Excited to become an entrepreneur?
It’s easy to rush in and just start a business without proper planning. But that’s an approach that could end up wasting your valuable time and money. It’s not necessarily that your ideas are bad. Instead the culprit is often a lack of proper planning. You are essentially failing before you even begin.
Don’t lose time that should be focused on growing your business and catering to clients, to defining and re-defining your business model, marketing plan, and identifying the right clients. With proper planning right from the start, and the outline of a feasibility plan, you can see major growth right out of the gate.
So where do you start?
If you’re not at the point where you’re ready to sit down and crank out a full business plan, start with a simple feasibility plan to establish a product market fit; that helps you realize you can really make money.
A feasibility plan helps determine whether your business idea is likely to succeed. It allows you to flush through your business concept to determine its viability before spending a lot of time, resources and money on something that might not pan out. Essentially, it’s your big picture!
Key things to outline on your feasibility plan:
- Define your business
- Identify your target audience
- Craft your marketing plan
- Firm up a sales plan
- Create profit & loss (P&L) projections
- Determine your break-even point
- Establish a legal entity and applicable licensing
After you’ve compiled your feasibility plan, and once you recognize your business concept is viable, elaborate on the above points above and you have a working and basic structure of your business plan.