Just dive in.
Before diving in head first into water that may only be a few feet deep, take a step back and make a plan. I’ve developed a process for this business planning activity that I think works very well. It will save you time and help you define the probability of profit quickly. You can then tweak your model until you like the outcome or dump the whole idea if it turns out not to be viable. The process is this:
Market Analysis
- Competition
- Customer
- SWOT
Marketing Plan
Viability Testing
Once you finish with your viability testing iterations, you can move on to identifying and determining some of the more mechanical processes of starting a business such as entity type, location, identification of partners (banks, insurance agents, accountant, attorney and of course consultant). Only then should you start writing the plan. If you do all the research and planning, writing the plan will be a snap. The only question will be how much detail you include.
For more information about the business planning and start-up process, get my new book,Business Start-up 101, From Great Idea to Profit…Quick! It’s coming out in September, but you can pre-order your copy here .
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