Business Plan : Things that matter the most
A business plan is VERY important when you are planning to startup. Apart from it providing direction, attracting investors or helping forecast things, it will act as a guide to help you know the things you have to do and also keep a track of them. With my very recent venture of starting a business and the fact that more and more passionate entrepreneurs are starting up after the lock down due to COVID-19, I thought of sharing my experience through this blog hoping it can help someone in anyway possible.
1. Make it as 'practical' as you can :
Writing down a business plan can be an overwhelming process, you would want it to reflect all your fantasised projections and margins etc.
That’s a huge mistake.
The chance that all your expectations will be fulfilled are nil. It might be disheartening but shouldn’t shadow your passion to make your dreams happen. What I’ve experienced is that as much as a pre-prepared business plan is important, the one you make every morning will work best.
“If you don’t know where you are going, you will end up some place else.”
-Yogi Berra
2. People will have different opinions about your business plan.
Believe me everybody has an entrepreneurial fire in them, so when you discuss a business with them they start imagining how they would do it and that might not be the same as you wish to do. That’s alright. But it is important to get a feedback on your plan and since it is a subjective matter inputs from people will be different. Not everybody will like it, but if you have convinced a few(important ones), You are good to go !
3. Never blindly accept an advice
Although it’s great to seek advice from people who have already trodden the road, know how and where you stand, access the advice and only go for it if it makes you feel right. When it comes to money, don’t spend a rupee until you are absolutely sure. (very unlikely !)
Spending money can get almost everything done, but if you are a bootstrapped start-up, spending wisely becomes utmost priority.. If someone says something would require Rs. 10,000 to get it done, odds are you can figure out a way to get it done for Rs. 2000 ! Internet is a boon and google and youtube have probably everything you looking for.
4. Enjoy and appreciate the process.
You are parallelly living the business while you write your business plan. So its like a journey from the first draft to revisions and arriving at the final plan, it’s a valuable experience, appreciate it.
To expect the business plan to pan out exactly as you have finalised is being naive. Everyone is unique and so would be their approach to a business. You can learn from others mistakes and stories but you will only know best from your own experience. ALL THE BEST !