No matter what stage of business ownership you are in, you need to have a business plan that you can actually follow. If you are unfamiliar with what makes having a business plan so vital for your success, this is the episode for you. Today, host May explains what a business plan is, why you need one, and how to create one that is simple and that can evolve, change, and grow alongside your business.
A business plan is like a GPS. It acts as a guide that you can follow to reach your goals. Since your goals are going to be ever changing and your plans will need to adjust depending on market conditions and personal growth evolution, you will need to revisit and revise your plan throughout the year. Don’t worry about making it perfect, because it will always be changing and growing as your business does. A lot of entrepreneurs make the mistake of overcomplicating their business plan and making it too hard to stick with. Instead of writing a complicated twenty page plan, keep it simple. A successful business plan needs only a handful of key things; your vision, your mission, and the specific service you wish to provide, who will want and need that service, how to market do this group of people and how much to charge for your services.
One of the most exciting parts about having your own business is that you have the flexibility to tweak and change anything you want as you go. Instead of getting hung up on trying to have everything perfect right from the start, remember that you can adjust your plan whenever you want to. Start off with a simple, easy to follow plan and you will be on your way to achieving your goals.
Quotes
• “Every single business, especially when they’re starting their business, needs to have a business plan. A business plan is like a North Star. It’s like your GPS. Your business plan is the GPS for your business.” (2:02 | May)
• “The business plan should be very simple and easy to follow, and easy to create.” (4:17 | May)
• “If you want to know the truth about owning a business, you’re constantly flying the plane while tweaking your engine at the same time.” (5:36 | May)
• “That’s the beauty of owning your business, being a business owner that has the flexibility to twist and turn to make changes without going through all the bureaucracy. That’s the fun of having a business that is constantly evolving.” (21:47 | May)
Links
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