This Is What Happens When You Don’t Have A Business Plan
Everybody knows that a business plan is one of the first steps to take when you are thinking of starting a small business. BUT…it’s not one of the things that people actually do.
Well it is pretty simple actually, as a new inexperienced entrepreneur you think that it is better to invest your time into naming your business, finding customers, setting up your website and getting noticed before you do anything else.
Great way to think. Get out there and do it!
Before you do that try to answer these questions:
- Who are you targeting (who are your customers)?
- How much do you charge (for your product/service)?
- What do your potential customers want?
- Who are your competitors and why?
- What do your competitors charge?
- How much money will you need to startup and operate?
And after you so smartly answered those questions, ask yourself WHY, and HOW DO YOU KNOW (for each of the questions).
If your answer as to why and how you know the answer is (because you think so, or because that’s what you would do), good luck to you my friend.
I want you to take a look at this “Going out of business” sign, and think for a minute. Is this the sign that you want to be putting on your business soon after launch? Probably not.
So in order to avoid that, all of those questions asked above and many more are answered by doing a business plan for your business.
A business plan should always be done (before you do anything else) and the reasons why can’t even fit on this page.
Yes it is time consuming, and you feel like you are spending so much time researching, writing and not actually doing stuff for your business, but in reality, creating/writing your business plan is the best business decision you could have made – especially at this early on stage of your startup.
A business plan acts as a guide or a manual to your business. It really is a road map to where you are, where you need to go and how to get there.
Sure you can have all of the ideas in your head, but when you have a tangible business plan there are many benefits to it.
If you create a professional plan with all components needed in a business plan, you are covering your self for the future.
So what happens when you don’t have a business plan?
If you are lucky….nothing.
But for most people, not being prepared is the number one reason why they fail in business.
Do what you have to do to get a small business plan written. In fact, take a look at this Business Plan Builder Tool and get started working on one right now. It literally can’t take less time.