before diving into potential funding sources, assess how much you really need. This assessment should cover:

• Start-up Costs: Initial expenses to get the business running, like equipment purchases, licenses, and initial marketing costs.
• Operational Costs: Recurring expenses, including salaries, rent, utilities, and raw materials.
• Growth and Scaling Costs: Funds required for expansion, such as R&D, marketing campaigns, or entering new markets.
• Emergency Buffer: Always have a reserve for unforeseen expenses or challenges.

Potential Funding Sources

• Bootstrapping:
• Description: Using your own savings or revenues from the business.
• Pros: No obligations to investors or lenders; total control retained.
• Cons: Limited by personal finances; potential strain on personal life.
• Venture Capital:
• Description: Professional groups that manage pooled funds from many investors to invest in startups and small businesses.
• Pros: Large funds possible; access to expert advice and networks.
• Cons: Often require equity; may seek influence over company direction.
• Angel Investors:
• Description: Individuals who offer capital in exchange for equity or convertible debt.
• Pros: Flexible terms; potential mentorship opportunities.
• Cons: Possible equity loss; finding the right investor can be challenging.
• Crowdfunding:
• Description: Raising small amounts of money from a large number of people, typically via the Internet.
• Pros: Validates business idea; fosters a community around your brand.
• Cons: Intense marketing efforts required; platform fees.
• Bank Loans:
• Description: Traditional method where banks lend money that must be repaid with interest.
• Pros: Retain full ownership; fixed repayment terms.
• Cons: Collateral often required; can be challenging to qualify.
• Grants and Competitions:
• Description: Funds provided by governments, institutions, or corporations, usually for specific industries or causes.
• Pros: No repayment or equity loss; often comes with mentorship or resources.
• Cons: Highly competitive; typically have strict usage guidelines.

Key Tips for Securing Funding

• Build a Solid Pitch: Investors aren't just investing in a business; they're investing in a vision and the people behind it. Make sure you know how to present the pitch deck .
• Network: Many funding opportunities arise from personal connections or introductions. Regularly attend industry events, workshops, or seminars.
• Be Transparent: Always be honest about the risks, challenges, and uncertainties of your venture.
• Understand the Terms: Before accepting any funding, understand the terms fully. This includes interest rates, equity distribution, and any obligations or expectations.

In summation, securing funding can be a challenging endeavor, filled with rejection and iteration. Yet, it's also an opportunity to refine your business idea, get external validation, and establish connections in the industry. Remember, the goal isn't just to get any funding but to secure the right funding—one that aligns with your business's vision, values, and growth trajectories.

Set Up Legal and Operational Structures

After formulating a solid business plan and securing necessary funding, establishing a strong legal and operational foundation is paramount. These structures not only safeguard the business from potential risks but also streamline its daily functions, ensuring efficiency and compliance.

Legal Structures: Choosing the Right Entity

Your business entity determines many factors, from how you file taxes to your level of personal liability.

• Sole Proprietorship:
• Description: A business owned and run by one individual.
• Pros: Simple to set up; direct control.
• Cons: Personal liability for business debts; potential difficulties in raising funds.
• Partnership (General or Limited):
• Description: A business owned by two or more individuals.
• Pros: Pooled resources and expertise; shared responsibility.
• Cons: Partners are personally liable (especially in general partnerships); potential disagreements.
• Corporation (C-Corp, S-Corp, B-Corp):
• Description: A separate legal entity owned by shareholders.
• Pros: Limited personal liability; easier to raise funds.
• Cons: Complex and costly setup; potential double taxation (especially C-Corps).
• Limited Liability Company (LLC):
• Description: A hybrid structure offering features of both corporations and partnerships.
• Pros: Limited personal liability; flexibility in management.
• Cons: Varies by state, but potential self-employment taxes.

Operational Structures: Laying the Groundwork

Once the legal structure is decided, align your operational procedures accordingly.

• Obtain Necessary Licenses and Permits: Depending on your business type and location, you might need specific licenses to operate legally. This could range from a general business license to more specialized permits.
• Open a Business Bank Account: This keeps personal and business finances separate, simplifying accounting and taxation processes.
• Set Up an Accounting System: Whether you use software like QuickBooks or hire an accountant, a solid accounting system helps track finances, making tax filing and financial analysis easier.
• Hire Employees (If Needed): Ensure you follow legal regulations for hiring, which might include background checks, setting up payroll, and understanding employee rights.
• Implement Internal Communication Tools: Efficient communication is key for a growing business. Use tools like Slack, Microsoft Teams, or Trello to streamline team interactions.
• Draft Key Agreements: These might include partnership agreements, non-disclosure agreements (NDAs), or employee contracts. It's often wise to consult a lawyer to ensure these documents protect your business's interests.
• Consider Business Insurance: Depending on your business type and risk factors, different insurances like general liability, professional liability, or workers' compensation might be advisable.

Staying Compliant

As your business grows, continuously review legal and operational structures. Stay updated with local, state, and federal regulations. Regular compliance checks mitigate potential risks and legal disputes.

In essence, establishing robust legal and operational structures isn't just about ticking boxes. It's about creating a secure and efficient environment where your business can flourish. While it might seem daunting initially, each step you take solidifies your venture's foundation, ensuring it stands tall against challenges and thrives in opportunities. Remember, the strength of your foundation often determines the heights you can achieve.

Start Building a Brand and Marketing Strategy

In today's saturated market, having a great product or service isn't always enough. Your audience needs to know who you are, what you stand for, and why they should choose you over competitors. In essence, you need a brand—an identity that resonates and distinguishes you. Couple this with an effective marketing strategy, and you're well on your way to capturing and retaining your target audience.

Building Your Brand: More Than Just a Logo

• Define Your Brand Essence:
• Mission: What is your business's primary objective?
• Vision: Where do you see your business in the future?
• Values: What principles guide your business decisions?
• Identify Your Unique Selling Proposition (USP): This differentiator makes your business stand out. It's what you offer that competitors don't or can't.
• Design Your Brand Elements:
• Logo: The visual representation of your brand.
• Color Scheme: Colors evoke emotions; choose ones that align with your brand's tone.
• Typography: Consistency in fonts can improve brand recognition.
• Tone of Voice: Whether formal, friendly, or humorous, ensure it's consistent across all communications.
• Ensure Brand Consistency: From business cards to websites and social media, make sure your brand elements are consistent across all touchpoints.

Crafting Your Marketing Strategy: Reaching the Right Audience

• Define Your Target Audience: Create buyer personas. Understand their needs, preferences, and pain points.
• Choose Your Marketing Channels:
• Digital: Includes SEO, social media, email marketing, and pay-per-click advertising.
• Traditional: TV, radio, print media, and outdoor advertising.
• Events: Trade shows, webinars, and workshops.
• Set Clear Marketing Objectives: Whether it's increasing website traffic, boosting sales, or building brand awareness, have clear, measurable goals.
• Allocate Your Budget: Determine how much you're willing to spend on each marketing channel. Consider factors like expected ROI and where your target audience spends most of their time.
• Create Quality Content: Whether it's blog posts, videos, or podcasts, content can establish you as an industry expert and drive organic traffic.
• Engage with Your Audience: Interact with them on social media, respond to their comments and queries, and seek feedback.
• Monitor and Adjust: Use tools like Google Analytics or social media insights to track performance. If something isn’t working, don't hesitate to pivot.

Consistency is Key

Whether you're establishing your brand or rolling out a marketing campaign, consistency is essential. A consistent brand can increase revenue by up to 23%, according to Forbes. Moreover, consistent messaging across multiple channels can increase brand recall significantly.

In summation, building a brand and crafting a marketing strategy isn't a one-time effort. It's a continuous process of learning, iterating, and growing. Your brand is the story you tell and the promise you make. Your marketing strategy is the megaphone that broadcasts this story to the world. Ensure they work hand-in-hand, and you'll not only capture but captivate your target audience.

Prepare for Challenges

Embarking on the entrepreneurial journey is an exhilarating experience, filled with highs of success and, inevitably, the lows of challenges. While it's impossible to predict every obstacle, being proactive and prepared can make navigating these hurdles smoother. After all, challenges aren't just stumbling blocks; they are also opportunities for growth, learning, and resilience.

Anticipating Potential Hurdles

• Financial Difficulties:
• Whether it's unforeseen expenses, dips in revenue, or funding hiccups, money troubles are common.
• Mitigation: Regularly review and adjust your budget, have an emergency fund, and explore diverse revenue streams.
• Team Dynamics:
• Disagreements, miscommunication, or high employee turnover can disrupt business operations.
• Mitigation: Foster a transparent and inclusive company culture. Invest in team-building and conflict resolution training.
• Market Changes:
• Shifts in consumer behavior, new competitors, or technological advancements can affect demand.
• Mitigation: Stay updated with industry trends, regularly revisit your business strategy, and be flexible in adapting.
• Operational Issues:
• Supply chain interruptions, tech breakdowns, or regulatory changes can halt business activities.
• Mitigation: Have backup suppliers, regularly update and backup tech systems, and stay informed about industry regulations.
• Health and Personal Crises:
• Personal health issues, family emergencies, or mental health challenges can affect your ability to run the business.
• Mitigation: Build a dependable leadership team, consider health and life insurance, and prioritize self-care.

Adopting a Resilient Mindset

• Embrace Failure as a Teacher: Every setback is a lesson in disguise. Analyze what went wrong, learn from it, and adapt.
• Stay Connected: Networking isn't just for business growth. Fellow entrepreneurs can offer advice, share their experiences, and provide moral support during tough times.
• Seek External Guidance: Consider hiring a business coach, joining a mastermind group, or seeking mentorship. External perspectives can offer new solutions and strategies.
• Practice Self-care: Entrepreneurial burnout is real. Ensure you set aside time for relaxation, hobbies, and spending time with loved ones.

Building a Support System

It's essential to surround yourself with a supportive network. This could include:

• Professional Networks: Industry groups or entrepreneur communities.
• Mentors: Seasoned professionals who can provide guidance.
• Close-knit Team: Employees who share your vision and can take on responsibilities in times of crisis.
• Personal Support: Family and friends who understand and support your journey.

In essence, challenges, though daunting, are an integral part of the entrepreneurial journey. They test your resolve, ingenuity, and adaptability. While you can't eliminate them, with preparation, a resilient mindset, and a strong support system, you can transform these challenges into stepping stones for success. Remember, as the saying goes, "Smooth seas do not make skillful sailors." Embrace the rough waves, learn from them, and sail on to success.

Never Stop Learning

The world of business is ever-evolving. With the relentless pace of technological advancements, market shifts, and global events, the only constant in entrepreneurship is change. To navigate this dynamic landscape successfully, one principle stands out as crucial: never stop learning. Continuous learning not only sharpens your competitive edge but also fosters personal growth, innovation, and adaptability.

The Lifelong Learner's Mindset

• Embrace Curiosity: Adopt a beginner's mindset. Question norms, seek answers, and be open to new perspectives.
• Acknowledge the Unknown: Recognize that no matter your experience level, there's always more to know. This humility can lead to richer learning experiences.
• Value Feedback: Constructive criticism, whether from team members, customers, or mentors, is a goldmine of learning opportunities.

Ways to Cultivate Continuous Learning

• Read Widely: Diversify your reading list. From industry journals to biographies and thought leadership articles, expose yourself to a myriad of ideas and insights.
• Attend Workshops and Seminars: These events often present opportunities to dive deep into specific topics and network with industry peers.
• Leverage Online Platforms: Websites like Coursera, Udemy, and LinkedIn Learning offer courses on everything from leadership skills to the latest in AI technology.
• Join Peer Groups: Networking groups, masterminds, or industry-specific clubs can provide shared learning experiences and collaborative problem-solving.
• Invest in Formal Education: Consider degrees, certifications, or specialized training that can elevate your expertise in your business domain.
• Learn from Failures: Every mistake is a lesson. Instead of fearing failure, analyze it, understand its root causes, and use it as a stepping stone.
• Encourage a Learning Culture within Your Organization: Organize regular training sessions, encourage knowledge sharing, and support your team in their personal growth endeavors.

The Benefits of Continuous Learning

• Staying Relevant: As industries evolve, continuous learning ensures you and your business remain at the forefront.
• Boosting Innovation: Exposure to new ideas and techniques can ignite creativity and lead to innovative solutions.
• Enhancing Decision-Making: A broader knowledge base results in more informed, strategic decisions.
• Personal Fulfillment: Learning can bring a sense of achievement, purpose, and personal growth.

In summation, in the words of the great Albert Einstein, "Once you stop learning, you start dying." In the context of entrepreneurship, this rings especially true. Continuous learning doesn't just ensure business success; it defines the very essence of an entrepreneur—curious, adaptable, and ever-evolving. By embracing learning as a lifelong journey, you not only enrich your entrepreneurial endeavors but also pave the way for personal growth and fulfillment.

The entrepreneurial journey, as we've explored, is a blend of meticulous planning, resilience, adaptability, continuous learning, and a dash of audacity. Creating a business plan is just the beginning of this adventure, a compass to guide your direction. But as with any expedition, it's the unforeseen challenges, the detours taken, and the lessons learned that truly shape the experience.

Throughout this guide, we've delved into the pivotal steps an entrepreneur must take post-business plan creation. From celebrating the milestone of completion to preparing for inevitable challenges, each phase requires careful attention. Building a brand, forging connections, and seeking continuous growth are not just strategies for business success; they are foundational principles for long-term sustainability.

But beyond tactics and strategies, entrepreneurship is also a personal journey. It's about discovering your limits and pushing past them, about understanding failure not as a setback but as a stepping stone, and about realizing that the process, with its highs and lows, contributes more to the destination than any predefined plan.

As you move forward, equipped with your business plan and the insights from this guide, remember that the heart of entrepreneurship lies in perseverance, in the passion that fuels your venture, and in the unwavering belief in your vision.

In the ever-evolving landscape of business, plans might change, strategies might need tweaking, and goals might shift. But with a resilient spirit, a thirst for knowledge, and an adaptable approach, success is not just a possibility; it's a promise.

So, as you step out into the vast world of entrepreneurship, carry with you the wisdom of preparation, the armor of resilience, and the fire of passion. Your journey has just begun, and the horizon is limitless. Embrace the adventure, cherish the learnings, and let the journey mold you as much as you mold your business. Safe travels on your entrepreneurial expedition!

Key Takeaways

The Beginning: Creating a business plan is just the initial step in the entrepreneurial journey, serving as a compass for direction.

Adaptability is Key: Unexpected challenges will arise, and success often depends on the ability to adapt, learn, and pivot based on circumstances.

Continuous Learning: Embrace a lifelong learner's mindset, constantly seeking knowledge and feedback to stay ahead in the ever-evolving business landscape.

Resilience & Perseverance: Setbacks are inevitable; viewing them as learning opportunities and pushing forward with determination is crucial.

Personal Journey: Beyond business strategies, entrepreneurship is a personal voyage of self-discovery, passion, and belief in one's vision.

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How often should i update my business plan, is a business plan still relevant if i'm not seeking external funding, how do i measure the success of my business plan implementation, what's the difference between a business plan and a business model, can i create a business plan on my own, or should i consider hiring a professional, you may like.

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What Must an Entrepreneur Do After Creating a Business Plan?

Every entrepreneurial journey begins with a pivotal step: crafting a solid business plan. But what comes next? The real adventure begins as they must ask themselves, “What must an entrepreneur do after creating a business plan?”

From Plan to Action

After crafting your business plan, the real challenge begins: turning that blueprint into action. It's not just about having a plan, but about putting it into practice. This process requires a deep commitment to growth, strategic adjustments, and practical implementation. The journey of entrepreneurship involves:

• Continual learning and skill development
• Evaluating and prioritizing aspects of your business plan
• Setting specific milestones to strive for
• Making strategic adjustments based on your progress and goals

Remember, the key to success as an entrepreneur isn't just about creating a business plan, but being prepared to adapt and evolve it as your business grows. Your determination and positive mindset will propel your business to new heights.

All businesses are different, but here's a basic blueprint for what specifically to start with:

• Funding and Legalities : Secure necessary finances and complete all legal formalities.
• Team and Workspace : Assemble your core team and establish a functional workspace.
• Brand and Product/Service : Develop your brand identity and your core product or service.
• Launch and Engagement : Initiate your business launch and start engaging with customers.
• Performance Tracking : Monitor business performance and make necessary adjustments.

Now we'll go into each in more detail.

Securing Your Financial Foundation

A successful business owner knows the importance of a solid financial foundation, ecuring solid financial backing is crucial for your business's growth. Whether it’s through angel investors, crowdfunding campaigns, or securing loans, these are the common ways to fund your business and take it to the next level.

Financial capital is crucial for a new business. It provides a strong launchpad and ensures long-term sustainability. Precise financial projections aid in assessing the necessary funds and devising plans based on these estimates. Establishing a robust finance management system, tracking losses and profits, and controlling sales operations are key to ensuring your business thrives.

Gathering What You Need

Every successful enterprise begins with gathering the necessary resources. This essential step allows a business to effectively meet its needs while managing expenses, critical for sustainability, and scalability. Market research can help identify the best sources and strategies for resource acquisition.

Efficient strategies include:

• Defining needs and setting priorities within your budget
• Seeking investment and forming partnerships to minimize overhead expenses

These strategies help manage resources effectively and plan for scalability, striking a balance between current expenditure and future growth potentials. Remember, formulating a business plan is just the start of your entrepreneurial journey.

Applying the 90/10 Rule

The 90/10 rule is a principle that encourages entrepreneurs to seek solutions that accomplish 90% of their goals with just 10% of the work, effort, or time. The idea is not to aim for perfection but to find an efficient and effective solution that delivers value quickly.

This rule is particularly beneficial for new businesses, as it allows them to focus on rapid value delivery rather than getting entangled in striving for a 100% solution, which could take significantly longer to build and implement.

Legal Groundwork

Establishing a strong legal foundation is a critical step in setting up a successful business. It's not just about having a great business plan or a stellar marketing strategy. Entrepreneurs need to ensure legal compliance to protect their business and facilitate proper tax filing.

Depending on the business structure and location, key documents such as business registration, business license, and operating agreements may be required. Other important paperwork might include a Business Plan, Partnership Agreement, Incorporation Documents, Sales Contract, and Service Contract. These documents are essential for the legal standing of the business.

Do I Need an NDA to Share My Business Plan?

No, you don't necessarily need a Non-Disclosure Agreement (NDA) to share your idea and plan. Ideas are plentiful and sharing yours could provide valuable feedback. It's essential to test your plan with others, particularly potential customers, to see if it has traction. Remember, the execution of an idea is always more important than the idea itself.

Assembling the Dream Team

An efficient team forms the support structure of a thriving enterprise. Assembling a team offers several benefits, including:

• Distributing the many important tasks
• Diversifying the team's abilities
• Providing invaluable guidance
• Offering access to resources

The ideal moment for an entrepreneur to start assembling their team is when their business idea begins to take form. This ensures they’re equipped with support for subsequent stages. After creating a business plan, the first thrilling priority is to build a team that can help turn the plan into action.

The Reality of Assembling the Dream Team

Assembling a dream team for your business isn't just about funding. It's about finding passionate problem-solvers who align with your vision. As an entrepreneur, you must be a planner, doer, and inspiring leader. This balance isn't always easy to achieve, but with the right mindset, you can turn your business plan into reality.

The Delegation Dynamic

Mastering the art of delegation is like learning to steer a ship effectively. Delegation techniques include:

• Playing to your employees’ strengths and goals
• Defining the desired outcome
• Practicing letting go
• Balancing delegation without micromanaging

Empowering your team members boosts productivity and morale. Here are some ways to do it:

• Provide clear goals and expectations
• Encourage open communication and feedback
• Offer growth opportunities
• Delegate authority
• Recognize and reward employees for their hard work and achievements

This is how you harness the power of the delegation dynamic.

Refinement and Adaptation of the Business Plan

Adapting and adjusting the business plan is crucial in the ever-changing business landscape. Successful businesses:

• Know their audience
• Validate their assumptions
• Iterate and improve
• Communicate their value proposition
• Stay true to themselves.

A well-planned marketing strategy can help you achieve your goals and reach your target audience effectively through the right marketing channels, including online marketing. By exploring various marketing strategies, you can find the most suitable approach for your business.

Building Your Brand

Building a strong brand and connecting with your target market are vital steps after creating a business plan. Your brand is not just a logo or tagline; it's your business's identity and what distinguishes you from competitors. Here's how to build and promote your brand:

• Identify your Unique Selling Proposition (USP) : What sets your business apart? Use this as your branding cornerstone.
• Define your brand personality : Reflect this personality in everything from your logo to your marketing materials.
• Create a memorable logo and tagline : These should be unique, memorable, and echo your brand personality.
• Consistency is key : Ensure your brand is uniformly represented across all platforms.

Engaging With Your Customers

Engaging with your customers starts with understanding their interests and behaviors. Here's how:

• Know your audience : Create detailed buyer personas to understand your target audience better.
• Personalize your interactions : Use audience information to personalize your interactions with them.
• Communicate regularly : Regular communication keeps your brand at the forefront of your audience's mind.
• Listen and respond to feedback : Show your audience that their opinions matter.

Building your brand and engaging your audience are intertwined processes that can catapult your business ahead of the competition.

Launching and Monitoring Your Business

The start of your entrepreneurial journey is marked by the formal business inauguration, a significant milestone that brings your product or service into the public eye. To ensure a successful business launch, it's crucial to meticulously follow a well-prepared checklist, fine-tune launch plans, and stay informed about common pitfalls to avoid.

Post-launch, it's all about tracking your business's pulse with Key Performance Indicators (KPIs). Choose KPIs that make sense for your business model, like customer acquisition cost or monthly recurring revenue. Use smart tools to automate data collection and visualization. But remember, data is only as good as the decisions it drives. Set tangible goals based on your KPIs, monitor progress, and tweak your strategy for peak performance.

Listen to your customers feedback

Above all, it's essential to listen to your customers. Establish effective feedback channels and integrate customer feedback into business improvement, making it a key component of your entrepreneurial journey.

Engage with your customers, ask for their opinions, and let their voices guide your actions.

The journey of entrepreneurship is filled with milestones and challenges. After crafting a business plan, the next steps include resource acquisition, financial and legal preparations, team building, and brand promotion. Remember, launching your business is just the beginning of your entrepreneurial adventure.

This is the moment where your vision starts to take shape in the real world. It's an exciting, nerve-wracking time, filled with opportunities for growth and learning.

Key Takeaways

• Transform your business plan into reality by focusing on actionable steps, resource acquisition, and adapting the plan as your business grows for long-term success.
• Solidify your financial and legal foundations, protect your intellectual property, and assemble a strong team that aligns with your business vision and can help achieve your milestones.
• Develop a compelling marketing strategy to engage your target market, build a resonant brand, and employ performance tracking to make data-driven adjustments for continuous improvement.
• Always listen to your customers. Establish effective feedback channels, integrate customer feedback into your business improvement plans, and let their voices guide your actions.

What comes after creating a business plan?

After creating a business plan, the next step is to secure funding and start putting your plan into action. Then, you'll need to select a location, obtain permits and licenses, and kick off your advertising and promotions. Exciting times ahead!

Why is it important to prepare a business plan?

A business plan is important because it provides a roadmap for the company's future, outlining its vision, goals, and strategies to guide entrepreneurs and stakeholders in understanding its operations and objectives. It also helps set clear goals, guidelines, and benchmarks for managing and growing the business.

What is the first step after creating a business plan?

The first step after creating a business plan is to start executing it by securing funding, acquiring resources, filing legal documents, and building a team. Get ready to bring your plan to life and make your business dreams a reality!

How important is it to protect intellectual property?

Protecting intellectual property is crucial for entrepreneurs as it helps legally safeguard their business and ensures seamless tax filing.

How can I identify and engage my target market?

To identify and engage your target market, research your target market, competition, and industry, analyze customer data, understand their interests and habits, observe consumer behavior, and use SEO tools. Embrace these strategies to effectively reach your audience and create meaningful connections.

How to make a business plan

Table of Contents

How to make a good business plan: step-by-step guide.

A business plan is a strategic roadmap used to navigate the challenging journey of entrepreneurship. It's the foundation upon which you build a successful business.

A well-crafted business plan can help you define your vision, clarify your goals, and identify potential problems before they arise.

But where do you start? How do you create a business plan that sets you up for success?

This article will explore the step-by-step process of creating a comprehensive business plan.

What is a business plan?

A business plan is a formal document that outlines a business's objectives, strategies, and operational procedures. It typically includes the following information about a company:

Products or services

Target market

Competitors

Marketing and sales strategies

Financial plan

Management team

A business plan serves as a roadmap for a company's success and provides a blueprint for its growth and development. It helps entrepreneurs and business owners organize their ideas, evaluate the feasibility, and identify potential challenges and opportunities.

As well as serving as a guide for business owners, a business plan can attract investors and secure funding. It demonstrates the company's understanding of the market, its ability to generate revenue and profits, and its strategy for managing risks and achieving success.

Business plan vs. business model canvas

A business plan may seem similar to a business model canvas, but each document serves a different purpose.

A business model canvas is a high-level overview that helps entrepreneurs and business owners quickly test and iterate their ideas. It is often a one-page document that briefly outlines the following:

Key partnerships

Key activities

Key propositions

Customer relationships

Customer segments

Key resources

Cost structure

Revenue streams

On the other hand, a Business Plan Template provides a more in-depth analysis of a company's strategy and operations. It is typically a lengthy document and requires significant time and effort to develop.

A business model shouldn’t replace a business plan, and vice versa. Business owners should lay the foundations and visually capture the most important information with a Business Model Canvas Template . Because this is a fast and efficient way to communicate a business idea, a business model canvas is a good starting point before developing a more comprehensive business plan.

A business plan can aim to secure funding from investors or lenders, while a business model canvas communicates a business idea to potential customers or partners.

Why is a business plan important?

A business plan is crucial for any entrepreneur or business owner wanting to increase their chances of success.

Here are some of the many benefits of having a thorough business plan.

Helps to define the business goals and objectives

A business plan encourages you to think critically about your goals and objectives. Doing so lets you clearly understand what you want to achieve and how you plan to get there.

A well-defined set of goals, objectives, and key results also provides a sense of direction and purpose, which helps keep business owners focused and motivated.

Guides decision-making

A business plan requires you to consider different scenarios and potential problems that may arise in your business. This awareness allows you to devise strategies to deal with these issues and avoid pitfalls.

With a clear plan, entrepreneurs can make informed decisions aligning with their overall business goals and objectives. This helps reduce the risk of making costly mistakes and ensures they make decisions with long-term success in mind.

Attracts investors and secures funding

Investors and lenders often require a business plan before considering investing in your business. A document that outlines the company's goals, objectives, and financial forecasts can help instill confidence in potential investors and lenders.

A well-written business plan demonstrates that you have thoroughly thought through your business idea and have a solid plan for success.

Identifies potential challenges and risks

A business plan requires entrepreneurs to consider potential challenges and risks that could impact their business. For example:

Is there enough demand for my product or service?

Will I have enough capital to start my business?

Is the market oversaturated with too many competitors?

What will happen if my marketing strategy is ineffective?

By identifying these potential challenges, entrepreneurs can develop strategies to mitigate risks and overcome challenges. This can reduce the likelihood of costly mistakes and ensure the business is well-positioned to take on any challenges.

Provides a basis for measuring success

A business plan serves as a framework for measuring success by providing clear goals and financial projections . Entrepreneurs can regularly refer to the original business plan as a benchmark to measure progress. By comparing the current business position to initial forecasts, business owners can answer questions such as:

Are we where we want to be at this point?

Did we achieve our goals?

If not, why not, and what do we need to do?

After assessing whether the business is meeting its objectives or falling short, business owners can adjust their strategies as needed.

How to make a business plan step by step

The steps below will guide you through the process of creating a business plan and what key components you need to include.

1. Create an executive summary

Start with a brief overview of your entire plan. The executive summary should cover your business plan's main points and key takeaways.

Keep your executive summary concise and clear with the Executive Summary Template . The simple design helps readers understand the crux of your business plan without reading the entire document.

2. Write your company description

Provide a detailed explanation of your company. Include information on what your company does, the mission statement, and your vision for the future.

Provide additional background information on the history of your company, the founders, and any notable achievements or milestones.

3. Conduct a market analysis

Conduct an in-depth analysis of your industry, competitors, and target market. This is best done with a SWOT analysis to identify your strengths, weaknesses, opportunities, and threats. Next, identify your target market's needs, demographics, and behaviors.

Use the Competitive Analysis Template to brainstorm answers to simple questions like:

What does the current market look like?

Who are your competitors?

What are they offering?

What will give you a competitive advantage?

Who is your target market?

What are they looking for and why?

How will your product or service satisfy a need?

These questions should give you valuable insights into the current market and where your business stands.

4. Describe your products and services

Provide detailed information about your products and services. This includes pricing information, product features, and any unique selling points.

Use the Product/Market Fit Template to explain how your products meet the needs of your target market. Describe what sets them apart from the competition.

5. Design a marketing and sales strategy

Outline how you plan to promote and sell your products. Your marketing strategy and sales strategy should include information about your:

Pricing strategy

Advertising and promotional tactics

Sales channels

The Go to Market Strategy Template is a great way to visually map how you plan to launch your product or service in a new or existing market.

6. Determine budget and financial projections

Document detailed information on your business’ finances. Describe the current financial position of the company and how you expect the finances to play out.

Some details to include in this section are:

Startup costs

Revenue projections

Profit and loss statement

Funding you have received or plan to receive

Strategy for raising funds

7. Set the organization and management structure

Define how your company is structured and who will be responsible for each aspect of the business. Use the Business Organizational Chart Template to visually map the company’s teams, roles, and hierarchy.

As well as the organization and management structure, discuss the legal structure of your business. Clarify whether your business is a corporation, partnership, sole proprietorship, or LLC.

8. Make an action plan

At this point in your business plan, you’ve described what you’re aiming for. But how are you going to get there? The Action Plan Template describes the following steps to move your business plan forward. Outline the next steps you plan to take to bring your business plan to fruition.

Types of business plans

Several types of business plans cater to different purposes and stages of a company's lifecycle. Here are some of the most common types of business plans.

Startup business plan

A startup business plan is typically an entrepreneur's first business plan. This document helps entrepreneurs articulate their business idea when starting a new business.

Not sure how to make a business plan for a startup? It’s pretty similar to a regular business plan, except the primary purpose of a startup business plan is to convince investors to provide funding for the business. A startup business plan also outlines the potential target market, product/service offering, marketing plan, and financial projections.

Strategic business plan

A strategic business plan is a long-term plan that outlines a company's overall strategy, objectives, and tactics. This type of strategic plan focuses on the big picture and helps business owners set goals and priorities and measure progress.

The primary purpose of a strategic business plan is to provide direction and guidance to the company's management team and stakeholders. The plan typically covers a period of three to five years.

Operational business plan

An operational business plan is a detailed document that outlines the day-to-day operations of a business. It focuses on the specific activities and processes required to run the business, such as:

Organizational structure

Staffing plan

Production plan

Quality control

Inventory management

Supply chain

The primary purpose of an operational business plan is to ensure that the business runs efficiently and effectively. It helps business owners manage their resources, track their performance, and identify areas for improvement.

Growth-business plan

A growth-business plan is a strategic plan that outlines how a company plans to expand its business. It helps business owners identify new market opportunities and increase revenue and profitability. The primary purpose of a growth-business plan is to provide a roadmap for the company's expansion and growth.

The 3 Horizons of Growth Template is a great tool to identify new areas of growth. This framework categorizes growth opportunities into three categories: Horizon 1 (core business), Horizon 2 (emerging business), and Horizon 3 (potential business).

One-page business plan

A one-page business plan is a condensed version of a full business plan that focuses on the most critical aspects of a business. It’s a great tool for entrepreneurs who want to quickly communicate their business idea to potential investors, partners, or employees.

A one-page business plan typically includes sections such as business concept, value proposition, revenue streams, and cost structure.

Best practices for how to make a good business plan

Here are some additional tips for creating a business plan:

Use a template

A template can help you organize your thoughts and effectively communicate your business ideas and strategies. Starting with a template can also save you time and effort when formatting your plan.

Miro’s extensive library of customizable templates includes all the necessary sections for a comprehensive business plan. With our templates, you can confidently present your business plans to stakeholders and investors.

Be practical

Avoid overestimating revenue projections or underestimating expenses. Your business plan should be grounded in practical realities like your budget, resources, and capabilities.

Be specific

Provide as much detail as possible in your business plan. A specific plan is easier to execute because it provides clear guidance on what needs to be done and how. Without specific details, your plan may be too broad or vague, making it difficult to know where to start or how to measure success.

Be thorough with your research

Conduct thorough research to fully understand the market, your competitors, and your target audience . By conducting thorough research, you can identify potential risks and challenges your business may face and develop strategies to mitigate them.

Get input from others

It can be easy to become overly focused on your vision and ideas, leading to tunnel vision and a lack of objectivity. By seeking input from others, you can identify potential opportunities you may have overlooked.

Review and revise regularly

A business plan is a living document. You should update it regularly to reflect market, industry, and business changes. Set aside time for regular reviews and revisions to ensure your plan remains relevant and effective.

Create a winning business plan to chart your path to success

Starting or growing a business can be challenging, but it doesn't have to be. Whether you're a seasoned entrepreneur or just starting, a well-written business plan can make or break your business’ success.

The purpose of a business plan is more than just to secure funding and attract investors. It also serves as a roadmap for achieving your business goals and realizing your vision. With the right mindset, tools, and strategies, you can develop a visually appealing, persuasive business plan.

Ready to make an effective business plan that works for you? Check out our library of ready-made strategy and planning templates and chart your path to success.

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What Must an Entrepreneur Do After Creating a Business Plan?

• Last Updated October 5, 2022

Many successful entrepreneurs started with a solid business plan detailing factors of their business such as marketing, funding, legal considerations, and operations. But then what must an entrepreneur do to turn their vision into reality?

What’s Included in a Business Plan?

A business plan is a formal document that justifies the idea with research, defines the steps to starting the business, and details the growth and management of the business after launch. A strong business plan typically includes:

• Executive Summary and Company Description: Key terms and summary of the business and its goals.
• Market Research and Analysis: The findings of market research and projection of success in the target market.
• Marketing and Sales: A strategy to optimize the business for the market, based on market research analysis: Who is the target audience? What products and strategies should be the focus for sales? The likely includes the go-to-market strategy for pre-launch and launch as well as sales operations and infrastructure.
• Organization and Management: A plan for the organization of departments and management, as well as the number of employees needed. Includes budgeting for salaries and benefits, as applicable.
• Financial Projections and Funding Requests: The projected revenue of the company versus costs, as well as any plans for necessary funding like investments.

What Are the Steps to Take After the Business Plan?

1. Build the Initial Team

Few entrepreneurs can manage every aspect of a new business alone. They should focus on what they can do well and delegate other tasks to a strong team. For example, that might mean hiring a web designer or financial consultant.

2. File Necessary Legal Documents

To legally protect a business and make sure taxes are in order, it’s necessary to file proper forms with the IRS and other applicable governing bodies. Some business owners may choose to form a limited liability company (LLC) , while others may incorporate their business. Choosing the right business structure requires quite a bit of thought and should be completed in the business plan.

3. Protect Intellectual Property

Without proper legal protection, business owners have no formal recourse if someone else uses their designs or branding. Understanding the differences between trademarking, copyrighting , and patenting is critical, as each protects different types of intellectual property . For example, trademarking can protect branding assets, copyrighting can protect creative content such as books, and patents can protect product design. Ideally, this step would be completed prior to any launch.

4. Advertising and Marketing

Part of the business plan is a go-to-market strategy, which includes pre-launch, launch, and, often, post-launch marketing plans. Once the business is legally established and the initial intellectual property has been protected, it’s time to implement the pre-launch marketing. This may include social media marketing, the establishment of a blog, or more traditional print marketing such as fliers. The goal? Get the word out to your prospective customers so they can buy at launch.

5. Official Business Launch

This is an exciting time for any entrepreneur—the moment their hard work takes center stage and their product goes public for purchase. Ideally, the necessary production and marketing stay on the launch schedule established in the business plan. Many business owners start tracking marketing and sales data immediately so they can pivot quickly if something isn’t working properly.

6. Review Business Performance and Progress

Many business owners benefit from frequent reviews of their sales and marketing data. For a younger business, it’s common to conduct monthly or quarterly reviews to adjust quickly. As the business matures, frequency may decrease to annual reviews with smaller quarterly reports. Either way, setting goals and metrics based on the business plan keeps a business on track and focused.

The Next Step: Scaling the Business

With the initial business plan implemented successfully, business owners often ask themselves what comes next. Plans for growth and scaling the business may have been outlined in the initial plan, but have the plans changed? Possibly, which is why consistently measuring performance and aligning goals is critical.

Often, the end of the initial business plan is just the beginning of an entrepreneur’s journey. Understanding how to legally protect the business you’re building is key to keeping momentum and stability as you grow from launch to scaling.

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How to Write a Business Plan, Step by Step

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What is a business plan?

1. write an executive summary, 2. describe your company, 3. state your business goals, 4. describe your products and services, 5. do your market research, 6. outline your marketing and sales plan, 7. perform a business financial analysis, 8. make financial projections, 9. summarize how your company operates, 10. add any additional information to an appendix, business plan tips and resources.

A business plan outlines your business’s financial goals and explains how you’ll achieve them over the next three to five years. Here’s a step-by-step guide to writing a business plan that will offer a strong, detailed road map for your business.

ZenBusiness

A business plan is a document that explains what your business does, how it makes money and who its customers are. Internally, writing a business plan should help you clarify your vision and organize your operations. Externally, you can share it with potential lenders and investors to show them you’re on the right track.

Business plans are living documents; it’s OK for them to change over time. Startups may update their business plans often as they figure out who their customers are and what products and services fit them best. Mature companies might only revisit their business plan every few years. Regardless of your business’s age, brush up this document before you apply for a business loan .

» Need help writing? Learn about the best business plan software .

This is your elevator pitch. It should include a mission statement, a brief description of the products or services your business offers and a broad summary of your financial growth plans.

Though the executive summary is the first thing your investors will read, it can be easier to write it last. That way, you can highlight information you’ve identified while writing other sections that go into more detail.

» MORE: How to write an executive summary in 6 steps

Next up is your company description. This should contain basic information like:

Your business’s registered name.

Address of your business location .

Names of key people in the business. Make sure to highlight unique skills or technical expertise among members of your team.

Your company description should also define your business structure — such as a sole proprietorship, partnership or corporation — and include the percent ownership that each owner has and the extent of each owner’s involvement in the company.

Lastly, write a little about the history of your company and the nature of your business now. This prepares the reader to learn about your goals in the next section.

» MORE: How to write a company overview for a business plan

The third part of a business plan is an objective statement. This section spells out what you’d like to accomplish, both in the near term and over the coming years.

If you’re looking for a business loan or outside investment, you can use this section to explain how the financing will help your business grow and how you plan to achieve those growth targets. The key is to provide a clear explanation of the opportunity your business presents to the lender.

For example, if your business is launching a second product line, you might explain how the loan will help your company launch that new product and how much you think sales will increase over the next three years as a result.

» MORE: How to write a successful business plan for a loan

In this section, go into detail about the products or services you offer or plan to offer.

You should include the following:

An explanation of how your product or service works.

The pricing model for your product or service.

The typical customers you serve.

Your supply chain and order fulfillment strategy.

You can also discuss current or pending trademarks and patents associated with your product or service.

Lenders and investors will want to know what sets your product apart from your competition. In your market analysis section , explain who your competitors are. Discuss what they do well, and point out what you can do better. If you’re serving a different or underserved market, explain that.

Here, you can address how you plan to persuade customers to buy your products or services, or how you will develop customer loyalty that will lead to repeat business.

Include details about your sales and distribution strategies, including the costs involved in selling each product .

» MORE: R e a d our complete guide to small business marketing

If you’re a startup, you may not have much information on your business financials yet. However, if you’re an existing business, you’ll want to include income or profit-and-loss statements, a balance sheet that lists your assets and debts, and a cash flow statement that shows how cash comes into and goes out of the company.

Accounting software may be able to generate these reports for you. It may also help you calculate metrics such as:

Net profit margin: the percentage of revenue you keep as net income.

Current ratio: the measurement of your liquidity and ability to repay debts.

Accounts receivable turnover ratio: a measurement of how frequently you collect on receivables per year.

This is a great place to include charts and graphs that make it easy for those reading your plan to understand the financial health of your business.

This is a critical part of your business plan if you’re seeking financing or investors. It outlines how your business will generate enough profit to repay the loan or how you will earn a decent return for investors.

Here, you’ll provide your business’s monthly or quarterly sales, expenses and profit estimates over at least a three-year period — with the future numbers assuming you’ve obtained a new loan.

Accuracy is key, so carefully analyze your past financial statements before giving projections. Your goals may be aggressive, but they should also be realistic.

NerdWallet’s picks for setting up your business finances:

The best business checking accounts .

The best business credit cards .

The best accounting software .

Before the end of your business plan, summarize how your business is structured and outline each team’s responsibilities. This will help your readers understand who performs each of the functions you’ve described above — making and selling your products or services — and how much each of those functions cost.

If any of your employees have exceptional skills, you may want to include their resumes to help explain the competitive advantage they give you.

Finally, attach any supporting information or additional materials that you couldn’t fit in elsewhere. That might include:

Licenses and permits.

Equipment leases.

Bank statements.

Details of your personal and business credit history, if you’re seeking financing.

If the appendix is long, you may want to consider adding a table of contents at the beginning of this section.

How much do you need?

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We’ll start with a brief questionnaire to better understand the unique needs of your business.

Once we uncover your personalized matches, our team will consult you on the process moving forward.

Here are some tips to write a detailed, convincing business plan:

Avoid over-optimism: If you’re applying for a business bank loan or professional investment, someone will be reading your business plan closely. Providing unreasonable sales estimates can hurt your chances of approval.

Proofread: Spelling, punctuation and grammatical errors can jump off the page and turn off lenders and prospective investors. If writing and editing aren't your strong suit, you may want to hire a professional business plan writer, copy editor or proofreader.

Use free resources: SCORE is a nonprofit association that offers a large network of volunteer business mentors and experts who can help you write or edit your business plan. The U.S. Small Business Administration’s Small Business Development Centers , which provide free business consulting and help with business plan development, can also be a resource.

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Business Planning

• I Have Created a Business Plan: Now What?

A business strategy is a fundamental tactic or combination of tactics to hit goals such as growing the business, gaining a competitive edge or turning around an ailing business. Your business strategy is brought to life by creating a business plan. Business strategies are essential for your long-term

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• The Power of a One Page Business Plan
• Do You Need an Accountant to Help Write Your Business Plan?
• Why You Really Need A Business Plan
• If you've been in the business world for a while, then you definitely know the importance of creating a business plan before starting out.
• However, simply writing down a beautiful business plan is not enough to get your business up, running, and gaining sales.
• There's loads of information out there about how to write a business plan, but once it's finished you may be thinking... now what do I do?
• Read on to find out the top 5 things you should do after you write your business plan to make it actionable.

You’ve written out your business plan. Congratulations! 

Maybe it’s really detailed. It could be full of optimistic financial forecasts for the next two years. Or perhaps you’ve used the Lean Canvas method and intend to fly by the seat of your pants.

Regardless, at this point, your business plan is all theory and pie in the sky. The onus is now on you to make it actionable .

Your business plan should not be static. Your business plan should be a working document that you can follow, edit, and change as required.

What comes next after writing a business plan?

Here are the 5 key things you should do next after you write your business plan:

• Make sure it connects to your purpose
• Begin to test and measure
• Use the 80/20 rule
• Learn something new (quickly)

1. Get help

It sounds like simple advice. I guarantee that you won’t be able to do everything on the list. If you lack the knowledge and experience to understand your sales numbers or have no idea how to advertise, find someone who does. You need to employ the experience of other professionals who can offer advice and guidance.

Not only that, if you need technical work done (like building a website or an email funnel) or creative work (like logo design and copywriting), you’re going to need to hire someone to do those things for you.

Unless you plan to tackle all of them yourself, these things cost money. If you don’t have a lot of funds or are bootstrapping , you may need to get creative. Can you offer your services in exchange for someone else’s expertise? Contra deals are a great way to get things done for free . It’s like the 2018 version of bartering. Whether you need to hire someone to get some work done or ask someone for advice, there are a lot of platforms like this one to help you get some work done on a limited budget.

2. Make sure it connects to your purpose

Why do you want to do what you do? If you cannot answer that question each and every time someone asks, that’s an issue. There will be times when you get stuck on something difficult. Your WHY is a way to keep you focused when things seem to be at their worst. You should get in the habit of connecting everything back to your WHY.

Your WHY is the reason for your business . It’s the driving motivation behind everything that you do. Do you know what your WHY is? If not, you should start thinking about it. Your WHY should be the foundation for everything that you do. It can help you get through the tough times and keep you grounded during adversity. It’s what sets you apart from your competition.

You may be in the same industry, but your WHY is what makes your business special.

3. Begin to test and measure

Begin to test and measure your assumptions. Your plan is untested and still just a concept. Now you need to see how effective your business plan functions in reality. Start looking for actionable things that you can measure. These will help you gauge your progress.

One of the easiest things to measure is sales. However, sales are the end result of all the work you have done. If you are using Google Adwords , what is your conversion rate? How many interactions do you need to make a sale? Once you start becoming familiar with these numbers and ideas, you can get smarter about understanding them. The more measurements you make, the better off you will be.

Testing the success of your business plan from multiple angles will help you see the big picture. For example, considering your sales information alongside your advertising will help you make informed decisions when you decide where to allocate your marketing budget. This brings us to the next point...

4. Use the 80/20 rule

The 80/20 rule, or Pareto’s Principle, states that there is always an uneven divide between the amount of work that we do and the reward that’s earned for that work. For example, you might find that 80 percent of your business comes from 20 percent of your advertising .

Conversely, that means that 80 percent of your advertising is only responsible for 20 percent of your business. Once you’ve identified this trend, you’ll want to direct more funds toward the part that’s working and reduce your spending on the less effective areas.

When you are searching for evidence of this principle, you want to look in 4 key areas:

• Daily habits

After you’ve collected your data, look for any places that have unbalanced spending and returns. Make adjustments as you see fit. Analyse your results and repeat the process. If you fail to look out for the 80/20 rule, you may unknowingly be spending money in all the wrong places and missing opportunities for a higher return on your time and money.

5. Learn something new (quickly)

Most people go into business using a skill they already know. Plumbers, accountants, fitness instructors, and web designers who go into business for themselves usually pick the industry because it is what they do best. The problem is that they quickly discover that they don’t know much about anything else. After a short time, they have accumulated some clients and then suddenly find themselves stuck.

They struggle when faced with a technical task like marketing, copywriting, or SEO . If you find yourself in a situation like this, your first instinct might be to hire someone to do it for you. However, you need to consider how limited your knowledge is of the task required. Will you be able to tell if the person you hire does a good job? You should always try to at least understand the work being done.

If you are thinking of hiring someone, consider whether or not you could quickly learn to do the work yourself. Being able to learn quickly is a skill that needs practice, too. If you are unable to learn quickly, you might find yourself working in your business and never on your business.

Now that you’ve got your business plan written, you need to be sure to take these 5 steps. How you manage your time and direct your energy will make or break your business. At this point, your business plan is just an idea, a theory. It is up to you to prove that it has the potential to be a successful, profitable business. Until that time, you should be making constant adjustments to fine-tune your business plan. The ideas outlined above provide the steps that are necessary to build, develop, and maintain your business through its infancy. 

What are YOUR tips after writing a business plan? 

Why is it important to have a business plan?

A business plan helps you establish a strong ground on which to start and grow your business. A business plan gives you a much clearer sense of direction..sure you might take a few detours and may still get lost along the way, but your business plan will help you get back on track.  The process for creating a business plan will be different for every business, but here are the key steps to create a business plan that covers all of the important details:

1. Identify and understand your goals 2. Research the competitor market  3. Define your brand and what makes your business unique  4. Understand your audience  5. Identify any roadblocks and how you'll navigate through them   

How do you make a business plan?

A typical business plan contains all or a combination of the following sections:

• Executive summary
• Description of the business
• Market research analysis
• Description of organisation and management 
• A description of service or product line  
• Sales and marketing strategy
• Funding requirements 

Ronan Leonard

Founder at  Eccountability

To challenge, inspire and support entrepreneurs. We've created a global community of accountability. Ronan Leonard is a Mastermind facilitator, connecting entrepreneurs and small business owners together to create the perfect virtual Mastermind group. Small business owners are often overwhelmed with to-do lists and need impartial advice to get the right support to help them achieve their goals. Ronan believes that 99% of your business problems are already solved and will connect you to a tribe that has the answers and to help you accelerate your learning. He believes that there is more value in making real peer-to-peer connections than paying for external contractors who have no vested interest in your success Passionate about helping others he is committed to giving away 1 in 6 spots on the platform to social enterprises and entrepreneurs from developing countries to create a global community. Ronan loves seeing the benefits that Mastermind groups have on each person who participates and has helped 100’s of business owners increase clarity, confidence and productivity by creating the support network for them to achieve their true potential. 9 Million YouTube Views! Ronan was just 23 he helped rescue passengers and fellow staff when the cruise ship he worked on sank off the wild coast of South Africa. For 9 years he continued to work on cruise ships sailing the world as a casino manager. His 1st business (a casino party company) grew from just 2 casino tables to over 50 and the largest gaming events company in Australia. With a casino background he understands risk vs reward and where the true value lies in where you put your time and money into (hint: it’s not gambling!). In his spare time he enjoys red wine and playing poker (but not at the same time) You can find some of his musing and thoughts here: https://www.linkedin.com/in/ronan-leonard/ https://twitter.com/eccountability https://medium.com/@ronan_leonard/

Do you need help with business planning?

There are 195 business coaches on standby

Phil Khor , Founder at  SavvySME

Good read. I might just add that hiring a business coach or consultant is another option to consider if you have written or plan to write a business plan. After all, you want to start on the right footing and working with a good business coach can help steer you in the best direction and get a solid review of your business plan. Investing in sound advice before you execute your business plan is not a cost but an investment because it saves you money from making terrible mistakes. Thanks for sharing Ronan.

Carolgreen712

Question: how does a business plan, work with not so good  with credit good or bad, or does it work with bad credit?

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What Must an Entrepreneur Do After Creating a Business Plan?

Surabhi Guleria

• June 4, 2023

Creating a business plan is an essential step in the process of starting a new business . A business plan serves as a roadmap that outlines the goals, strategies, and financial projections for the business.

However, it’s important to remember that creating a business plan is just the beginning of the journey. Once the plan is in place, entrepreneurs must take action to turn their vision into a reality.

After creating a business plan, entrepreneurs must focus on taking the necessary steps to launch and grow their businesses. This involves securing funding, choosing a business structure, obtaining necessary licenses and permits, building a team , establishing a brand , launching the business, and monitoring and adjusting as necessary.

Each of these steps is critical to the success of the business, and it’s essential for entrepreneurs to approach each one with care and attention to detail.

In this article, we will explore the key steps that entrepreneurs must take after creating a business plan to set themselves up for success. We will examine each step in detail, providing practical tips and advice for entrepreneurs looking to turn their business dreams into reality.

Whether you are a seasoned entrepreneur or a first-time business owner, the information in this article will help you navigate the challenges and opportunities that come with launching and growing a successful business . Here are the things an entrepreneur must do after creating a business plan.

Secure Funding

One of the first things an entrepreneur must do after creating a business plan is to secure funding. Whether you plan to self-fund your business or seek outside investors, you will need to have the necessary capital to get your business off the ground. This may involve seeking out loans , grants , or other forms of financing.

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Choose a Business Structure

Once you have secured funding, you will need to choose a business structure. This may involve registering your business as a sole proprietorship , partnership, corporation, or LLC. Each structure has its own advantages and disadvantages, so it’s important to do your research and choose the structure that best fits your needs.

Obtain Necessary Licenses and Permits

Depending on the type of business you plan to start, you may need to obtain various licenses and permits to operate legally. This may include a business license, tax ID number, zoning permit, health permit, and more. Be sure to research the specific requirements for your industry and location to ensure that you are compliant with all regulations.

Build a Team

Building a strong team is essential to the success of any business. As an entrepreneur, you will need to identify the key roles and responsibilities necessary for your business and start hiring the right people to fill them. This may involve recruiting employees , contractors, or freelancers. Be sure to create a strong company culture and offer competitive compensation to attract top talent.

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Establish your brand.

Your brand is the face of your business and plays a crucial role in attracting and retaining customers. After creating a business plan, you will need to start building your brand by creating a logo, developing a brand voice, and establishing a strong online and offline presence. This may involve creating a website, social media accounts , and other marketing materials to promote your business.

Launch Your Business

Once you have secured funding, chosen a business structure, obtained necessary licenses and permits, built a team, and established your brand, it’s time to launch your business. This may involve a soft launch to test your products or services, followed by a grand opening or launch event to generate buzz and attract customers.

Monitor and Adjust

After launching your business, it’s important to monitor your progress and make adjustments as necessary. This may involve tracking sales data , customer feedback , and other metrics to identify areas for improvement. Be prepared to pivot your strategy and make changes as needed to keep your business on track.

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The many features of Lio would help you with your retail business as you would be able to maintain all data on a track that you can use at any time. If you want to upload a document, then you can do that. Know the money transactions, cash inflow, profit and loss you are making, Udhaar, list of product s, services, and even the teammates and clients that you have all in one place. 

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Creating a business plan is just the first step in starting a new business. After the plan is in place, entrepreneurs must take action to turn their vision into a reality.

This may involve securing funding, choosing a business structure, obtaining necessary licenses and permits, building a team, establishing a brand, launching the business, and monitoring and adjusting as necessary. By following these steps, entrepreneurs can set themselves up for success and turn their business dreams into reality.

Frequently Asked Questions(FAQs)

How long does it take to launch a new business after creating a business plan.

The timeline for launching a new business can vary widely depending on the industry, location, and other factors. Some businesses may be able to launch within a few months, while others may take a year or more to fully launch.

How can entrepreneurs attract investors after creating a business plan?

To attract investors, entrepreneurs should have a clear and detailed business plan that outlines the potential of the business and its financial projections. They should also be prepared to pitch their business idea to potential investors and explain why their business is unique and has the potential for success.

What are some common mistakes entrepreneurs make after creating a business plan?

Some common mistakes include not doing enough market research, underestimating the amount of funding needed, not having a clear marketing strategy, and not establishing a strong team. It’s important for entrepreneurs to thoroughly research their industry and market, create realistic financial projections, and surround themselves with a team of talented and dedicated individuals.

Is it necessary to obtain professional help after creating a business plan?

While it’s not necessary to obtain professional help, it can be beneficial for entrepreneurs to seek out advice from experienced professionals such as business coaches, lawyers, and accountants. These individuals can offer valuable insights and guidance on various aspects of starting and running a business.

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What Must an Entrepreneur Do After Creating a Business Plan?

After creating the business plan, the real challenge begins. Here’s the 9 step guide on starting and growing your business that will help you get your first customers and retain them.

Creating a business plan is an important step for an entrepreneur or business development executive. It not only marks the formal beginning of a project, but also charges you up to do more, simulate the challenges, execute the strategy and have the business up and running.

Having a bad plan is better than having no plan.

9 steps for entrepreneurs after creating a business plan.

As one goes about making a business plan, lots of ideas emerge in the mind of an entrepreneur that make him or her ready to execute their vision. Creating a business plan on paper or presentation means you have begun your entrepreneurial journey, and once begun is half done.

Also read: How to Create the Best Business Plan for Your Idea

So what’s next? While you may want to do everything at once, you may end up doing nothing. So let’s discuss how to prioritize your work and create your business step-by-step.

1. Work Out the Finer Details and Consider the Challenges

The first step right after creating the business plan would be to work out the finer details of the plan. You need to refine your plan and make it executable. Work on every detail, and make sure you define what the first steps are.

These details may be related to every aspect of your business plan, like scaling up and growth strategy, product design, marketing strategy, hiring plan, etc. The idea is to have clarity on how everything will be executed.

Like at the beginning of any sporting activity, you would feel rusty in the beginning, however, when you work out the finer details of your business plan, it will mentally prepare you to start your execution.

Having a plan helps you mentally simulate the different stages and challenges that you may encounter on your journey, and work on possible solutions for overcoming the same.

2. Create Small Executable Steps

Executing a business plan may seem like a daunting task in the beginning. In order to make it more manageable, you should break your project into smaller tasks, and further break them down into steps, and set deadlines for these, depending on your priorities.

This may vary according to your business. E.g. for setting up an eCommerce store, you may need to start making product samples, creating an inventory and product catalogue, creating your website, and setting up logistics.

3. Raise Capital from Friends & Family Before You Scout Venture Capitalists

A lot of people believe that you need to get funding from venture capitalists to execute a business idea. However, you should find a way to execute your business idea on a smaller scale with your personal funds. Since you have a business plan ready, also show it to your family and friends, take feedback and try to raise capital within your circle.

Having taken money from your friends and family also makes you more responsible, as you now have investors who believe in your plan, and your business needs to succeed to pay them back. A lot of businesses may not need big funding initially, so you shouldn’t be desperate to take on debt.

For most businesses, the angel investor is someone from their personal or professional circle. Research more about how to negotiate a funding agreement before you agree to the terms. Once you think you can generate good returns, you should raise more capital to scale up your business.

4. Prioritize Your Core Operations

Setting priorities is not an easy thing to do but it is crucial in business. If everything is a priority, then nothing is a priority. A good entrepreneur needs to understand how the business will deliver value to its customers, and what are the core business operations. If the core business operations are not strong, everything else will fail too.

Prioritizing tasks and communicating with your whole team helps your team members stay focused and aligned with the business plan. Prioritizing is something that comes with experience. Initially, you would try to consciously put high priority on every task, and gradually you will understand the benefits of prioritizing, and it will eventually turn you into a strategic thinker and decision-maker.

5. Plan Your Resources

As an entrepreneur you would always be scarce on resources, thus you need to use them wisely. Before you execute your plans, you will need to calculate the resources you would need in terms of manpower, money, time, effort, etc. to execute your plan. You then need to figure out how many resources you have at your disposal. Once you are aware of the resources, you need to deploy them strategically.

Strategically means that you need to deploy your resources in such a manner that the task can be accomplished. As an entrepreneur, you need to deploy resources while leading to the closure of tasks and activities, rather than tasks being a work in progress for an indefinite period of time. Your priorities need to be clear from the very beginning, only then you would be able to effectively deploy your resources. So consider avoiding those tasks in which no considerable output can be achieved.

6. Hire Talent

It is imperative to have the right manpower to execute your plan. If you yourself are busy doing everything, you are not managing your operations well. Make sure you spend more time in management than doing jobs yourself.

As an entrepreneur, one of your most important jobs is to find, attract and motivate talent. Unless you can do that, it would not be possible for you to execute your business plan. After creating a business plan, you’ll be able to execute it only with a talented pool of team members.

Once you have attracted talent, you would also need to motivate and retain talent. Having clear job descriptions will help your employees learn what their role is within the organization, and this will motivate them. Great entrepreneurs are very accomplished in identifying, attracting and retaining talent. It’s one of the most essential traits of a successful entrepreneur.

7. Create Your Company’s Vision & Mission Statement

This will help you define the company’s ideas and goals clearly, and it’ll help you create a path to stick to. Even if your business plan evolves, chances are your vision will still be the same. Creating a vision and mission statement is an iterative thing, you should keep coming back to look at your vision and mission statements.

Vision is a long-term, ideal utopia-like situation that you want to achieve for the greater good of our civilizations. It’s something that can be shared with the world so that they believe in your cause. For example, Tesla’s vision according to Elon Musk is to accelerate the adoption of EVs (electric vehicles) for a clear and better environment. Note Mr. Musk doesn’t talk about becoming the largest EV manufacturer here, his vision is noble and would appeal to the masses. His company being an innovative leader and market leader is a by product of the vision.

The mission of a company, on the other hand, is more short-term. Like where you would like your company to be in 5 to 7 years of time. This could have numbers like sales and profitability and could be internal to the company.

8. Stick to Your Plan but Keep Evolving It

It’s very easy to deviate from your own plan once you get into execution. No business plan goes according to its “plan”, but that does not mean you should panic. Every business evolves after creating a business plan, and you may find the need to even modify the plan to keep the costs low, profits high, etc., so that’s completely fine. You change your goal post as markets are constantly evolving, and you need to keep up with the times. You may also need to change your priorities at times, but not on an everyday basis.

Some say business management is a science, but I believe it’s more of an art. What business schools teach about business is a theory, but implementing those concepts in a real-world scenario is a different ball game altogether. In the real world, people say you need to think out of the box, what they really mean to say is you need to break conventional rules to execute, grow and survive your business idea.

Peter Thiel once told this to Mark Zuckerberg and we fully agree, “In a world that’s changing so quickly, the biggest risk you can take is not taking any risk.”

9. Stop Researching and Start Testing Your Idea

It’s one thing to create a plan but a completely different thing to actually sell something, generate your first revenue, find your first real client and gain that experience. After all, that’s what you’ve been really creating a business plan for. So don’t wait for your product or service to be completely “ready” for a formal “launch”.

The best businesses are started not with a bang, but with small sales that help them understand the market and customer needs. And those help them improve the product over time. If you have a good product, you’ll have your first customers, people will know about your company through word of mouth and you’ll be in business before you know it!

So what are you waiting for, it’s time to stop taking management lessons and advice, get your hands dirty, and start realizing your business idea.

Hope this guide will help you prioritize your next steps after creating a business plan. This is just a tip of the iceberg, and each of these steps needs a lot more brainstorming, but that’s for another article! Good luck!

Also, we would like to hear your ideas, read about your journey and your success stories, so do share those. Let me know if this guide was helpful by commenting below or by tagging us in your LinkedIn stories @businesstenet .

Abhishek Sareen is a sales & marketing professional with over 16 years of experience. He started his career as a management consultant at Kurt Salmon Associates and has worked in marketing & brand management, international business in sectors like precision steel tubes for automotive industry, consumer goods and retail.

He’s is a passionate cyclist and participated in several endurance competitive events. His interests are in behavioral psychology, economics and chess. He is a graduate in Computer Science and an MBA in Marketing. He completed his executive education from IIM-A in 2016 focusing on business strategy.

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• Jul 17, 2023

What Must an Entrepreneur Do After Creating a Business Plan?

Congratulations on creating a business plan! It's a significant milestone on your entrepreneurial journey. However, the real work begins once the business plan is completed. In this article, we will discuss the essential steps that an entrepreneur must take after creating a business plan to turn their vision into a successful reality.

Refine and Validate the Business Plan

After creating the initial business plan, it's crucial to review and refine it further. Seek feedback from mentors, industry experts, and potential investors to validate your ideas. Consider their suggestions and make necessary adjustments to strengthen your business plan. Ensure that it aligns with market demands, addresses customer needs, and offers a competitive advantage.

Create a Strong Brand Identity

A strong brand identity is vital for long-term success. Develop a compelling brand strategy that reflects your company's values, mission, and unique selling proposition. Design a memorable logo, choose a consistent color palette, and create engaging content that resonates with your target audience. Establishing a strong brand identity will help differentiate your business from competitors and build customer trust.

Establish Legal and Regulatory Compliance

Complying with legal and regulatory requirements is essential to protect your business and ensure smooth operations. Register your company with the appropriate government agencies, obtain necessary licenses and permits, and familiarize yourself with relevant industry regulations. Consult with legal professionals to ensure compliance in all aspects of your business operations.

Secure Funding and Resources

To bring your business plan to life, you'll need adequate funding and resources. Explore various funding options such as loans, grants, angel investors, or crowdfunding. Prepare a comprehensive financial forecast that highlights your expected expenses, revenue projections, and potential return on investment. Present your business plan to potential investors or lenders to secure the necessary capital.

Build a Talented Team

As an entrepreneur, assembling a skilled and dedicated team is crucial for success. Identify key roles required to execute your business plan effectively. Conduct thorough interviews, assess candidates' qualifications and cultural fit, and hire individuals who share your vision and passion. Provide ongoing training and support to nurture a high-performing team culture.

Develop a Marketing and Sales Strategy

Marketing and sales are essential to attract customers and generate revenue. Develop a comprehensive marketing strategy that includes online and offline channels, social media marketing, content creation, search engine optimization (SEO), and targeted advertising. Identify your target market, understand their needs, and tailor your messaging to effectively reach and convert potential customers.

Set Up Operational Systems

Efficient operational systems are the backbone of a successful business. Establish processes for inventory management, supply chain, customer service, and quality control. Utilize technology to streamline operations, automate repetitive tasks, and improve overall efficiency. Monitor and refine your operational systems continuously to ensure smooth business operations.

Monitor and Evaluate Performance

Regularly monitor and evaluate key performance indicators (KPIs) to assess your business's progress and make data-driven decisions. Measure metrics such as sales growth, customer acquisition cost, customer satisfaction, and profitability. Identify areas of improvement and implement strategies to enhance performance. Continuously adapt and refine your approach based on the insights gained from monitoring and evaluation.

Adapt and Pivot as Necessary

The business landscape is dynamic, and entrepreneurs must be willing to adapt and pivot when necessary. Stay abreast of industry trends, consumer preferences, and emerging technologies. Be open to exploring new opportunities and modifying your business plan accordingly. Embrace innovation, agility, and the ability to respond swiftly to changes in the market.

Creating a business plan is just the beginning of the entrepreneurial journey. To transform your business plan into a successful venture, refine and validate your plan, establish a strong brand identity, ensure legal compliance, secure funding and resources, build a talented team, develop a robust marketing and sales strategy, set up efficient operational systems, monitor performance, and be willing to adapt and pivot as needed. By following these steps, you'll increase your chances of achieving long-term success.

Before Creating a Business Plan, an Entrepreneur Must Research

Research plays a vital role in the success of any business venture. Before creating a business plan, it is crucial for an entrepreneur to conduct thorough research to gather essential information and insights. This research phase provides a foundation for developing a robust and well-informed business plan. In this article, we will explore the importance of research for entrepreneurs and the key areas they should focus on during this process.

Why Research is Essential

Market Analysis : Research helps entrepreneurs gain a deep understanding of their target market. It involves analyzing customer demographics, preferences, buying behavior, and market trends. By conducting market research, entrepreneurs can identify market gaps, assess competition, and uncover opportunities for differentiation.

Industry Assessment : Understanding the industry landscape is crucial for an entrepreneur. Researching the industry provides insights into the competitive environment, industry regulations, technological advancements, and potential challenges. This knowledge helps entrepreneurs develop strategies that align with industry dynamics.

Customer Insights : Research allows entrepreneurs to gather valuable insights into their potential customers. By conducting surveys, interviews, or focus groups, entrepreneurs can identify customer pain points, needs, and desires. This information is essential for creating products or services that truly address customer demands.

Feasibility Assessment : Research helps entrepreneurs evaluate the feasibility of their business idea. By analyzing market demand, competition, and resource availability, entrepreneurs can determine if their concept is viable and has the potential for long-term success. This assessment reduces the risks associated with launching a business.

Key Areas of Research

Target Market : Entrepreneurs should research their target market's size, demographics, geographic location, and purchasing power. Analyze consumer behavior, preferences, and trends to identify opportunities and tailor marketing strategies accordingly.

Competitive Analysis : Conduct a thorough analysis of competitors to understand their strengths, weaknesses, market positioning, and pricing strategies. Identify ways to differentiate your business and provide unique value to customers.

Industry Trends : Stay updated with industry trends, technological advancements, and regulatory changes. This knowledge helps entrepreneurs anticipate shifts in the market and adapt their strategies accordingly.

Financial Projections : Research financial aspects such as startup costs, pricing models, revenue projections, and potential sources of funding. This information forms the basis of financial projections within the business plan.

Legal and Regulatory Requirements : Research the legal and regulatory framework specific to your industry and location. Identify permits, licenses, and compliance requirements necessary to operate your business legally.

Supplier and Distribution Channels : Identify reliable suppliers, distributors, or partners that align with your business goals. Research pricing, quality standards, and logistical considerations to ensure a smooth supply chain.

Technology and Innovation : Keep track of technological advancements relevant to your industry. Explore how emerging technologies can enhance your products, services, or operational efficiency.

Research is a critical step for entrepreneurs before creating a business plan. It provides valuable insights into the target market, competition, industry dynamics, customer needs, and feasibility of the business idea. By investing time and effort in thorough research, entrepreneurs can make informed decisions, minimize risks, and develop a business plan that is well-aligned with market demands and opportunities.

Best LLC Services: Making Your Business Official

Incfile is a popular choice among entrepreneurs looking for affordable LLC services . They offer a free basic LLC formation package, which includes preparation and filing of your articles of organization. Incfile also provides a user-friendly platform that guides you through the entire process. Their services extend beyond formation, with options for registered agent service, compliance reminders, and business tax consultations.

Northwest Registered Agent

Northwest Registered Agent is known for their personalized approach to LLC formation. They provide expert support throughout the entire process, ensuring that all your paperwork is filed accurately and on time. Northwest Registered Agent also offers additional services like registered agent representation, annual report filing, and mail forwarding. Their emphasis on customer service sets them apart from other providers.

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Swyft Filings is owned by an experienced lawyer who saw a need to automate the business filing process, making it easier for small businesses and consumers to launch their business dreams without having to find, hire, and pay high-priced and uncertain legal fees. Our incorporation service was designed specifically to help get your company up and running as easily, efficiently, and affordably as possible.

ZenBusiness

ZenBusiness is a ONE OF THE BEST and popular choice for entrepreneurs seeking a combination of affordability and comprehensive services. They offer a simple and streamlined process for LLC formation, with options to add on services like registered agent service and annual report filing. ZenBusiness also stands out for their commitment to social impact, as they donate a portion of their profits to charitable causes.

Inc Authority

Inc Authority provides a free LLC formation package, making it an attractive option for cost-conscious entrepreneurs. With Inc Authority, you can form your LLC quickly and efficiently , with their team handling the paperwork and filing requirements. They also offer additional services like registered agent service, business funding assistance, and ongoing support for your business needs.

MyCompanyWorks

MyCompanyWorks offers a range of services to help you start and manage your LLC effectively. They provide a simple and user-friendly platform that guides you through the formation process step by step. MyCompanyWorks offers various packages , including options for expedited filing, registered agent service, and ongoing compliance support. Choose the Best LLC Service for Your Business

1. How often should I review and refine my business plan? It's recommended to review and refine your business plan at least annually or whenever significant changes occur in your industry or market conditions.

2. Can I create a strong brand identity without a large budget? Yes, a strong brand identity can be developed without a large budget. Focus on creating a compelling story, consistent messaging, and engaging content that resonates with your target audience.

3. What legal requirements should I be aware of when starting a business? The legal requirements vary depending on your industry and location. It's essential to consult with legal professionals who can guide you through the specific regulations, licenses, permits, and registrations required for your business.

4. How can I attract investors to fund my business? To attract investors, prepare a well-researched business plan, highlight the potential return on investment, and clearly articulate your unique value proposition. Network with potential investors, attend pitch events, and consider seeking support from startup incubators or accelerators.

5. Why is it important to monitor performance regularly? Regular monitoring of key performance indicators allows you to track your business's progress, identify areas of improvement, and make data-driven decisions. It helps you stay focused on your goals and take timely action to optimize performance.

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What must an entrepreneur do after creating a business plan? We have you covered.

From experience, reading an overcomplicated blog on what to do after creating a business plan is one of many ways to stop you in your tracks with information overload. I also know reading a randomly put-together blog with no structure about the same topic is another way to confuse and slow you down.

So, this will be a simple-to-understand and easy-to-follow process on how to implement your business plan and create your dream business. The blueprint for creating your business after writing your business plan doesn’t have to be complicated, I have created 2-million-dollar businesses by 25 years old. I have followed this process both times and it has served me well. I’m sure it will do the same for you.

Why do Business Owners Need A Marketing Plan? 

A marketing plan is an essential tool for business owners because it helps them develop a strategy to reach their target audience and achieve their business goals.

There are several reasons why a marketing plan is essential:

Firstly, a marketing plan helps business owners identify their target audience and understand their needs, preferences, and behavior. By understanding their target audience, business owners can create targeted marketing campaigns that resonate with potential customers and increase their chances of driving sales.

Secondly, a marketing plan sets clear goals and objectives for the business. It allows business owners to identify key performance indicators (KPIs) such as sales, website traffic, and customer engagement and set specific targets for each. This helps business owners stay focused on their goals and measure the success of their marketing efforts.

Thirdly, a marketing plan helps business owners allocate their resources effectively. By outlining the marketing budget and identifying the most effective marketing channels, business owners can ensure that their marketing efforts are cost-effective and deliver the best return on investment.

A marketing plan also helps business owners stay competitive in their industry. By analyzing their competitors and understanding their strengths and weaknesses, business owners can develop a marketing strategy that sets them apart from their competitors and positions them as a leader in their industry.

Finally, a marketing plan is a living document that can be adapted and updated as the business evolves. By regularly reviewing and updating the marketing plan, business owners can ensure that their marketing efforts stay relevant and effective.

1 – Evaluate and Refine the Business Plan

After an entrepreneur creates a business plan, it is crucial to evaluate and refine it to ensure that the project is feasible and effective in achieving the business goals.

The evaluation process involves assessing the assumptions, risks, and opportunities identified in the plan. This evaluation process helps entrepreneurs identify the gaps in their programs and refine them accordingly.

One way to evaluate the business plan is to gather feedback from experienced entrepreneurs or business professionals. This feedback can help entrepreneurs identify weaknesses in the plan and make necessary changes.

Another approach is to conduct market research to determine if the business idea is viable and to gain insights into the target market’s needs and preferences.

Once the entrepreneur has evaluated the plan, they should refine it by making changes and adjustments based on the feedback received. This refinement process may include modifying the marketing strategy, adjusting financial projections, or tweaking the product or service offerings. The goal of this process is to make the plan more realistic, achievable, and effective.

It is essential to note that the refinement process is ongoing. As the business progresses and evolves, the plan should be reviewed and updated accordingly.

The entrepreneur should remain flexible and be willing to make changes to the plan as needed to keep up with the market demands and to change business environment.

2 – Create your business dream team

• Speak with lawyers, accountants, and whoever you need to in your specific field to make sure you are starting off legally and on the right foot
• If you are going to outsource your marketing. Find and interview many to find the right fit for you- preferably someone who has had success helping someone in your industry before. Digital marketing is ripe with companies over promising and under-delivering. Choose wisely!
• Find and document the correct process for hiring in your industry. This is very important, if you leave process for later you may find yourself rushing to find employees and hiring the wrong people. Take it from me, this can be very expensive. This doesn’t mean hire yet, You may have the capital to pay employees and need them now, but for many smaller start-ups, this is something you will do down the track when needed.

TIP: If you are creating a new product , that you don’t have a track record with, you don’t need to engage all the previously listed professionals yet. But gather the info you need and find your team so when your product is ready so are you!

3 – Secure Funding and Resources

Once an entrepreneur has created a solid business plan, the next crucial step is to secure funding and the necessary resources to bring their plan to fruition. 

There are several ways that entrepreneurs can obtain the funding they need, including:

• Personal Savings: One of the most common ways entrepreneurs fund their businesses is through personal savings. This method allows the entrepreneur to have complete control over their business without taking on any debt.
• Bank Loans: Entrepreneurs can also obtain funding from banks and other financial institutions. They must have a solid business plan, good credit, and a detailed financial plan to secure a loan.
• Crowdfunding: Crowdfunding venues such as Kickstarter (one of the most popular), Indiegogo, and GoFundMe allow entrepreneurs to raise money by soliciting individual contributions.
• Angel Investors: Angel investors are affluent individuals who invest in businesses in exchange for equity or ownership. Entrepreneurs can locate angel investors through networking events, online platforms, or business incubators.
• Venture Capitalists: Venture capitalists are investors who provide funding for startups in exchange for equity or ownership. Entrepreneurs must have a solid business plan, a prototype or proof of concept, and a clear path to profitability to attract venture capital.

In addition to securing funding, entrepreneurs must also obtain the necessary resources to operate their businesses. This may include equipment, supplies, office space, and technology. 

Entrepreneurs can obtain these resources through leasing, purchasing, or renting. Entrepreneurs need to identify the resources they need and create a plan to get them efficiently and cost-effectively.

4 – Develop Your Product/Gather Everything You Need To Complete Your Service

• Find the best and most cost-effective manufacturer for your product. You will have to do some product development if you haven’t already, this will usually come off your first purchase. Don’t be afraid to try a few manufacturers and find the best one. The better your product the easier the marketing will be.
• Make sure you have all the tools and equipment to complete your service. Find a location if that what your business requires.

5 – Get Your Business Branding on Point

• Register your business name and have your logo designed; this can be a very important piece of the puzzle as this is often the first thing people will see about you. A bad name and logo can turn someone away very quick! So be patient, get feedback, and find the best name and logo for you.
• Create your website and social accounts to get your business everywhere possible.

TIP: Depending on your location, you will need to register your business/Company name and domain name to advertise online. Check with your accountant, as you may need others.

6 – Implement Your Marketing Plan

• Next, you need to find your target customer, where they spend their time, and ensure you are right there in front of them. I will list some examples:
• Trade business: Facebook, Instagram, Trade shows, LinkedIn, Google search & ads, Local authority website (Local Building association).
• Beauty Business: Instagram, Facebook, Work with Influencers, Google search & ads, Create relationships with businesses in the same industry but different niche.
• Professional Service business: LinkedIn, Facebook, Industry specific trade shows, Google search & Ads, create relationships with businesses in the same industry but different niche.
• Ecommerce products: Offering affiliate programs, Facebook, Instagram, Google search & ads, Influencer marketing, Email marketing, I left this one last, but for this industry this can be an absolute goldmine. You can spend money on marketing and hopefully make your money back on the front end, but serious wealth is created on the back end. Your email list for ecommerce, is full of previous buyers of one of your products and you can make another sale off just an email. Some people in the industry can seriously overlook this, don’t be one of them and make the most of your email list and cheap way to reach your hot customers.

TIP: For B2C businesses, LinkedIn can yield some amazing results. These previously listed ways are just a few but there is so many ways to reach your ideal customers, brainstorm, think outside the box a& get to work!

7 – Build a Team

Building a strong team is crucial for the success of any business. Here are some tips on how to build a team:

• Define roles and responsibilities: Before hiring anyone, define the roles and responsibilities of each position to identify the skills required for each role.
• Attract the right talent: Create a compelling job description and offer competitive compensation and benefits packages.
• Foster a positive work culture: Encourage teamwork, open communication, and celebrate successes to create a positive work environment.
• Encourage personal and professional growth: Encourage team members to pursue personal and professional development opportunities.
• Hire for diversity: Hiring people from diverse backgrounds and with different perspectives can lead to greater creativity and innovation.
• Communicate effectively: Regularly communicate with team members to ensure alignment and encourage open and honest feedback.

By following these tips, you can build a strong team that will support the growth and success of your business. Building a team is an ongoing process that requires time, effort, and patience.

8 – Launch and Grow the Business

After creating a business plan, an entrepreneur has completed all the necessary steps, such as conducting market research, creating a business plan, securing funding, and establishing a legal structure, it’s time to bring the business to life.

Legal considerations are also important when launching a business. Entrepreneurs should ensure they have registered the business and obtained any necessary licenses or permits. They should also ensure that they comply with all relevant laws and regulations.

Launching a business requires a combination of planning, preparation, and execution. Entrepreneurs can increase their chances of launching a successful business by focusing on branding, marketing, systems and processes, financing, legal considerations, and hiring and training.

What Must An Entrepreneur Do After Creating a Business Plan?

• Updated on April 18, 2024

A business plan is only the first step towards creating a profitable business. So, entrepreneurs may put their businesses up for long-term success by focusing on legal requirements, finance and accounting, team building, branding, marketing techniques, and networking. However, this post will inform you about what must an entrepreneur do after creating a business plan.

That is how you should approach this situation. Because creating a business plan is just the beginning for an entrepreneur. Also, we set out to answer the question, “What Must an Entrepreneur Do After Creating a Business Plan?”

Once an entrepreneur has developed a business plan, they must take several crucial steps to set their business in motion. Also, this article outlines the key areas an entrepreneur should focus on after creating a business plan.

Table of Contents

1. Legal Requirements

1.1. Legal Structure

1.2. permits and licenses, 1.3. tax requirements, 1.4. intellectual property, 1.5. compliance.

2. Finance and Accounting

2.1. Financing Sources

2.2. bookkeeping systems, 2.3. budget, 3. creating the team, 3.1. departments, 3.2. staff number, 3.3. hiring, 5. branding, 5.1. mission, 5.2. vision, 5.3. identity, 5.4. target audience, 5.5. corporate culture, 6. marketing strategies, 6.1. value proposition, 6.2. marketing channels, 6.3. target audience, 6.4. pricing, 6.5. distribution channels, 7. networking, 7.1. build relationships, 7.2. attend events, 7.3. use social media, 7.4. volunteer, 7.5. follow up, 7.6. be authentic.

What Should An Entrepreneur Do After the Business Plan? – Step-by-Step Summary

What’s the Next Step After Creating a Business Plan?

1. legal requirements – first steps after creating a business plan that an entrepreneur must do.

It is critical to consider the legal requirements that come with beginning a business.

Besides the legal issues related to your foundation, copy rights, licensing, etc, you will have to deal with taxes and social security payments of your employees. Especially if you are managing a side hussle, and do not have to much time to deal with these stuff, you’d better to get support from a third party, like this page , to track your tax registration, accounting issues, company registration.

Altogether, there are a few important legal considerations. Therefore, these may include registering your company, obtaining necessary licenses and permits, and adhering to tax laws. Moreover, it is critical to seek legal advice to ensure that you are meeting all legal requirements and protecting your business. Also, for all steps you can consider business coaching for a smooth foundation process.

Firstly, you will need to determine the legal structure of your business, whether it’s a sole proprietorship, partnership, limited liability company (LLC) , or corporation. Comparatively, each structure has its own advantages and disadvantages, so it’s important to do your research and choose the one that’s right for your business. However, for entrepreneurs, LLCs are the most advantageous structure to form. If you want to start a business in Texas, USA, for example, make sure you read an LLC in Texas Guide from a trustworthy resource.

From now on, depending on your industry a nd location , you may need to obtain certain permits and licenses before you can legally operate your business. These can include business licenses, health permits, zoning permits, and more. Check with your local government agencies to find out what permits and licenses you’ll need.

You will also need to register for tax purposes , including obtaining from the local and regional authorities. You’ll also need to collect and remit sales tax if applicable.

Firstly, if your business involves creating original works, such as inventions, designs, or written content , you may need to obtain patents, trademarks, or copyrights to protect your intellectual property .

Finally, be sure to stay up-to-date on any regulatory requirements or industry standards that apply to your business. This can include compliance with data privacy laws , workplace safety regulations, and more.

2. Finance and Accounting – Entreprenuer must decide on funding after creating business plan

As starting a business, you should think about financing options, set up a bookkeeping system, and make a budget. Key considerations include researching the target market and competition, as well as developing a business plan. These actions can assist boost the likelihood of a new business’s success.

There are several financing sources available to new business owners, including bootstrapping (using personal savings or credit cards ), investors (such as angel investors or venture capitalists), loans (from banks or other lending institutions), and governmental/private fundings (such as grants or subsidies). Each option has its own pros and cons, so it’s important to do your research and choose the one that’s right for your business.

It’s important to set up a bookkeeping system to keep track of your business finances. Make sure to keep accurate records of all income and expenses , and reconcile your accounts regularly. A good bookkeeping system can help you make informed decisions about your business, and also make tax time much easier. Additionally, consider using accounting software to streamline the process and reduce errors. That is one the solid answer about What Must An Entrepreneur Do After Creating a Business Plan?.

One of the most appealing business initiatives is the creation of your own financial institution to offer services like transaction processing, loans, and cross-border payments locally and internationally. Starting a digital bank is considered a venture with a lower entry barrier compared to traditional banking businesses. After all, you don’t have to open and maintain bank branches.

If you are not willing to get a banking license and deal with corresponding regulations, you can even go for the development of a neobank. It’s basically a software solution acting like a client-facing intermediary between customers and a financial institution with a banking license. This technology is made possible by banking API integration.

Creating a budget can help you plan for the financial needs of your business and ensure that you have enough funds to cover expenses. Start by estimating your revenue and expenses for the coming year, and then adjust your budget as needed based on actual results. Be sure to include all expenses , including fixed costs (such as rent and utilities) and variable costs (such as marketing expenses or inventory).

By considering your financing options, setting up a bookkeeping system, and creating a budget, you can help ensure the financial health of your business.

When creating a team for your business, it’s important to consider the different departments you’ll need, the number of staff required, how to hire the right people, and how to set up key performance indicators (KPIs) for each department. Here are some key considerations:

Depending on the nature of your business, you may need to create several departments, such as marketing, sales, finance, human resources, and operations . Each department will have its own responsibilities and goals, so it’s important to define these clearly.

The number of staff you will need will depend on the size and complexity of your business. Start by creating an organizational chart that outlines each department and the roles within it. Then, determine the number of staff required for each role based on the workload and responsibilities . If you want to handle your recruitment process using a digital tool, you should have a look here during this step .

When hiring staff, it’s important to create clear job descriptions , post job listings in relevant places, and conduct thorough interviews to ensure you’re hiring the right people. Concurrently, consider factors such as experience, skills, and cultural fit when making hiring decisions.

Setting up KPI s for each department will help you measure performance and ensure everyone is working towards the same goals. Start by defining clear metrics for each department, such as sales revenue or customer satisfaction, and create a system for tracking progress towards these goals. Regularly review KPI s with each department to ensure everyone is on track and make adjustments as needed.

Tracking and measuring KPI s should not be your worst nightmare. There is a simple way to track managing metrics with KPI dashboards.

By considering these factors when creating your team, you can help ensure you have the right people in the right roles and are working towards the same goals.

The moment developing a brand, several key factors must be considered, including the company’s mission and vision, branding and identity , target audience, and corporate culture. These are some important considerations:

Your company’s mission statement should define the purpose of your business and the values that guide it. Altogether, this statement should be clear and concise, and help differentiate your company from competitors. This is also an important step for an entrepreneur after the business plan .

The vision statement outlines your company’s long-term goals and aspirations. Basically, it should give employees and customers a sense of where the company is headed and what it hopes to achieve.

Your br and identity includes your company’s name, logo, and visual style. It should be consistent across all marketing materials and help communicate the values and purpose of your company.

It’s important to define your target audience when building a brand. Basically, this will help you tailor your messaging and marketing efforts to reach the right people.

Your corporate culture should reflect the values and mission of your company. Hence, this includes factors such as employee benefits, work-life balance, and company policies. A positive corporate culture can help attract and retain top talent, and can also improve employee morale and productivity.

By considering these factors when building your brand , you can create a clear and cohesive message that resonates with your target audience and helps differentiate your company from competitors.

When developing marketing strategies for your business, it’s important to consider several key factors , including your value proposition , marketing channels , target audience , pricing , and distribution channels . Here’s a breakdown of each:

These are the different channels you’ll use to reach your target audience, such as social media, email marketing , paid advertising, content marketing, and more. Correspondingly, it is important to choose channels that are relevant to your target audience and that align with your business goals .

Defining your target audience is important to marketing success. You should have a firm grasp on your target customer’s demographics, interests, behaviors, and pain areas. This data will assist you in tailoring your messaging and marketing activities so that they effectively reach and resonate with your target demographic . It can also be used to inform product development and commercial decisions in order to better satisfy your customers’ needs.

Your pricing strategy should align with your value proposition and target audience . Also, consider factors such as production costs, competition, and the perceived value of your product or service when setting prices. It is important to strike a balance between affordability and profitability. Conducting market research and testing different pricing models can help you find the optimal price point for your business. To create a good strategy and optimality , you can use product pricing tools .

These are the channels you’ll use to get your product or service to customers, such as direct sales, online sales, or retail partnerships. Your distribution strategy should align with your business goals and target audience.

That’s why, with taking these aspects into account when establishing your marketing strategies, you can develop a clear and successful plan that will help you in interacting with your target audience, differentiating your company from competitors, and driving sales and growth.

Networking is a vital element in establishing a successful career or business . Evidently, here are some important networking considerations. Identifying your goals, creating relationships with people in your business, and being proactive in searching out new chances are all important factors when it comes to networking. In order to create a strong network , it is also necessary to have a positive attitude and be eager to help others. Examine the following essential elements:

Networking is all about building relationships. Certainly, it takes the time to get to know people, learn about their interests and goals, and find ways to help them achieve success.

Attend industry events, conferences, and other networking opportunities to meet new people and learn about the latest trends and developments in your field.

Social media platforms like LinkedIn, Twitter, and Instagram can be powerful tools for networking. Besides, use these platforms to connect with others in your industry, share insights and content, and build your personal brand. So, this is one of the most enjoyable steps that an entrepreneur must do after making the business plan .

Volunteering for industry associations or other organizations is a great way to meet new people, gain experience, and give back to your community.

After meeting someone new, make sure to follow up with them to continue building the relationship. Eventually, to send a personalized email or message, and find ways to stay in touch over time.

Networking should be about building genuine connections with others. Be yourself, and focus on building relationships that are based on mutual respect and shared interests.

Afterwards, by following these tips, you can build a strong network of contacts that can help you achieve your career or business goals. Remember that networking is an ongoing process, and it takes time and effort to build meaningful relationships that can help you succeed.

What Must An Entrepreneur Do After Creating Business Plan? – Step-by-Step Summary

Lastly, this is a summary of the main points for each of the topics. Therefore, it can be useful as an entrepreneur’s must-checklist. Emphatically, you might want to look at Someka’s template for inspiration to Business Plan .

Legal Structure

• Firstly, determine the legal structure of your business.
• Also, obtain necessary permits and licenses .
• Then, register for tax purposes.
• Also, obtain patents, trademarks, or copyrights .
• Finally, stay compliant with regulations and industry standards.

Finance and Accounting

• Firtsly, choose the best financing option for your business.
• Set up a bookkeeping system and use accounting software.
• Then, create a budget for your business.

Creating the Team

• Firstly, create different departments.
• Secondly, determine the required number of staff.
• Then hire the right people.
• Lastly, set up KPI s for each department.
• Define the company’s mission and vision.
• Create a consistent brand identity.
• Addtionally, identify the target audience.
• Finally, establish a positive corporate culture.

Additionally, you can  create  the  right  team,  establish  a  strong  brand,  and  ensure  the  financial  stability  of  your  company by  taking  into  account  these  factors.

So, f or  your  company  to  remain  competitive  in  the  market, it  is  crucial  to  periodically  review  and  modify  your  business  strategies.

Additionally,  consulting  with  seasoned  experts  can  offer  insightful  advice  and  direction  for  long-term  success.

Are you are satisfied with our reply to the question of “what must an entrepreneur do after creating a business plan”?

Now, it is time to take the next step for a business owner looking to attract investors is to create a convincing pitch that highlights the potential of their business. This pitch should include the results of the feasibility study, such as market demand, competition analysis, financial projections, and risks and challenges.

So, to reach out to potential investors, it is important to tailor the pitch to their needs and interests and be prepared to answer any questions they may have. It is also recommended to highlight the unique selling proposition of the product or service and explain how it solves a problem or meets a need in the market.

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Maven Business Plans

What must an entrepreneur do after creating a business plan?

Small business owners or entrepreneurs of an established enterprise do everything to make their business booming star of the industry. A well-written business plan helps the entrepreneurs to lay out their business goals. It assists the business owner in decision making and crisis management. Let’s discuss the job of an entrepreneur after creating a business plan. However, before this, you must know about the entrepreneur and his qualities.

What is an entrepreneur?

It is not easy to define the entrepreneur as the profiles are so diverse. By understanding what he does, his motivations, his modes of thought, decision, and action, we can sketch a portrayal of it.

The idea of entrepreneurship appeals to you. But do you really know what it means? Working as a freelance, creating a startup, becoming a self-employed or micro-entrepreneur, getting into franchising, being legally “supported” … is all of this really undertaking?

Cut to the chase. An entrepreneur is a person who originates new value, often embodied by the creation of his own business. He was the one who had the idea, who germinated it and created it, unlike a business leader or businessman. An entrepreneur invests himself personally and financially in the creation of his project. He thus creates economic activity in an area close to his heart.

What are the qualities necessary for an entrepreneur?

The essential qualities for success as an entrepreneur are knowledge of marketing, business development, and customer service. Moreover, he also knows about leadership, recruitment, and project management. But being an entrepreneur also requires tenacity, focus, determination, and an insatiable desire to learn. And of course, the ability to constantly reinvent yourself!

Responsibility of Entrepreneur

The entrepreneur is the captain of the ship. He is responsible for keeping everything floating. That’s why entrepreneurs have to wear several hats. No project is big or small when it is your business.

Business owners have to recruit and hire an experienced team to operate the business. Training and development of existing staff are also included in their responsibility. They are accountable for establishing the budget, sale forecast, and fiscal health of the Company.

Planning and strategy

Setting strategy and establishing a business plan is crucial for running a business. Good entrepreneurs keep themselves updated with the latest market trends, competitors, and customer needs. It allows them to deliver the market according to its necessity.

What does an entrepreneur do after creating a business plan?

A business plan is a road map that helps the business owners to decide when they should start the business. Besides, it also describes the short term and long term goals of their business. It also helps to estimate the number of product units require and their cost and other expenses that need to start a business.

After creating a business plan, an entrepreneur must have to finance the business. Besides, he should hire a reliable staff to manage their projects properly. Let’s understand the job of an entrepreneur after creating a business plan with the help of examples.

The Restaurant Owner

A business plan helps the Restaurant entrepreneur looking for capital investment or an established market leader looking to grow. After arranging finance, a restaurant owner has to go to the market to purchase furniture, lights, decoration items, utensils, and food ingredients.  He or she may to prep some food because sometimes the restaurant owner is also the head chef.

The owner of a restaurant also has to interview the candidates for open vacancies. For example, he has to hire the manager, waiter, and kitchen staff. The restaurant owner is also responsible for the training of their staff.

Web publishing business owner

Web publishing business owners may have to write articles or content for the site. Most of the owners hire content writers for this purpose. The owner cooperates with writers and other staff. He provides them feedback on content topics or input on structure, features, or improvements of new websites.

The business plan helps the web publishing business owner assess and monitor your business’s current development and its future development. For this, the owner also has to stay updated with the latest Google and social media trends. Moreover, he should even know what other publishers are doing. Some owners prefer to hire the staff to post on social media accounts, while some post themselves.

The owner of a Plumbing Business

The plumbing business plan provides the latest tactic to the owner to reach potential customers. The plumber goes on plumbing calls to customers’ venue. At a customer’s site, the plumber may send a photo of a broken part that needs to be replaced to an employee back at the office to look it up and order it. Some plumber does this by himself. They drive to the parts supplier to pick up a part and replace it immediately. 

A plumbing entrepreneur who wants to flourish their business may hire other experienced plumbers to work in his Company. He also spends some time may to train them or communicate with them.

How business plan help you?

A business plan helps the entrepreneur to manage organizational needs and employees better. It allows you to determine who in your organization has what roles. Whether you can benefit from a larger or smaller workforce, and how you will recruit new employees. A business plan is a valuable part of how you start and run your business. By evaluating your present and planning your future, you will be on the right path to a clearer vision and increased success chances.

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Small Business Trends

How to create a business plan: examples & free template.

This is the ultimate guide to creating a comprehensive and effective plan to start a business . In today’s dynamic business landscape, having a well-crafted business plan is an important first step to securing funding, attracting partners, and navigating the challenges of entrepreneurship.

This guide has been designed to help you create a winning plan that stands out in the ever-evolving marketplace. U sing real-world examples and a free downloadable template, it will walk you through each step of the process.

Whether you’re a seasoned entrepreneur or launching your very first startup, the guide will give you the insights, tools, and confidence you need to create a solid foundation for your business.

Table of Contents

How to Write a Business Plan

Embarking on the journey of creating a successful business requires a solid foundation, and a well-crafted business plan is the cornerstone. Here is the process of writing a comprehensive business plan and the main parts of a winning business plan . From setting objectives to conducting market research, this guide will have everything you need.

Executive Summary

The Executive Summary serves as the gateway to your business plan, offering a snapshot of your venture’s core aspects. This section should captivate and inform, succinctly summarizing the essence of your plan.

It’s crucial to include a clear mission statement, a brief description of your primary products or services, an overview of your target market, and key financial projections or achievements.

Think of it as an elevator pitch in written form: it should be compelling enough to engage potential investors or stakeholders and provide them with a clear understanding of what your business is about, its goals, and why it’s a promising investment.

Example: EcoTech is a technology company specializing in eco-friendly and sustainable products designed to reduce energy consumption and minimize waste. Our mission is to create innovative solutions that contribute to a cleaner, greener environment.

Our target market includes environmentally conscious consumers and businesses seeking to reduce their carbon footprint. We project a 200% increase in revenue within the first three years of operation.

Overview and Business Objectives

In the Overview and Business Objectives section, outline your business’s core goals and the strategic approaches you plan to use to achieve them. This section should set forth clear, specific objectives that are attainable and time-bound, providing a roadmap for your business’s growth and success.

It’s important to detail how these objectives align with your company’s overall mission and vision. Discuss the milestones you aim to achieve and the timeframe you’ve set for these accomplishments.

This part of the plan demonstrates to investors and stakeholders your vision for growth and the practical steps you’ll take to get there.

Example: EcoTech’s primary objective is to become a market leader in sustainable technology products within the next five years. Our key objectives include:

• Introducing three new products within the first two years of operation.
• Achieving annual revenue growth of 30%.
• Expanding our customer base to over 10,000 clients by the end of the third year.

Company Description

The Company Description section is your opportunity to delve into the details of your business. Provide a comprehensive overview that includes your company’s history, its mission statement, and its vision for the future.

Highlight your unique selling proposition (USP) – what makes your business stand out in the market. Explain the problems your company solves and how it benefits your customers.

Include information about the company’s founders, their expertise, and why they are suited to lead the business to success. This section should paint a vivid picture of your business, its values, and its place in the industry.

Example: EcoTech is committed to developing cutting-edge sustainable technology products that benefit both the environment and our customers. Our unique combination of innovative solutions and eco-friendly design sets us apart from the competition. We envision a future where technology and sustainability go hand in hand, leading to a greener planet.

Define Your Target Market

Defining Your Target Market is critical for tailoring your business strategy effectively. This section should describe your ideal customer base in detail, including demographic information (such as age, gender, income level, and location) and psychographic data (like interests, values, and lifestyle).

Elucidate on the specific needs or pain points of your target audience and how your product or service addresses these. This information will help you know your target market and develop targeted marketing strategies.

Example: Our target market comprises environmentally conscious consumers and businesses looking for innovative solutions to reduce their carbon footprint. Our ideal customers are those who prioritize sustainability and are willing to invest in eco-friendly products.

Market Analysis

The Market Analysis section requires thorough research and a keen understanding of the industry. It involves examining the current trends within your industry, understanding the needs and preferences of your customers, and analyzing the strengths and weaknesses of your competitors.

This analysis will enable you to spot market opportunities and anticipate potential challenges. Include data and statistics to back up your claims, and use graphs or charts to illustrate market trends.

This section should demonstrate that you have a deep understanding of the market in which you operate and that your business is well-positioned to capitalize on its opportunities.

Example: The market for eco-friendly technology products has experienced significant growth in recent years, with an estimated annual growth rate of 10%. As consumers become increasingly aware of environmental issues, the demand for sustainable solutions continues to rise.

Our research indicates a gap in the market for high-quality, innovative eco-friendly technology products that cater to both individual and business clients.

SWOT Analysis

A SWOT analysis in your business plan offers a comprehensive examination of your company’s internal and external factors. By assessing Strengths, you showcase what your business does best and where your capabilities lie.

Weaknesses involve an honest introspection of areas where your business may be lacking or could improve. Opportunities can be external factors that your business could capitalize on, such as market gaps or emerging trends.

Threats include external challenges your business may face, like competition or market changes. This analysis is crucial for strategic planning, as it helps in recognizing and leveraging your strengths, addressing weaknesses, seizing opportunities, and preparing for potential threats.

Including a SWOT analysis demonstrates to stakeholders that you have a balanced and realistic understanding of your business in its operational context.

• Innovative and eco-friendly product offerings.
• Strong commitment to sustainability and environmental responsibility.
• Skilled and experienced team with expertise in technology and sustainability.

Weaknesses:

• Limited brand recognition compared to established competitors.
• Reliance on third-party manufacturers for product development.

Opportunities:

• Growing consumer interest in sustainable products.
• Partnerships with environmentally-focused organizations and influencers.
• Expansion into international markets.
• Intense competition from established technology companies.
• Regulatory changes could impact the sustainable technology market.

Competitive Analysis

In this section, you’ll analyze your competitors in-depth, examining their products, services, market positioning, and pricing strategies. Understanding your competition allows you to identify gaps in the market and tailor your offerings to outperform them.

By conducting a thorough competitive analysis, you can gain insights into your competitors’ strengths and weaknesses, enabling you to develop strategies to differentiate your business and gain a competitive advantage in the marketplace.

Example: Key competitors include:

GreenTech: A well-known brand offering eco-friendly technology products, but with a narrower focus on energy-saving devices.

EarthSolutions: A direct competitor specializing in sustainable technology, but with a limited product range and higher prices.

By offering a diverse product portfolio, competitive pricing, and continuous innovation, we believe we can capture a significant share of the growing sustainable technology market.

Organization and Management Team

Provide an overview of your company’s organizational structure, including key roles and responsibilities. Introduce your management team, highlighting their expertise and experience to demonstrate that your team is capable of executing the business plan successfully.

Showcasing your team’s background, skills, and accomplishments instills confidence in investors and other stakeholders, proving that your business has the leadership and talent necessary to achieve its objectives and manage growth effectively.

Example: EcoTech’s organizational structure comprises the following key roles: CEO, CTO, CFO, Sales Director, Marketing Director, and R&D Manager. Our management team has extensive experience in technology, sustainability, and business development, ensuring that we are well-equipped to execute our business plan successfully.

Products and Services Offered

Describe the products or services your business offers, focusing on their unique features and benefits. Explain how your offerings solve customer pain points and why they will choose your products or services over the competition.

This section should emphasize the value you provide to customers, demonstrating that your business has a deep understanding of customer needs and is well-positioned to deliver innovative solutions that address those needs and set your company apart from competitors.

Example: EcoTech offers a range of eco-friendly technology products, including energy-efficient lighting solutions, solar chargers, and smart home devices that optimize energy usage. Our products are designed to help customers reduce energy consumption, minimize waste, and contribute to a cleaner environment.

Marketing and Sales Strategy

In this section, articulate your comprehensive strategy for reaching your target market and driving sales. Detail the specific marketing channels you plan to use, such as social media, email marketing, SEO, or traditional advertising.

Describe the nature of your advertising campaigns and promotional activities, explaining how they will capture the attention of your target audience and convey the value of your products or services. Outline your sales strategy, including your sales process, team structure, and sales targets.

Discuss how these marketing and sales efforts will work together to attract and retain customers, generate leads, and ultimately contribute to achieving your business’s revenue goals.

This section is critical to convey to investors and stakeholders that you have a well-thought-out approach to market your business effectively and drive sales growth.

Example: Our marketing strategy includes digital advertising, content marketing, social media promotion, and influencer partnerships. We will also attend trade shows and conferences to showcase our products and connect with potential clients. Our sales strategy involves both direct sales and partnerships with retail stores, as well as online sales through our website and e-commerce platforms.

Logistics and Operations Plan

The Logistics and Operations Plan is a critical component that outlines the inner workings of your business. It encompasses the management of your supply chain, detailing how you acquire raw materials and manage vendor relationships.

Inventory control is another crucial aspect, where you explain strategies for inventory management to ensure efficiency and reduce wastage. The section should also describe your production processes, emphasizing scalability and adaptability to meet changing market demands.

Quality control measures are essential to maintain product standards and customer satisfaction. This plan assures investors and stakeholders of your operational competency and readiness to meet business demands.

Highlighting your commitment to operational efficiency and customer satisfaction underlines your business’s capability to maintain smooth, effective operations even as it scales.

Example: EcoTech partners with reliable third-party manufacturers to produce our eco-friendly technology products. Our operations involve maintaining strong relationships with suppliers, ensuring quality control, and managing inventory.

We also prioritize efficient distribution through various channels, including online platforms and retail partners, to deliver products to our customers in a timely manner.

Financial Projections Plan

In the Financial Projections Plan, lay out a clear and realistic financial future for your business. This should include detailed projections for revenue, costs, and profitability over the next three to five years.

Ground these projections in solid assumptions based on your market analysis, industry benchmarks, and realistic growth scenarios. Break down revenue streams and include an analysis of the cost of goods sold, operating expenses, and potential investments.

This section should also discuss your break-even analysis, cash flow projections, and any assumptions about external funding requirements.

By presenting a thorough and data-backed financial forecast, you instill confidence in potential investors and lenders, showcasing your business’s potential for profitability and financial stability.

This forward-looking financial plan is crucial for demonstrating that you have a firm grasp of the financial nuances of your business and are prepared to manage its financial health effectively.

Example: Over the next three years, we expect to see significant growth in revenue, driven by new product launches and market expansion. Our financial projections include:

• Year 1: $1.5 million in revenue, with a net profit of $200,000.
• Year 2: $3 million in revenue, with a net profit of $500,000.
• Year 3: $4.5 million in revenue, with a net profit of $1 million.

These projections are based on realistic market analysis, growth rates, and product pricing.

Income Statement

The income statement , also known as the profit and loss statement, provides a summary of your company’s revenues and expenses over a specified period. It helps you track your business’s financial performance and identify trends, ensuring you stay on track to achieve your financial goals.

Regularly reviewing and analyzing your income statement allows you to monitor the health of your business, evaluate the effectiveness of your strategies, and make data-driven decisions to optimize profitability and growth.

Example: The income statement for EcoTech’s first year of operation is as follows:

• Revenue: $1,500,000
• Cost of Goods Sold: $800,000
• Gross Profit: $700,000
• Operating Expenses: $450,000
• Net Income: $250,000

This statement highlights our company’s profitability and overall financial health during the first year of operation.

Cash Flow Statement

A cash flow statement is a crucial part of a financial business plan that shows the inflows and outflows of cash within your business. It helps you monitor your company’s liquidity, ensuring you have enough cash on hand to cover operating expenses, pay debts, and invest in growth opportunities.

By including a cash flow statement in your business plan, you demonstrate your ability to manage your company’s finances effectively.

Example:  The cash flow statement for EcoTech’s first year of operation is as follows:

Operating Activities:

• Depreciation: $10,000
• Changes in Working Capital: -$50,000
• Net Cash from Operating Activities: $210,000

Investing Activities:

•  Capital Expenditures: -$100,000
• Net Cash from Investing Activities: -$100,000

Financing Activities:

• Proceeds from Loans: $150,000
• Loan Repayments: -$50,000
• Net Cash from Financing Activities: $100,000
• Net Increase in Cash: $210,000

This statement demonstrates EcoTech’s ability to generate positive cash flow from operations, maintain sufficient liquidity, and invest in growth opportunities.

Tips on Writing a Business Plan

1. Be clear and concise: Keep your language simple and straightforward. Avoid jargon and overly technical terms. A clear and concise business plan is easier for investors and stakeholders to understand and demonstrates your ability to communicate effectively.

2. Conduct thorough research: Before writing your business plan, gather as much information as possible about your industry, competitors, and target market. Use reliable sources and industry reports to inform your analysis and make data-driven decisions.

3. Set realistic goals: Your business plan should outline achievable objectives that are specific, measurable, attainable, relevant, and time-bound (SMART). Setting realistic goals demonstrates your understanding of the market and increases the likelihood of success.

4. Focus on your unique selling proposition (USP): Clearly articulate what sets your business apart from the competition. Emphasize your USP throughout your business plan to showcase your company’s value and potential for success.

5. Be flexible and adaptable: A business plan is a living document that should evolve as your business grows and changes. Be prepared to update and revise your plan as you gather new information and learn from your experiences.

6. Use visuals to enhance understanding: Include charts, graphs, and other visuals to help convey complex data and ideas. Visuals can make your business plan more engaging and easier to digest, especially for those who prefer visual learning.

7. Seek feedback from trusted sources: Share your business plan with mentors, industry experts, or colleagues and ask for their feedback. Their insights can help you identify areas for improvement and strengthen your plan before presenting it to potential investors or partners.

FREE Business Plan Template

To help you get started on your business plan, we have created a template that includes all the essential components discussed in the “How to Write a Business Plan” section. This easy-to-use template will guide you through each step of the process, ensuring you don’t miss any critical details.

The template is divided into the following sections:

• Mission statement
• Business Overview
• Key products or services
• Target market
• Financial highlights
• Company goals
• Strategies to achieve goals
• Measurable, time-bound objectives
• Company History
• Mission and vision
• Unique selling proposition
• Demographics
• Psychographics
• Pain points
• Industry trends
• Customer needs
• Competitor strengths and weaknesses
• Opportunities
• Competitor products and services
• Market positioning
• Pricing strategies
• Organizational structure
• Key roles and responsibilities
• Management team backgrounds
• Product or service features
• Competitive advantages
• Marketing channels
• Advertising campaigns
• Promotional activities
• Sales strategies
• Supply chain management
• Inventory control
• Production processes
• Quality control measures
• Projected revenue
• Assumptions
• Cash inflows
• Cash outflows
• Net cash flow

What is a Business Plan?

A business plan is a strategic document that outlines an organization’s goals, objectives, and the steps required to achieve them. It serves as a roadmap as you start a business , guiding the company’s direction and growth while identifying potential obstacles and opportunities.

Typically, a business plan covers areas such as market analysis, financial projections, marketing strategies, and organizational structure. It not only helps in securing funding from investors and lenders but also provides clarity and focus to the management team.

A well-crafted business plan is a very important part of your business startup checklist because it fosters informed decision-making and long-term success.

Why You Should Write a Business Plan

Understanding the importance of a business plan in today’s competitive environment is crucial for entrepreneurs and business owners. Here are five compelling reasons to write a business plan:

• Attract Investors and Secure Funding : A well-written business plan demonstrates your venture’s potential and profitability, making it easier to attract investors and secure the necessary funding for growth and development. It provides a detailed overview of your business model, target market, financial projections, and growth strategies, instilling confidence in potential investors and lenders that your company is a worthy investment.
• Clarify Business Objectives and Strategies : Crafting a business plan forces you to think critically about your goals and the strategies you’ll employ to achieve them, providing a clear roadmap for success. This process helps you refine your vision and prioritize the most critical objectives, ensuring that your efforts are focused on achieving the desired results.
• Identify Potential Risks and Opportunities : Analyzing the market, competition, and industry trends within your business plan helps identify potential risks and uncover untapped opportunities for growth and expansion. This insight enables you to develop proactive strategies to mitigate risks and capitalize on opportunities, positioning your business for long-term success.
• Improve Decision-Making : A business plan serves as a reference point so you can make informed decisions that align with your company’s overall objectives and long-term vision. By consistently referring to your plan and adjusting it as needed, you can ensure that your business remains on track and adapts to changes in the market, industry, or internal operations.
• Foster Team Alignment and Communication : A shared business plan helps ensure that all team members are on the same page, promoting clear communication, collaboration, and a unified approach to achieving the company’s goals. By involving your team in the planning process and regularly reviewing the plan together, you can foster a sense of ownership, commitment, and accountability that drives success.

What are the Different Types of Business Plans?

In today’s fast-paced business world, having a well-structured roadmap is more important than ever. A traditional business plan provides a comprehensive overview of your company’s goals and strategies, helping you make informed decisions and achieve long-term success. There are various types of business plans, each designed to suit different needs and purposes. Let’s explore the main types:

• Startup Business Plan: Tailored for new ventures, a startup business plan outlines the company’s mission, objectives, target market, competition, marketing strategies, and financial projections. It helps entrepreneurs clarify their vision, secure funding from investors, and create a roadmap for their business’s future. Additionally, this plan identifies potential challenges and opportunities, which are crucial for making informed decisions and adapting to changing market conditions.
• Internal Business Plan: This type of plan is intended for internal use, focusing on strategies, milestones, deadlines, and resource allocation. It serves as a management tool for guiding the company’s growth, evaluating its progress, and ensuring that all departments are aligned with the overall vision. The internal business plan also helps identify areas of improvement, fosters collaboration among team members, and provides a reference point for measuring performance.
• Strategic Business Plan: A strategic business plan outlines long-term goals and the steps to achieve them, providing a clear roadmap for the company’s direction. It typically includes a SWOT analysis, market research, and competitive analysis. This plan allows businesses to align their resources with their objectives, anticipate changes in the market, and develop contingency plans. By focusing on the big picture, a strategic business plan fosters long-term success and stability.
• Feasibility Business Plan: This plan is designed to assess the viability of a business idea, examining factors such as market demand, competition, and financial projections. It is often used to decide whether or not to pursue a particular venture. By conducting a thorough feasibility analysis, entrepreneurs can avoid investing time and resources into an unviable business concept. This plan also helps refine the business idea, identify potential obstacles, and determine the necessary resources for success.
• Growth Business Plan: Also known as an expansion plan, a growth business plan focuses on strategies for scaling up an existing business. It includes market analysis, new product or service offerings, and financial projections to support expansion plans. This type of plan is essential for businesses looking to enter new markets, increase their customer base, or launch new products or services. By outlining clear growth strategies, the plan helps ensure that expansion efforts are well-coordinated and sustainable.
• Operational Business Plan: This type of plan outlines the company’s day-to-day operations, detailing the processes, procedures, and organizational structure. It is an essential tool for managing resources, streamlining workflows, and ensuring smooth operations. The operational business plan also helps identify inefficiencies, implement best practices, and establish a strong foundation for future growth. By providing a clear understanding of daily operations, this plan enables businesses to optimize their resources and enhance productivity.
• Lean Business Plan: A lean business plan is a simplified, agile version of a traditional plan, focusing on key elements such as value proposition, customer segments, revenue streams, and cost structure. It is perfect for startups looking for a flexible, adaptable planning approach. The lean business plan allows for rapid iteration and continuous improvement, enabling businesses to pivot and adapt to changing market conditions. This streamlined approach is particularly beneficial for businesses in fast-paced or uncertain industries.
• One-Page Business Plan: As the name suggests, a one-page business plan is a concise summary of your company’s key objectives, strategies, and milestones. It serves as a quick reference guide and is ideal for pitching to potential investors or partners. This plan helps keep teams focused on essential goals and priorities, fosters clear communication, and provides a snapshot of the company’s progress. While not as comprehensive as other plans, a one-page business plan is an effective tool for maintaining clarity and direction.
• Nonprofit Business Plan: Specifically designed for nonprofit organizations, this plan outlines the mission, goals, target audience, fundraising strategies, and budget allocation. It helps secure grants and donations while ensuring the organization stays on track with its objectives. The nonprofit business plan also helps attract volunteers, board members, and community support. By demonstrating the organization’s impact and plans for the future, this plan is essential for maintaining transparency, accountability, and long-term sustainability within the nonprofit sector.
• Franchise Business Plan: For entrepreneurs seeking to open a franchise, this type of plan focuses on the franchisor’s requirements, as well as the franchisee’s goals, strategies, and financial projections. It is crucial for securing a franchise agreement and ensuring the business’s success within the franchise system. This plan outlines the franchisee’s commitment to brand standards, marketing efforts, and operational procedures, while also addressing local market conditions and opportunities. By creating a solid franchise business plan, entrepreneurs can demonstrate their ability to effectively manage and grow their franchise, increasing the likelihood of a successful partnership with the franchisor.

Using Business Plan Software

Creating a comprehensive business plan can be intimidating, but business plan software can streamline the process and help you produce a professional document. These tools offer a number of benefits, including guided step-by-step instructions, financial projections, and industry-specific templates. Here are the top 5 business plan software options available to help you craft a great business plan.

1. LivePlan

LivePlan is a popular choice for its user-friendly interface and comprehensive features. It offers over 500 sample plans, financial forecasting tools, and the ability to track your progress against key performance indicators. With LivePlan, you can create visually appealing, professional business plans that will impress investors and stakeholders.

2. Upmetrics

Upmetrics provides a simple and intuitive platform for creating a well-structured business plan. It features customizable templates, financial forecasting tools, and collaboration capabilities, allowing you to work with team members and advisors. Upmetrics also offers a library of resources to guide you through the business planning process.

Bizplan is designed to simplify the business planning process with a drag-and-drop builder and modular sections. It offers financial forecasting tools, progress tracking, and a visually appealing interface. With Bizplan, you can create a business plan that is both easy to understand and visually engaging.

Enloop is a robust business plan software that automatically generates a tailored plan based on your inputs. It provides industry-specific templates, financial forecasting, and a unique performance score that updates as you make changes to your plan. Enloop also offers a free version, making it accessible for businesses on a budget.

5. Tarkenton GoSmallBiz

Developed by NFL Hall of Famer Fran Tarkenton, GoSmallBiz is tailored for small businesses and startups. It features a guided business plan builder, customizable templates, and financial projection tools. GoSmallBiz also offers additional resources, such as CRM tools and legal document templates, to support your business beyond the planning stage.

Business Plan FAQs

What is a good business plan.

A good business plan is a well-researched, clear, and concise document that outlines a company’s goals, strategies, target market, competitive advantages, and financial projections. It should be adaptable to change and provide a roadmap for achieving success.

What are the 3 main purposes of a business plan?

The three main purposes of a business plan are to guide the company’s strategy, attract investment, and evaluate performance against objectives. Here’s a closer look at each of these:

• It outlines the company’s purpose and core values to ensure that all activities align with its mission and vision.
• It provides an in-depth analysis of the market, including trends, customer needs, and competition, helping the company tailor its products and services to meet market demands.
• It defines the company’s marketing and sales strategies, guiding how the company will attract and retain customers.
• It describes the company’s organizational structure and management team, outlining roles and responsibilities to ensure effective operation and leadership.
• It sets measurable, time-bound objectives, allowing the company to plan its activities effectively and make strategic decisions to achieve these goals.
• It provides a comprehensive overview of the company and its business model, demonstrating its uniqueness and potential for success.
• It presents the company’s financial projections, showing its potential for profitability and return on investment.
• It demonstrates the company’s understanding of the market, including its target customers and competition, convincing investors that the company is capable of gaining a significant market share.
• It showcases the management team’s expertise and experience, instilling confidence in investors that the team is capable of executing the business plan successfully.
• It establishes clear, measurable objectives that serve as performance benchmarks.
• It provides a basis for regular performance reviews, allowing the company to monitor its progress and identify areas for improvement.
• It enables the company to assess the effectiveness of its strategies and make adjustments as needed to achieve its objectives.
• It helps the company identify potential risks and challenges, enabling it to develop contingency plans and manage risks effectively.
• It provides a mechanism for evaluating the company’s financial performance, including revenue, expenses, profitability, and cash flow.

Can I write a business plan by myself?

Yes, you can write a business plan by yourself, but it can be helpful to consult with mentors, colleagues, or industry experts to gather feedback and insights. There are also many creative business plan templates and business plan examples available online, including those above.

We also have examples for specific industries, including a using food truck business plan , salon business plan , farm business plan , daycare business plan , and restaurant business plan .

Is it possible to create a one-page business plan?

Yes, a one-page business plan is a condensed version that highlights the most essential elements, including the company’s mission, target market, unique selling proposition, and financial goals.

How long should a business plan be?

A typical business plan ranges from 20 to 50 pages, but the length may vary depending on the complexity and needs of the business.

What is a business plan outline?

A business plan outline is a structured framework that organizes the content of a business plan into sections, such as the executive summary, company description, market analysis, and financial projections.

What are the 5 most common business plan mistakes?

The five most common business plan mistakes include inadequate research, unrealistic financial projections, lack of focus on the unique selling proposition, poor organization and structure, and failure to update the plan as circumstances change.

What questions should be asked in a business plan?

A business plan should address questions such as: What problem does the business solve? Who is the specific target market ? What is the unique selling proposition? What are the company’s objectives? How will it achieve those objectives?

What’s the difference between a business plan and a strategic plan?

A business plan focuses on the overall vision, goals, and tactics of a company, while a strategic plan outlines the specific strategies, action steps, and performance measures necessary to achieve the company’s objectives.

How is business planning for a nonprofit different?

Nonprofit business planning focuses on the organization’s mission, social impact, and resource management, rather than profit generation. The financial section typically includes funding sources, expenses, and projected budgets for programs and operations.

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Business Finance , Business Planning

What must an entrepreneur do after creating a business plan.

• August 12, 2023

When you are an entrepreneur starting your business, you might be wondering what must an entrepreneur do after creating a business plan? And that’s a fair question, because there are so many things you need to focus on when launching a business.

Starting a business can feel like an overwhelming yet exhilarating process. Perhaps the most important step towards success is creating a strong business plan. A well-crafted business plan lays a roadmap for the business owner and helps attract investors. But what happens after the plan is written? After all, a business plan is just a blueprint and will not come to fruition by itself.

What is a business plan?

A business plan serves as a roadmap for entrepreneurs and business owners to achieve their goals and stay focused on their objectives. Not only does it outline the company’s mission and vision, but it also provides a comprehensive look at the industry and market it operates.

A well-thought-out business plan includes details on the company’s products or services, target audience, marketing and advertising strategies, financial projections, and more. This essential document also serves as a tool to secure funding from investors or financial institutions.

A business plan is a key element for any successful business venture, providing a clear direction for growth and profitability.

Why write a business plan?

You have a million things to think about daily. From managing employees to handling finances, it can be tough to find time for planning, but a business plan is one thing you don’t want to skip.

Writing a business plan not only helps you to clarify your goals and objectives but also provides a roadmap for success. It can help you anticipate potential problems, prepare for challenges, and identify areas for growth and improvement.

Plus, having a well-written plan can give you the confidence you need to convince potential investors or lenders that your business is worth supporting. So take some time to put together a solid business plan – it’s an investment in your future success!

Now that the groundwork has been laid, you may be left wondering, “What’s next?” The answer will depend on your timeline and goals. Are you ready to dive in and start executing your plan, or do you have further research or funding to secure?

Evaluating your resources and determining your next steps can help ensure a solid foundation for your business. Remember, the journey of entrepreneurship is often a marathon rather than a sprint, so take care to pace yourself and stay focused on your ultimate goals.

Here are some essentials for entrepreneurs to do after creating a business plan:

1. start networking.

Showcasing the idea to the relevant audience is the most important work you can do in the first months of starting a business, and you can’t just rely on the business plan. You must pitch your idea to investors, employees, customers, and other stakeholders. Therefore, building relationships early on and getting feedback on your business plan is essential.

Attending events, meetups, and conferences or joining industry-specific groups on social media platforms can help you network with people that can benefit your business in the future.

Having a strong business network can work wonders for your career. Building a network can lead to a wealth of opportunities, whether securing investors for your startup, discovering mentorship opportunities with seasoned professionals in your industry, or even expanding your customer base.

A network can also provide valuable insights and guidance on complex business-related issues. When you have a strong network, you have a support system that can help your business succeed. Whether you’re attending conferences, joining industry groups, or using social media to make connections, it’s important to actively cultivate relationships with those who may be able to help you along your entrepreneurial journey. By doing so, you’re investing in yourself and your business, which can pay dividends.

2. Secure Financial Capital

Your business plan may highlight the need for funding or investment. After creating your plan, you must start looking for grants, investors, or venture capitalists aligning with your vision. Seek professional advice from financial planners and attorneys to learn the various options to fund your company, like angel investors or crowdfunding.

Remember that securing financial capital helps in the launch stage and keeps the business running sustainably.

3. Hire the Best Team

Although you may not require a team during the planning stage of your business, it is crucial to start building your team once your business idea takes shape. Look for individuals who can bring a different skill set and expertise to your organization than you possess. Don’t rush the hiring process, take time to assess the best candidates.

Participation in industry events and networking activities are excellent ways to meet potential team members who may be passionate about your idea and contribute to the success of your business.

4. Feedback Collection

It is important to remember that your business plan is just a starting point. It must be built upon feedback and insights from other entrepreneurs and potential customers to succeed. This feedback allows you to fine-tune and improve your initial ideas, ultimately leading to a more successful and sustainable business model.

By being open to constructive criticism and actively seeking input, you can ensure that your business plan is not just a schematic but a living, breathing strategy that can adapt and evolve with the changing needs of your industry and target market.

It’s vital to seek feedback and support at every step of the development process. Conduct surveys and focus groups to obtain opinions on various aspects of your business, including website and branding, product or service quality, and pricing strategies.

It is also important to listen carefully to the feedback and change your plan or business model as needed.

5. Launch Your Business

Once you have completed all the planning stages and obtained funding, it’s time to launch your business officially. Before you launch, test your product or service with a small group of early adopters and ensure it achieves your intended results.

Launch planning includes creating PR pitches, press releases, and social media campaigns. Make sure everything is in place and your team is prepared.

Now, it’s time to take action and move forward with next steps. With so many possible paths to take, choosing which direction to go can be overwhelming. The key is to carefully evaluate your options and prioritize tasks based on their potential impact on your business.

Consider budget, timing, and feasibility before committing to a decision. Remember, the most successful businesses are those that have a clear plan of action and continuously adapt to changes in the market. So take a deep breath, trust your instincts, and get ready to take your business to new heights.

The bottom line is that creating an effective business plan is just the first step toward launching a successful business. Following the steps mentioned above after creating a business plan can help set the foundation for a successful startup. Always keep researching opportunities for growth, building relationships, and optimizing your business plan accordingly. Embrace change and adapt to the current market conditions, and never stop learning from your experiences to build a long-term successful venture.

Entrepreneurship is an exciting journey with countless opportunities for growth and innovation. As you steer your business toward success, it’s important to remember that profitability should always be a top priority. Whether launching a new product or expanding your customer base, every decision should be made to generate revenue and maximize profits.

Fortunately, resources like the 5 Steps to a Profitable Biz can help you navigate this dynamic landscape, providing valuable insights and tips that can help you take your business to the next level. So regardless of your next step, make sure it’s profitable – and let these invaluable resources guide you on your path to success.

Melissa Houston

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Tips for Setting Better Business Goals

Table of Contents

If you want to take your business to the next level, setting the right goals could be the key. While creating the right goals for your company can be challenging, the best ones can make all the difference in your growth.

Hard work is required to build your business, but you also need direction. Setting solid and attainable goals is an excellent place to start. Read on to learn about different business goals and how to set them.

What is a business goal?

A business goal differs significantly from a New Year’s resolution and has way more money riding on it than a gym membership fee. Business goals are objectives tied to your vision for your company and the achievements you want to accomplish. 

Business goals may pertain to the whole company, certain departments, specific groups of employees or other areas of the business. Depending on your purpose, the goals you set to help your company progress can be daily, quarterly or yearly objectives. If you’ve created a business plan , you may have already mapped out your goals as action strategies.

What are SMART goals?

When setting business goals, it helps to be SMART, as in the goal-setting acronym that stands for “specific, measurable, achievable, relevant and time-bound.” SMART business goals can be highly effective.

A SMART goal should follow the elements in the framework, which we elaborate on below. By setting a SMART goal, a person plans out their goal to track and execute their specific target. Here are some pointers on what it means to set SMART goals.

When setting a goal, knowing precisely what you hope to accomplish and what actions you must take to reach your objective is essential. Let’s say you want to expand your revenue . These are some of the specifics you would want to decide as you set your goal:

• The dollar amount or percentage of revenue growth you want to achieve
• A deadline for when you expect to reach the objective
• Which department or individuals would drive this process
• What steps they would take to work toward this goal
• What resources you would need to allocate to help your staff meet this objective

Measurable goals use metrics such as dates and numerical values to track your progress. This approach not only encourages you to focus on the end goal, but also helps you evaluate how your efforts are helping you accomplish your objectives, which can help you stay motivated. In the above example, your measurable goal might be to increase your sales by $5,000. You might decide this should happen in a month, and then ask each sales team member to follow five extra leads per week in hopes of meeting this objective.

For a goal to be achievable, it must be realistic. For example, a goal to make $1 million in one day probably isn’t attainable for most of us, and setting such a goal would be setting yourself up to fail. Even though your goals should require you to expend extra effort, they should be reachable.

Teams can benefit from collaboration-based goals. Strengthen groups by creating interconnected objectives. Offer professional communication channels like Slack to facilitate coordination and celebrate achievements.

A relevant goal matters to your business; it should make sense and meet your company’s needs. Referring to the example above, would increasing your revenue make a difference to your business? Of course! However, not every business goal needs to be about revenue.

“If one of your big values is to serve others to the best of your abilities, then merely setting a revenue-based goal isn’t going to be enough to motivate you,” Heather Moulder, leadership and business coach at Course Correction Coaching, told business.com.

A time-bound goal has a deadline for the work you intend to do. When there isn’t any time limit, measuring your progress is hard. Deadlines can push you to action and help you work toward your goals efficiently.

What are examples of business goals?

Understanding a good goal can help you model your own goals for your small business. 

Let’s say you want to increase revenue by introducing a new service or product. Moulder said this goal is purposeful and beneficial to your company because it would help you better serve your clients and improve customer satisfaction. It would also mean taking on more responsibility for creating your new product or service, so you would need to prepare for the time and resources that entails.

Business goals can also be about your employees. If your objective is, for example, to improve or grow your team members’ skill sets, you can do so through actionable items, like creating a committee to hire a professional instructor for employee training courses . Then, the objective would be to have this instructor train your staffers for the next six months. When they complete the course, you can measure their skills by assigning tasks based on their learning. 

How do you write a business goal?

It’s one thing to have general goals in mind, but you need to put pen to paper. Writing your goals down is very effective.  “The physical act of writing down a goal makes it real and tangible,” said Angela Civitella, a certified business coach and founder of Intinde. “You have no excuse for forgetting about it.”

Here are two tips to help you write effective business goals.

1. Write in an active style.

The language you use when writing your goals impacts how you perceive them and whether you get them done.

“As you write, use the word ‘will’ instead of ‘would like to’ or ‘might,’” Civitella said. “For example, ‘I will reduce my operating expenses by 10 percent this year,’ not ‘I would like to reduce my operating expenses by 10 percent this year.’ The first goal statement has power, and you can ‘see’ yourself reducing expenses. The second lacks passion and gives you an excuse if you get sidetracked.”

Writing down your goals creates self-accountability. The goal is no longer simply in your mind but tangible. Whether you look at your goal in writing daily or revisit it months later, this extra step can signal intent and motivate you to achieve your objectives.

2. Narrow down what’s important.

Make sure your goals are important to you and your company. Ask yourself, “Does this goal motivate me?”

“If you have little interest in the outcome, or they are irrelevant given the larger picture, then the chances of you putting in the work to make them happen are slim,” Civitella said. “Motivation is key to achieving goals.”

There is such a thing as too many goals. Ensure you write down only extremely valuable objectives. A long to-do list with only two items crossed off can cause feelings of disappointment and frustration, which can add to demotivation and be incredibly destructive, Civitella said.

“Ask yourself, ‘If I were to share my goal with others, what would I tell them to convince them it was a worthwhile goal?’” she said. “You can use this motivating value statement to help you if you start to doubt yourself or lose confidence in your ability to actually make the goal happen.”

What are the different types of business goals?

Four types of goals are beneficial in the business world. Read on to learn more about each of them.

Activity-based goals

Activity-based goals require you to perform specific tasks or activities. For example, you might set a goal to make 20 weekly client phone calls.

Process-based goals

Process-based goals require you to focus on internal processes, strategies and behaviors. “Some examples would be resetting business policies for better efficiency or developing a new training program for staff to help their communication with customers,” Moulder said. 

Outcome-based goals

Outcome-based goals focus on the results of your efforts. You may have less control over these results if they’re based on consumer or client behavior. 

“An example of this would be to get 10 referrals from existing customers,” said James Pollard, owner of The Advisor Coach. “You can’t directly control whether or not they give you any referrals, but you can influence the process by asking.”

Some goals are a hybrid of process and outcome goals, explained Moulder. For instance, a service-based business might set a goal to implement a new staff training program to improve customer service. The process portion of the goal is implementing the training program. The outcome is improving customer service, which you could gauge by a reduction in service cancellations or an increase in repeat customers . 

Personal goals

Personal goals are those that business owners set for themselves. These may be related to maintaining or improving your health, work-life balance , or professional development. Knowing what you want for yourself is as essential as understanding what you want for your business because your personal goals affect how you run your company. 

Celebrate reaching both your short-term and long-term goals. Choose rewards that give you time away from your business to unwind, like an outing with friends or a family vacation.

Why is setting goals important in business?

We set small goals in our everyday lives, such as making it home in time for dinner or eating salad for lunch. Goals are vital because they give you and your business direction. With them, you may perform at your best.

Without goals, however, it’s hard to measure your business’s success, which makes it challenging to recognize what aspects of your company are doing well and where growth is needed. Objectives and a mission statement also keep you and your team aligned. When everyone knows the company’s purpose and how their roles contribute to the mission, it improves morale and increases productivity.

Julie Thompson contributed to this article. Source interviews were conducted for a previous version of this article. 

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This couple bought a rundown abandoned house for $1.5 million and plan to make it their forever home: Take a look inside

In October 2023, Nick Volkov came across a unique listing for a house and just knew he had to show it to his girlfriend, Jenna Phipps , a 28-year-old content creator.

Though the listing included pictures of the exterior only and described the house as a "tear-down," the 27-year-old program manager tells CNBC Make It that what stood out the most about the property in Vancouver, British Columbia, Canada, was that it was undervalued, had a water view, and wasn't a standard modern house.

Phipps says she fell in love with the property and knew they had to go see it immediately, but "when we finally got to see the house [in person], we saw it was a lot worse."

"There was a reason they didn't show photos of the inside," she says.

The property in question is a 2,757-square-foot single-family home built in 1961. It has three bedrooms, 2.5 bathrooms, a pool, and 0.30 acres of land.

The house was so dilapidated that the realtor had the couple sign a waiver before entering.

"You can really see this property had not been cared for at all," Volkov says. "Once you got inside, there was a really musky smell with the old furniture and old things there."

Still, they were able to find some beauty in the space: "The architecture showed through all of that. You could see what it was in its former days," Volkov says. "Even with it half falling apart, it was still really pretty."

One of the most significant issues the couple encountered immediately was that the roof needed to be replaced. Other issues included completely overgrown landscaping, mold throughout, and high levels of moisture from all the water that had come into the house over the years.

Despite all the flaws, Phipps knew she and Volkov had found their forever home.

"I think the biggest thing that stood out to me was the architecture of the home because mid-century modern homes are so rare for the area," she said. "We looked past how bad it was because we knew that we could really transform it ourselves. This house has so much potential and we felt very special to be the people to see that."

The couple decided to make an offer.

The house was valued at $3.4 million CAD or $2.5 million USD with an asking price of $2.6 million CAD or $1.9 million USD.

Because of the property's condition, Volkov and Phipps could not get a traditional mortgage and had to opt for a private two-year loan instead.

The couple met with the seller and shared their plans to restore the home instead of tearing it down. The seller then agreed to their bid of $2.1 million CAD or $1,525,923 USD.

The median list price of homes in Vancouver, BC, overall was $1,578,540 in March 2024, according to Houseful , a subsidiary of the Royal Bank of Canada.

The couple split the 20% down payment evenly.

"People were very shocked at how we were able to get that price, especially in that area," Phipps says. "We kind of bought the worst thing in a great neighborhood."

Phipps and Volkov agree that, for them, landing in their desired neighborhood means they got a pretty good deal.

The couple plans to use the two years they have to repay their private loan to fix up the house as much as possible and then refinance to get a traditional mortgage.

When the two took possession of the home, it had been empty for four years, the couple said. A family built it in the 1960s, and then it was passed down to two siblings, a son and a daughter. The son, an architect, lived in the home for many years, and then, when he passed away, the house went to his sister, who then sold it to Phipps and Volkov.

Because the seller lived several hours away, she would rarely visit, which is why the property was so deteriorated, the couple says.

"It was in a state that probably no one should have lived there," Phipps says. "She would come to visit and take things out, but no one lived there for years."

After closing on the house, the real work began

The couple closed in January 2024 and started the clearing-out process immediately. The first step was to put tarps all over the roof to ensure no more water or moisture entered the house.

"It was a very eventful first weekend of just trying to maintain what the house looked liked and not letting it get worse," Phipps says.

While cleaning out the home, they found some of the original furniture, old photos of what the house looked like before, and a record player that was hooked up to speakers all over the house. Volkov found that discovery pretty exciting.

"Imagine having a house back in the day and you could play music everywhere in it from a record player," he says. "The record player was still there when we bought the house, so that was really cool."

There was a lot of mold and potentially hazardous areas in the house, that the couple tackled themselves. The two bought full-face gas masks and got to work. It was also a way for them to save money.

After several months of cleaning, the two enlisted their parents' help to get it down to the studs. Now, the couple is working with an engineer to get a new roof on before winter starts this year and has shifted to clearing out the house's grounds.

"The property was very overgrown, and unfortunately, a lot of the greenery will have to be taken out," Phipps says.

The couple plans to keep as much of the house's original design as possible. They are still in the process of getting the permits they need to start construction.

Volkov and Phipps plan to keep the mid-century modern look and feel for the exterior with modern appliances and features throughout the house inside.

To date, the couple estimates they have invested $10,000 CAD and hopes to keep the full renovation under $300,000 CAD.

"Over the next two years, we're putting everything we have into the home and living the frugal lifestyle," Phipps says.

They plan to do much of the work themselves and will split the costs, with Volkov paying off the private loan and Phipps paying for all the renovation expenses.

"We decided to do that to keep the flow going and help keep costs down," Volkov says. "The really fun part of it all is that you get to witness every stage of the construction."

Conversions to USD were done on April 19, 2024, using OANDA conversion rates of 1 CAD to 0.73 USD. All amounts are rounded to the nearest dollar.

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The European Parliament approved rules on Tuesday to give consumers the right to have worn-out products like washing machines and smartphones repaired by producers, to cut waste and make goods last longer.

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At least two people were killed and six others injured after an Israeli airstrike hit a residential area in the southern Lebanese town of Hanin, Lebanon's official news agency NNA said on Tuesday.

The United States has preliminarily discussed sanctions on some Chinese banks but does not yet have a plan to implement such measures, a U.S. official told Reuters on Tuesday, as Washington seeks ways to curb Beijing’s support for Russia.

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Politics latest: Rishi Sunak warns Europe at 'turning point' - as Labour says it 'would want to match' PM's defence pledge

Rishi Sunak confirms he will increase UK defence spending to 2.5% of GDP by 2030, as he warns European allies the continent is at a "turning point".

Tuesday 23 April 2024 18:36, UK

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• Sunak confirms defence spending will rise to 2.5% by 2030
• Beth Rigby asks PM if we have entered 'pre-war era'
• Frontbencher tells Politics Hub With Sophy Ridge Labour 'would want to match' pledge
• Can the UK afford it?
• Union suggests civil servants may not comply with Rwanda bill
• Challenges to legislation 'inevitable', minister says - but declares government will 'overcome them'
• Five deaths on migrant boat trying to cross Channel hours after bill passes
• Live reporting by Tim Baker and (earlier)  Ben Bloch

By Beth Rigby , political editor

Rishi Sunak is to increase UK defence spending to 2.5% of GDP by 2030 as he warns European allies that the continent is at a "turning point" in the face of the growing threats from Russia, Iran and China.

Speaking alongside NATO Secretary General Jens Stoltenberg, the UK prime minister said he planned to steadily increase defence spending by the end of the decade, rising to 2.4% a year until 2027/28 - then hitting 2.5% by 2030/31.

Funding will rise from £64.6bn in 2024 to £78.2bn in 2028, and then jump to £87bn in 2030/31.

The government said the commitment amounted to an additional £75bn in funding over the next six years and would see the UK remain "by far the second largest defence spender in NATO after the US".

Labour's Steve Reed told Sky News' Politics Hub with Sophy Ridge that his party "would want to match" the pledge from the prime minister.

But he accused Mr Sunak of "belatedly seeing the defence of our country as important" after his performance in government on defence.

Read the full story here: 

For months and months, the government line on defence spending is it will rise when economic conditions allow - so have we now reached this point?

Well, economists are very sceptical of the government's sums.

Today's promise from the government amounts to a £75bn boost over the next six years.

Rishi Sunak said it would not be done through borrowing or debt - meaning it would have to come from existing budgets.

And with taxes being cut ahead of the election, such a massive spending pledge points logically to one thing - cuts elsewhere.

Paul Johnson, the director of the Institute for Financial Studies thinktank, said: "With no more spending overall - and no tax rises - that can mean only one thing: bigger spending cuts elsewhere."

He adds that the defence spending falling since the end of the Cold War has allowed increased spending on areas like the welfare state - a phenomenon known as the "peace dividend".

"Reversing that fall is going to be painful, especially as pressures on health and pensions increase," Mr Johnson says.

Torsten Bell, the director of the Resolution Foundation, says today's pledge is "a lot easier to announce than deliver".

He adds: "This promise is for 2030 when the MOD doesn't currently have a budget for 2025/26... and announcing it outside of a fiscal event means trade-offs/how it's funding is completely ignored."

Mr Bell adds that official forecasts are also missing spending pledges like the infected blood compensation and are "premised on those cuts that can't be delivered".

Ben Zaranko, an economist at the IFS alongside Mr Johnson, said cuts between 3% and 5% for budgets are on the card - budgets were cut by 6% during the austerity period.

Rishi Sunak has delivered a short address alongside his Polish counterpart, Donald Tusk, as part of his visit there.

During the event, Mr Sunak pointed that "Poland [is] spending more of its GDP on defence than any NATO ally in Europe".

"And with today's announcement, the UK will be spending more in cash terms than any NATO ally in Europe."

The prime minister also announces that, by next year, RAF Typhoons will be deployed in Poland to held defend the skies there.

"Air defence is critical, and the UK wants to support Poland and work closely with you to do that," Mr Sunak says.

The Labour Party's initial response was to suggest it would review government spending if it takes power.

But Steve Reed, the party's shadow environment secretary, says Labour is aiming to match the current government's aim to spend 2.5% of GDP on defence by the end of the decade.

Speaking to the Politics Hub with Sophy Ridge, Mr Reed says: "Yes, Labour would want to match that. 

"I think what we see is escalating threats to the security of our country, and the primary objective of any government surely is the defence of the realm."

Mr Reed states several times that reaching 2.5% is part of the UK's commitment to NATO - however, the target is 2%.

You can watch the full interview from 7pm on Sky News.

After months of parliamentary ping-pong between the House of Commons and the Lords, Rishi Sunak's Rwanda bill has passed. The prime minister called it a "landmark" law, saying "nothing will stand in our way" of getting flights off the ground within 10 to 12 weeks.

However, the scheme could face yet more hurdles, with the potential for it to be held up by challenges in court.

On this episode, Matt Barbet takes stock of the bill with Adam Parsons , Sky's Europe editor in France, who has been watching migrant boats cross the English Channel even after the bill's passing.

Sky's communities correspondent Becky Johnson also joins Matt to share some of the stories from those asylum seekers already in the UK and what they might expect from the Rwanda bill.

And Dr Madeleine Sumption, director of the Migration Observatory at the University of Oxford, details the potential impact this new legislation might have on migration figures.

👉 Listen above then tap here to follow the Sky News Daily wherever you get your podcasts 👈

Ben Wallace, the former defence secretary, has come out with criticism aimed at both Labour and the Treasury following today's announcement the UK will increase defence spending to 2.5% of GDP by the end of the decade.

Labour said it will carry out a "strategic defence and security review" of defence if it takes power.

Writing on social media, Mr Wallace said: "Predictably Labour's response to PM's defence spending increase is bluff and delay. 

"We don't need another 'defence review' - which the Treasury love so it can delay new money. 

"We need leadership. If Labour had been paying attention these last few years they wouldn't be so clueless."

Mr Wallace predicts Labour will ask to see the  government books before making any pledges, and waiting for a review will take two years "to tell us what we already know".

He adds Labour will "play the now dated 'waste' card with historical figures and spun vocabulary (like their dodgy dossier)" - and this will be done "to avoid supporting our forces properly".

Mr Wallace quips that "it is ok because Keir Starmer has announced a Union for troops! That will scare the enemy! 

"Or Labour can do the right thing and match our pledge today….."

Jennifer Scott , political reporter

Almost one million private renters in England have been handed no-fault evictions since the Conservative government promised to abolish them, new data has shown.

Research carried out by YouGov on behalf of homelessness charity Shelter - and shared exclusively with Sky News - showed that since April 2019 a total of 943,000 people had been given Section 21 notices, which is the equivalent of more than 500 renters every day.

The figures also showed unwanted moves were costing private renters in England £550m a year, with 830,000 people having to move in the last 12 months alone due to either their fixed tenancies coming to an end, being priced out by rent increases or being served with a Section 21.

Add in the soaring upfront costs for rents and deposits and unwanted moves are costing more than £1bn a year - or an average of £1,245 per person.

Polly Neate, Shelter's chief executive, said tenants were "bearing the cost of the government's inaction" and warned any further delays to banning no-fault evictions would see more people "tipped into homelessness".

But Levelling Up minister Jacob Young defended the government. He said abolishing Section 21s was "the biggest change to the private rented sector in more than 30 years" so it "takes time to make sure we get it right".

Read more here:

We've just heard from the Labour leader, Sir Keir Starmer, who has been out and about on the local elections campaign trail in Cawood, North Yorkshire.

He was asked for his reaction to the five deaths in the English Channel this morning, and he replied: "My response is a human response.

"This is an absolute tragedy and my heart, of course, goes out to the family members of those who have died.

"It is a reminder that this vile trade run by criminal gangs costs lives and, sadly, more lives today."

The Labour leader went on to say there is "no doubt" small boat crossings need to be stopped, but said the government has "lost control of the borders".

"This Rwanda gimmick is not the way to stop it," he said.

"It costs an absolute fortune - £300m already, another £50m either this week or next, to remove a few hundred people. That's a drop in the ocean."

Sir Keir said he would use the money to "build up our border security, to take down the gangs that are running this vile trade and stop those boats arriving in the first place".

He added: "The prime minister doesn't really think it's going to work, we know that. 

"The home secretary doesn't think it's going to work. Their own side are saying it's symbolic. It isn't going to work."

Earlier today, Rishi Sunak announced a £500m military aid package to Ukraine in its war against Russia, alongside the UK's largest provision of munitions so far.

Some 400 vehicles, 60 boats, 1,600 strike and air defence missiles, and four million rounds of ammunition are included in the package.

The announcement comes during a downswing for Ukraine as Russian forces have been gaining the upper hand in recent weeks ( read the full details of the announcement here ).

Labour leader Sir Keir Starmer has welcomed the move from the government, telling broadcasters: "I fully support what the prime minister has announced in relation to further funding for Ukraine.

"It's vitally important that we continue to support Ukraine against Russian aggression, and in parliament and in our politics, we've stood united on the question of Ukraine since the conflict began.

"We will continue to do so."

Sir Keir - who is hoping to be PM after the next general election - called on "all allies to work together on this".

In the wake of the prime minister's announcement, Labour have put out their response.

John Healey, the opposition's shadow defence secretary, said: "As Keir Starmer recently set out, Labour wants to see a fully funded plan to reach 2.5%, but the Tories have shown time and time again that they cannot be trusted on defence and we will examine the detail of their announcement closely.

"The British public will judge ministers by what they do not what they say.

"Since 2010, the Conservatives have wasted more than £15bn mismanaging defence procurement, shrunk the Army to its smallest size since Napoleon, missed their recruitment targets every year, and allowed morale to fall to record lows.

"Labour will conduct a strategic defence and security review in the first year in government to get to grips with the threats we face, the state of our Armed Forces, and the resources required."

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