A business plan will help you build a business that will support you financially, have an impact on those around you, and leave a legacy you can be proud of.
A business plan helps you to peer into the future and predict different outcomes. Though it is certainly not perfect, it helps you map out where you currently are and where you are headed. Specifically, a business plan helps you…
○ Estimate total startup costs
○ Project revenues and profits
○ Convince investors
○ Compete from the start
○ Anticipate challenges
A business plan helps keep you on track. It ensures that you focus your attention on the right things and helps you avoid mistakes that could sink you. We are going to walk you step-by-step through the process of creating a solid business plan. Unfortunately, many business plans are wildly unrealistic. The initial excitement of starting the business often causes entrepreneurs to massively overestimate how successful they will be and underestimate the challenges they will encounter.
To be effective, a business plan needs to be realistic. Before you launch, you want to be relatively confident that you have a good chance of succeeding.
In many ways, a business plan should help you decide whether your idea will pan out. It is possible that you may put together your business plan and then realize that the potential outcome is not as bright as you initially thought. That is okay. It forces you to go back to the drawing board.
Take the necessary time to do the market research, analyze your financial needs, and map out your strategy for the future. Do not look at it as the thing that is preventing you from getting started. View it as building a foundation for a successful, lasting business.
It was an unusually challenging year for many people around the world. We wanted to share a message of reflection and inspiration this holiday season. We are so thankful for everyone who supported us during our first year journey.
Matt Willis discusses the challenges of building a product quickly without painting the the team into deep technical debt. What is an MVP? Should one build for scale or for a proof of concept? Get insight into product and engineering challenges as well as other topics.