Starting a business can be a scary, exciting, crazy mess, with most emphasis on “scary”. I was lucky enough to have great people surrounding me, giving me encouragement to start Point Brake. I was even more lucky to have people that knew a thing or two about starting a business, as they had gone through the process themselves. Not everyone is so lucky, I realize this. So, here I will be recounting the things that made my first year a success–and also the things that I should have done differently.
The First Step In Starting A Business: Have a Plan
If you don’t have a plan for what you’re going to do and how you’re going to do it, you are setting yourself up to fail. A Business Plan is the first thing that any investor or bank will ask for before giving you funding. And, even if you aren’t going to seek any funding, you still need to know where you want to go in order to know how to get there.
When I first wrote my own business plan, I used BPlans.com. To say the least, I was quite overwhelmed when I saw the length and detail of the examples there. However, had I not gone through the process of writing my own 33-page plan, I would not have been nearly as prepared for what lied ahead for me as a new business owner. It posed questions that I had never considered, and quite possibly never would have known to consider. There is also software that you can buy to help you in this process, such as Business PlanMaker Professional from Office Depot.
Scrap The Plan
Unless you have a crystal ball, your business plan will change. Your target market, financial situation, or even your purpose of business will evolve. Though having a business plan (regardless of what form it comes in) is the most important thing, you need to be prepared to learn from your experiences and adapt accordingly. So, after you write your business plan, don’t look at it for a while. Instead, let your passions and experiences guide you. Listen to what yourself and others say about your company, and continually ask yourself questions that will make you think. Here are ten questions to ask yourself every month that will help you better understand what adjustments you will need to make to your business plan the following year.
Revise and Refocus
Business plans should be revised as often as necessary. It may take you years to fully refine your focus, and that’s okay. The important thing is that you understand that your business will continually evolve, and that you are open to any change that may come. The world is constantly changing, and thus any business that wants to succeed must be so as well.
More To Come
Here we’ve covered the most important thing of starting a business (having a plan), and also the importance of expecting that plan to change. There are many other topics to be covered about starting a business. Next in line to be discussed is the people that will help your business evolve and be successful.