So, you’ve finally put the finishing touches on your business plan. You’re probably asking yourself, “I have a business plan now what?” It’s a common question, and it’s exactly what we’re going to delve into. A business plan is a fantastic starting point, but it’s just that — a starting point. It’s like having a map before a road trip. The roadmap won’t steer the business, the responsibility to navigate lies with you. In this guide, we’ll navigate through the essential steps that come after creating a business plan. We’ll address it all from assembling your team to the nitty-gritty of legal requirements, and even how to keep your focus sharp. So, after creating a business plan what is the next step? Let’s find out.
Did You Know?: Research from Palo Alto Software reveals that having a business plan boosts an entrepreneur’s chances of launching their venture by 250%.
Table of contents
- Assembling Your Dream Team
- Navigating the Legal Maze
- Financing Your Vision
- Setting Up Your Business Operations
- Crafting a Brand Identity
- Marketing: Turning Strategy into Sales
- The Grand Launch: Making a Splash in the Market
- Financial Management: The Lifeline of Your Business
- Staying the Course: Focus and Adaptability
- Frequently Asked Questions
- Conclusion: Your Entrepreneurial Journey Awaits
Assembling Your Dream Team
Alright, you’ve got your business plan in hand, but unless you’re planning to be a one-man-band, you’ll need a team. So, what’s the secret sauce for assembling a dream team? It’s all about balance and delegation. You can’t be everywhere at once, and that’s where your team comes in.
Delegation in Startups
Delegating isn’t just about offloading tasks, it’s about empowering your team. You’ve got to know which roles are pivotal and which tasks can be delegated. For instance, you might want to keep decision-making roles close to your chest while delegating operational tasks.
Pro Tip: Avoid handing off responsibilities that are integral to your company’s fundamental beliefs and objectives. These are tasks you should oversee yourself.
Hiring Essentials: From Web Designers to Financial Experts
When it comes to hiring, think of it as adding new ingredients to a recipe. Each role should complement the other. Need a website? A web designer is your go-to. Confused about taxes and balance sheets? A financial consultant can be a lifesaver.
Remember, an entrepreneur who opens a franchise must also consider roles that are specific to that business model, like franchise managers. So, assemble your team wisely, they’re the ones who will help you turn your business plan into a business reality.
Navigating the Legal Maze
So, you’ve got your dream team lined up. What’s next on the agenda? Ah yes, the legal stuff. It might sound like a snooze fest, but trust me, you don’t want to skimp on this. Getting your legal ducks in a row is crucial for any business, especially for an entrepreneur who opens a franchise.
Business Structures: LLC, Corporation, or Sole Proprietorship?
First things first, you’ve got to decide on a business structure. Each has its own set of rules, tax implications, and paperwork. An LLC is great for small businesses, while a corporation suits larger operations. Sole proprietorship? That’s for the lone wolves out there.
Intellectual Property: Protecting Your Business Assets
Next up is safeguarding your intellectual property. We’re talking about your business name, logo, and any unique products or services you offer. You can protect these through trademarks, copyrights, or patents.
Trademarks, Copyrights, and Patents: What’s the Difference?
Trademarks protect brand names and logos. Copyrights cover original content like your website and marketing materials. Patents? They protect unique inventions or processes for a certain period.
Navigating the legal maze might seem daunting, but it’s all part and parcel of the entrepreneurial journey. And hey, you don’t have to go it alone. Legal advisors are worth their weight in gold when it comes to these matters. So, don’t cut corners, make sure you’re on the right side of the law.
Financing Your Vision
You’ve got a plan, a team, and you’re legally set. Now comes the part that makes many entrepreneurs break into a cold sweat: financing. Money makes the business world go off the ground, and you’ll need it to get your venture off the ground. But don’t fret, there are multiple avenues to explore.
Bootstrapping: The Self-Financing Route
In the corporate realm, bootstrapping refers to self-financing your venture. While it grants you complete autonomy, it also places the entire financial burden on your shoulders.
Pro Tip: For enterprises with minimal initial financial needs, bootstrapping serves as an excellent funding approach. But remember, it also means you’re solely responsible for any financial ups and downs.
External Financing: Loans, Investors, and Grants
If bootstrapping isn’t your cup of tea, or if your business requires more capital than you can afford, external financing is the way to go. You’ve got options like bank loans, angel investors, or even government grants.
How to Pitch to Investors
If you’re going the investor route, your pitch is your golden ticket. It’s not merely the content, but the delivery that counts. Stay succinct, articulate, and emphasize the prospective ROI.
Financing your vision is a pivotal step in your entrepreneurial journey. Whether you’re bootstrapping or seeking external financing, the key is to align your financial strategy with your business plan. After all, a well-executed business plan is your best pitch to potential investors. So, make it count!
Setting Up Your Business Operations
You’ve got the money in the bank, so what’s next? Time to set up shop—literally and figuratively. This is where your business plan starts to take physical shape, and it’s more than just finding a place to hang your hat.
Location, Location, Location
The old adage “location is everything” still holds water. Whether you’re setting up a brick-and-mortar store or an online business, location matters. For physical stores, think foot traffic, accessibility, and competition. For online businesses, your “location” is more about web presence and SEO.
Did You Know?: According to SmallBizGenius, 85% of consumers search for local businesses online.
Inventory and Equipment: The Backbone of Your Business
Once you’ve nailed down the location, you’ll need to think about inventory and equipment. What do you need to run your business smoothly? This could range from product stock to computers, software, and even office furniture.
Setting up your business operations is like setting the stage for a play. Everything needs to be in place for the show to go on. And remember, this is a continuous process. You’ll need to adapt and tweak as you go along, but that’s what makes the entrepreneurial journey so exciting, doesn’t it?
Crafting a Brand Identity
With the foundation laid, consider how you wish to showcase yourself globally. Your brand identity mirrors your enterprise’s character, distinguishing you from the masses and offering a relatable touchpoint for individuals.
Defining Your Brand’s Core Values
What principles guide of your business? What fundamental beliefs shape its essence? These elements are more than mere jargon, they form the cornerstone of your brand’s persona.
Pro Tip: Your fundamental principles ought to resonate not only in your offerings but also in your promotional efforts, client interactions, and organizational ethos
Visual Identity: More Than Just a Logo
A logo is important, but your visual identity is much more than that. It includes your color scheme, typography, and even the style of images you use. All these elements should work together to create a cohesive look and feel.
The Psychology of Colors in Branding
Ever wonder why fast-food logos are often red and yellow? Colors can evoke emotions and even influence behavior. So, choose your color scheme wisely, it’s more important than you might think.
Crafting a brand identity is like painting a picture of your business. Each stroke, each color, adds depth and dimension. And just like a masterpiece, it’s something that evolves over time. Thus, invest your time wisely, perfect it, and observe as it revitalizes your business.
Marketing: Turning Strategy into Sales
You’ve got your team, your legalities sorted, your finances in place, and your brand identity nailed down. Now, how do you get the word out? That’s where marketing comes in. It’s the megaphone that announces your business to the world.
Pre-Launch Marketing Tactics
Before you even open your doors—virtual or otherwise—you should have a pre-launch marketing strategy. This could include social media teasers, email campaigns, or even a soft launch to a select audience.
Did You Know?: According to HubSpot, companies that blog get 55% more web traffic.
Digital Marketing: SEO, Social Media, and Email Marketing
In today’s digital age, online marketing is a must. SEO helps your business show up in search results. Social media allows you to engage with your audience. Email marketing? That’s your direct line to potential customers.
Content Marketing: Blogs, Videos, and Podcasts
Content is king, as they say. Blogs, videos, and podcasts are not just ways to engage your audience, they also establish you as an authority in your field. So, don’t skimp on quality content.
Marketing isn’t just about selling, it’s about building relationships. The focus lies in identifying what your customers require and fulfilling those needs effectively. And remember, marketing is a marathon, not a sprint. It takes time to build momentum, but once you do, there’s no stopping you.
The Grand Launch: Making a Splash in the Market
The stage is set, the curtains are drawn, and it’s time for the grand reveal. Launching your business is a momentous occasion, a culmination of all your hard work and planning. But it’s also just the beginning of your entrepreneurial journey.
Launch Day Logistics
The big day is here, so what’s on the agenda? From your website going live to your physical store’s ribbon-cutting, every detail counts. Make sure your team knows their roles, and double-check everything from inventory to IT systems.
Pro Tip: Consider doing a soft launch before the grand opening. It’s like a dress rehearsal that helps you iron out any kinks.
Post-Launch: Tracking and Tweaking
The confetti has settled, and it’s back to business. Now comes the part where you track how well your launch performed. Look at metrics like website visits, sales, and customer feedback.
Your grand launch is like your business’s debutante ball. It’s your formal introduction to the business world, and you want to make a lasting impression. But remember, it’s not just about that one day, it’s about setting the tone for all the days to come. So make it count!
Financial Management: The Lifeline of Your Business
The launch is done, and hopefully, the cash register is ringing—or your online cart is filling up. Either way, now comes the ongoing task of managing your finances. It’s not the most glamorous part of running a business, but it’s arguably one of the most important.
Budgeting and Expense Tracking
You’ve got money coming in, but you’ve also got money going out. Keeping track of both is essential. Budgeting helps you plan for the future, while expense tracking ensures you don’t run into any nasty surprises.
Did You Know?: Research from U.S. Bank indicates that cash flow issues are the downfall for 82% of unsuccessful businesses.
When and How to Seek Additional Funding
Even if business is booming, there may come a time when you need additional funding. Maybe you’re planning to expand, or perhaps you hit an unexpected snag. Knowing when and how to seek additional funding can be a game-changer.
Managing finances serves as the backbone of your enterprise, ensuring operational continuity and keeping the gears in motion. Regardless of your affinity for numbers, mastering this aspect is non-negotiable. After all, a business that doesn’t manage its finances is like a ship without a compass—you might stay afloat, but you’re not going anywhere fast.
Staying the Course: Focus and Adaptability
You’re up and running, and things are going well. The journey of entrepreneurship more closely resembles a long-distance race rather than a sprint. What strategies do you employ to maintain keen concentration while staying agile in a constantly evolving commercial environment?
Time Management for Entrepreneurs
Time is money, as they say, and for an entrepreneur, this couldn’t be truer. Effective time management is crucial. Whether it’s setting aside time for strategic planning or ensuring you have some downtime, managing your time wisely is key.
Pro Tip: Use tools like time-tracking software or even the good old to-do list to help you manage your time better.
Celebrating Milestones and Learning from Failures
Success isn’t just about the destination, it’s also about the journey. Celebrate the small wins, the milestones that show you’re on the right track. But also, don’t shy away from failures. They’re just stepping stones on your path to success.
Staying the course requires a mix of focus and flexibility. You’ve got to keep your eyes on the prize, but also be willing to adapt and pivot when needed. It’s this balance that will not only keep you moving forward but also help you enjoy the ride. After all, isn’t that what it’s all about?
Frequently Asked Questions
After crafting your business plan, focus on hiring roles that complement your skills and fill gaps in your team. Typical roles include a financial consultant, web designer, marketing expert, and operations manager.
To safeguard your intellectual property, consider trademarks for your brand name and logo, copyrights for original content, and patents for unique inventions or processes.
Funding choices differ depending on your requirements and might include bootstrapping, bank loans, venture capital, or even crowdfunding.
The importance of location varies by industry. For retail, a high-traffic area is ideal. For online businesses, a strong web presence is your “location.”
A strong brand identity is built on core values, a cohesive visual identity, and a consistent brand voice.
Key metrics to track include website traffic, conversion rates, customer acquisition costs, and customer lifetime value.
Staying focused and motivated involves effective time management, setting achievable goals, celebrating milestones, and learning from failures.
Conclusion: Your Entrepreneurial Journey Awaits
You’ve made it to the end of this guide, but let’s be clear: your entrepreneurial journey is just getting started. From the moment you wondered, “I have a business plan now what,” to the steps you’ve taken to assemble a team, navigate legalities, and even launch your business, you’ve been laying the foundation for something great.
The Business Plan is Just Chapter One
Your business plan was the blueprint, the starting point. But a blueprint is useless if you don’t build upon it. So, what must an entrepreneur do after creating a business plan? The answer is simple: start building.
Did You Know?: According to Forbes, 90% of startups fail, but those who succeed often have a strong foundation and the ability to adapt.
The Real Work Begins Now: Are You Ready?
You’ve got the tools, the team, and the tenacity. Now comes the real work: running your business. It’s going to be a rollercoaster, with ups, downs, twists, and turns. But that’s what makes it exciting, right?
Your entrepreneurial journey is a path filled with challenges and opportunities. It’s not for the faint of heart, but for those who stick with it, the rewards can be immense. So, are you ready to take the next step? Your future awaits, and it looks bright.
