What Must An Entrepreneur Do After Creating A Business Plan?

An entrepreneur’s journey begins after the business plan. What must an entrepreneur do after creating a business plan? Execute next.

Congrats on finishing your business plan!

You’ve put so much effort into outlining your vision, understanding your market, and setting your strategy.

It’s a big milestone, and it’s definitely not easy.

So, what’s the next step?

I remember when I finished my first business plan; it felt like reaching the top of a mountain, but then I realized there was another challenge ahead—making it happen.

I was excited and a bit nervous, and if you feel the same, you’re not alone.

The good news is, this next stage is where things really get exciting, especially if you’re looking to get seed funding for your startup.

I’m available to guide you—through the process.

Let’s jump into what you need to do after your business plan to turn your dream into a reality.

Step 1: Make Sure Your Business Plan is Working

Once you have that plan, it is very important to test your ideas to see whether it really holds up. It’s time to check if your assumptions are correct and if there is a solid target market as you think exists. This is an important step to avoid starting a business that would need great changes later in the process.

Ways to Test:

• Connect with Your Potential Customers: Reach out to them and obtain honest responses. You could run a survey or conduct interviews to understand the problems faced by your potential customers. 

 Example: You can share prototypes of an app you are about to launch and ask the users what they think. At times, what’s impressive in theory—doesn’t work out in reality.

• Small Tests: Launch a basic version or soft launches to try things out. 

 Example: A friend of mine opened a bakery by first selling cupcakes at local markets. That allowed her to perfect the recipes and price right before going into a full shop.

• Check Out the Competition: See who is doing well and where others are lacking. Use tools like Google Trends or SEMrush to gauge demand versus competition. 

 Pro Tip: In validation, it is not about proving who is right but rather seeking and fixing problems.

Step 2: Obtain Funding

Getting funds for your business can be quite intimidating; however, think of this as a means of sharing your goals with people who want to see you succeed.

Here’s How You Can Fund Your Business:

• Begin with Your Savings or Profits: Though this may hinder your growth in the initial stages. 

 Example: It was bootstrapped personally, which taught me to focus on what really matters; incredibly helpful later.

• Consider Applying for a Business Loan: Make sure you have a strong business plan ready.
• Pitch to Investors: Compellingly show them that this is a smart investment.
• Crowdfunding Options: Platforms like Kickstarter can raise money for you while building your community around your brand. 

 Quick Tip: Have an elevator pitch ready at all times; you never know when an investor, or anyone that could help with your business, may want to hear it.

Step 3: Officially Establish Your Business

You’re gaining traction, so this is the point when your business needs to be legally set. Getting legally established provides the opportunity for continued success, so be sure to not let your guard down.

Checklist for Legal Setup:

• Business Structure Selection: Choose between being a sole proprietorship, LLC, or corporation. Each has its advantages and disadvantages, and you probably should consult with a lawyer. 

 Tip: This is likened to laying the foundation of your house. It changes everything, from taxes to liability.

• Name Registration: Make sure that the business name is unique and can legally be used. It is recommended to check resources such as the USPTO database.
• Obtain Licenses and Permits: Permits or licenses may be required for your specific industry. 

 Example: If you were to open up a restaurant, you will be required to have food handling permits and maybe even a liquor license.

• Open a Business Bank Account: Separate personal and business finances to avoid problems when it is time to deal with taxes. 

 Keep in Mind: This might not be the most exciting part, but it’s crucial to legally protect your business and position it for future success.

Step 4: Assemble Your Dream Team

No matter how brilliant you are, you can’t do everything yourself. The right team can either make or break your business.

Getting Started:

• Clearly Define Roles: Identify some of the key positions that you will need to fill and their competent requirements. You may require a marketing, sales, or technical person.
• Hire Smart, Not Fast: Don’t rush into anything. Find a person that fits your vision for the company, one that fits in under the culture of your company. Their skill—just as crucial as their personality—is essential.

 Example: A friend of mine rushed to hire a developer for his startup. The developer was brilliant, but their values were off, thus creating a plethora of problems. Moral of that story: take your time in hiring and be quick to let go if necessary.

• Use Freelancers When Appropriate: If some aspects aren’t mission-critical to your business, sites like Upwork.com and Fiverr can be fairly inexpensive solutions.

Step 5: Plan Your Marketing Approach

Your business won’t grow if people do not know about it. Marketing is what takes a good idea and turns it into a brand everyone knows.

Here’s How to Get Started:

• Identify Your Brand: What’s your story? Why are you unique, and why should anyone choose you over others? Develop a brand voice that will resonate with your target audience. 

 Example: I have used storytelling since the first day I started my digital marketing business. It was not about services; it was about my journey from finance to marketing.

• Know Thy Audience: Build very specific profiles of your ideal customers to understand who you’re targeting and where they tend to hang out online.
• Use Online Platforms: 
• Social networking sites like Instagram or LinkedIn. 
• Blog, video, or infographic-like content marketing. 
• Email campaigns to keep prospective customers engaged.
• Measure Success: Use tools like Google Analytics to get a sense of what’s working and refine your strategies.

Step 6: Get Your Daily Business Operations Up and Running

Once you have your plan, funding, and marketing on the go, you need to set up the systems that keep your business ticking over smoothly every day.

Key Areas of Emphasis:

• Technology: Use any tools that would make everything easier. This could also mean Trello to see where your team members are in their respective tasks, or QuickBooks for managing your accounting.
• Processes: Document your processes to ensure things are kept to a standard, especially as your staff will be growing.
• Customer Experience: Build systems to let customers have an easy time interacting with you, be it a simple website, speedy shipping, or fantastic customer service. 

 Think of this stage as building car engines. It might not be the most exciting part, but it’s what keeps everything running smoothly.

Step 7: Stay Adaptable and Keep Learning

Here’s something I’ve learned:

No matter how good your plan is, things will change. And that’s perfectly fine!

Great entrepreneurs are flexible and know how to adjust.

• Keep Seeking Feedback: Listen to customers, employees, and even your competitors. Every bit of feedback can help you improve.
• Keep Learning: Go to workshops, read blogs about your industry, or join groups for entrepreneurs. The journey is ongoing, even after you start executing.

Key Takings

• Writing a business plan was the hard part, but now it’s time to dive in and execute it.
• Remember, success isn’t instant, and it requires hard work.
• Focus on one thing at a time.
• Make sure your ideas work, find your funding, and assemble a great team.
• Don’t be afraid to change things up if they’re not working—it’s normal to adjust as you go.

Additional Resources:

• SCORE: Offers free mentoring and business education. Check out their website for details.
• Entrepreneur: Provides articles and resources on starting and growing a business. Visit their website.
• Harvard Business Review: Offers expert opinions and research on business topics. Find insights on their website.