by: Eric Sanchez
When starting a business, some entrepreneurs will want to jump right in to the fun stuff completely missing the crucial planning and developmental stage of writing a business plan. It’s like going for a swim, it’s probably not a bad idea to get your feet wet first. Then again, jumping right in might be the quickest way for some to get started on their new venture.
This isn’t anything new in the business and entrepreneurial world. Business plans are essential to the livelihood of any startup but why are they ignored or even forgotten? If I can go back to when I started my company, I would have spent all the time needed to write an effective but simple business plan to help save me some of the headaches in the passed four years. That’s right – effective but simple. It doesn’t take a one-quarter inch thick stack of papers, graphs, or even charts to complete an effective business plan. Though it might make you feel really important after all that research, you’re missing the point of what actually matters in your business plan to begin with. Unrealistic projections and market data take away focus from what’s really important; the people, opportunity, and execution strategy of your new business.
3 Things To Consider When Writing A Business Plan
1. Include the people of your new business. Some investors will invest in a brilliant idea for a product or service, however most investors will invest in people. In your business plan, It’s a good idea to mention the people of your new company. Who are they? What is their purpose in the business? What experience do they have? How well are they connected? These are all important questions to answer on your business plan. Plus, it’s good idea early on to define their roles and purpose within the business.
2. Opportunity is why you started a business to begin with. You saw something that needed improvement, you had a brilliant idea, or you just got tired of making someone else rich. For whatever reason you’re starting a business, the opportunity should be very clear and realistic on your business plan. Don’t confuse optimism with delusion. Be realistic of the opportunity in your business plan and try not to get carried away. What’s risk/reward analysis?
3. Execution of an effective strategy to run and grow your business is the most important thing to consider because it matters most to you – the entrepreneur. What is your pricing structure? How will you market yourself? Where will you advertise? Answering these questions early on when writing your business plan will save you so much time and energy later on.
Many successful entrepreneurs might admit they didn’t start their company with a business plan. Though they might admit to not having one, they will all agree that having a business plan can only help your business succeed. To learn more about Eric Sanchez and his Austin IT Support business visit his website by clicking here .
About The Author
Eric Sanchez is an entrepreneur, and the founder and CEO of ITC; a managed services and IT support company in Austin, Texas. He is dedicated to assisting businesses in achieving maximum potential through eliminating technology interruptions, and implementing new innovative technologies to streamline processes, and improve performance. “I enjoy working closely with executive teams to understand their business and technology needs. I love doing this by surrounding myself with people that have a strong ethical compass and who prefer to help and inspire others as I do.”