We’ve all been there. You’ve spent sleepless nights crafting the perfect business plan. You’ve analyzed markets, projected revenues, and outlined your grand vision.
But then comes the dreaded question: What’s next?
After pouring all that effort into the strategy, there’s an overwhelming sense of ‘now what?’ as you stare at your completed plan. The good news is, your work is far from over.
As an entrepreneur myself, I’ve learned that a business plan is like a treasure map—it’s the blueprint, but you still have to go out and dig up the treasure.
So, what must an entrepreneur do after creating a business plan? Let’s break it down.
What Should an Entrepreneur Do to Develop a Business Plan?
Before we jump into the post-plan phase, let’s take a quick refresher on how to develop a business plan. Crafting a solid business plan isn’t just about filling out a template—it’s about laying the groundwork for your venture’s success.
Your business plan should cover everything from mission and vision statements to market analysis, financial forecasts, and a clear business model. The more thorough, the better! And yes, while it’s tempting to speed through this step and get to the fun parts (like building a product or service), the key to success is in the details.
A business plan acts as your foundation, and without a solid one, it’s like trying to build a skyscraper on sand. So, if you’ve nailed down your business plan, what’s the first thing you should do after that?
What Is the First Action You Should Take as an Entrepreneur After Writing Your Business Plan?
Alright, here’s the scoop—don’t get too comfortable with that shiny document you’ve just created. The first thing you should do is validate your idea.
Take the plan out into the real world and test it. This might sound like a no-brainer, but trust me, it’s easy to get caught up in theory and forget to test the waters. Start by talking to potential customers, industry experts, and anyone who might offer feedback. Do they see value in your product or service?
Does your target market align with your assumptions? This is your chance to refine your idea before you go all-in on the launch.
How Do You Move from Planning to Action?
Now that we’ve covered the big first step, let’s look at what you need to do after you’ve validated your business idea. This is where the rubber meets the road, my friend.
Step 1: Register Your Business
So, you’ve validated your idea and are ready to move forward. The next action on the checklist? Register your business. This includes picking a business structure (LLC, Corporation, etc.), obtaining any necessary licenses or permits, and making it all official.
Without this, you’re not just a business in the eyes of the law—you’re an idea with no framework. It may seem like a small detail, but it’s one of those must-do steps that separates the serious entrepreneurs from the dreamers. Plus, it ensures that your business is legally compliant right from the start.
Step 2: Get Your Finances in Order
No matter how solid your business plan is, your idea won’t go anywhere without funding. Securing financing is a must-do after you’ve finalized your business plan. Whether you’re tapping into personal savings, pitching to investors, or applying for loans, getting money in the bank is essential to building momentum.
The type of funding you go for will depend on your business model, goals, and where you are in the startup phase. But it all boils down to having a financial cushion to cover expenses as you grow your business.
Step 3: Assemble Your Dream Team
Starting a business isn’t a solo mission. Building a strong team is crucial to turning your plan into reality. While you might have the vision, you’ll need others to help with execution. Consider the key players you need to hire or partner with—whether it’s marketing, product development, or operations.
Remember, the first hires you make will help shape the culture and direction of your business. So, choose wisely and make sure everyone shares your passion and vision for the company.
How to Make the Most of Your Business Plan After It’s Created
You’ve made it through the early steps. So, how can you continue making the most of your business plan? Think of it as your roadmap—not a static document, but something that evolves with your business.
Regularly Review and Revise Your Plan
Your business plan isn’t set in stone. As you move forward, you’ll encounter new challenges, opportunities, and insights. Every quarter, go back and review your plan. Is your business still on track to hit the goals you’ve set? Are the market conditions changing in a way you didn’t anticipate? Adapt your plan accordingly. This ensures that your plan stays relevant, even as the business landscape evolves.
Keep Your Focus on Execution
A great business plan won’t get you anywhere if you’re not executing it. After creating your plan, it’s time to start ticking off those action items. Break your big goals into manageable steps, prioritize them, and start working through the to-do list. The plan can sit on the shelf gathering dust, but execution? That’s where the magic happens.
FAQ
Q1: How do I know if my business idea is viable after writing the business plan?
Great question! A good way to validate your idea is by speaking directly to potential customers or experts in your industry. If people express interest in what you’re offering, or better yet, put money down for it, then you know you’re on the right track. Don’t forget to also test your assumptions through market research.
Q2: Can I start my business without a full business plan?
Technically, yes, but you’re setting yourself up for more stress down the road. A well-crafted business plan gives you a clear roadmap for success and can help you avoid common pitfalls. Plus, if you’re seeking funding or pitching to investors, they’ll want to see a solid plan before putting any money down.
Q3: What’s the best way to secure funding for my business after writing a business plan?
There are several options—bank loans, angel investors, venture capital, or even crowdfunding. The key is to align your funding strategy with your business stage and model.
If you’re just starting out, bootstrapping or small loans might be your best bet. For more scalable ventures, pitching to investors could be the way to go.
Final Scoop Before You Jump In
Starting a business is a wild ride, and that business plan is just your first checkpoint. After you’ve written it, remember that the real work begins. Whether you’re registering your business, securing funding, or assembling your dream team, each step you take brings you closer to turning your vision into reality.
So, here’s my tip for you: don’t rush the process. Take your time with each step, tweak as you go, and always, always stay focused on the end goal. After all, you’re not just building a business—you’re building a legacy. Ready to make it happen? Let’s go!
