Don't Spend Too Much Time PlanningYes, planning is good; it helps you understand your market, your potential customers, suppliers, vendors, market expectations, pricing, etc. However, don't get too stuck on building a perfect business plan. Unless you'll be applying for bank loans or soliciting investors where you will need a formal business plan, you don't want to spend too much time on this stage as things will change when you're executing.
What You Should Do InsteadThe only essential tool you'll need is to understand with clarity where you want your business to be in five years. Action step: Write down your goal, then describe how your company will look in detail. Now, staple this single sheet to the wall of your desk. (You'll have a better understanding of your goal if you've answered the question in Step 1: What makes you tick?) Once you have can see your goal sheet everyday, you're ready. Go out and reach it. That, we've found, is the absolute best business plan.
The BenefitsBy writing a single-sheet business plan (a.k.a 5-year business goal), you won't need to worry about finding money, a great idea, technology equipment, or employees during this initial stage. By focusing solely on your 5-year goal, you'll be filling in the gaps as you go (e.g. buying needed equipment, hiring employees, etc.). This helps you save your funds until you only need it to reach your 5-year goal.
Posted on February 18