Do you need a business plan?
I have often seen people struggling with their business plan. I have a bit unconventional take on the subject. May be, because it has worked well for me till now. So here is what I sugget:
A business plan does help. However a business plan should be proportionate with the size of investment you are making or seeking.
So, if you are starting small and testing the waters, I will suggest you to have a â€œpaper napkin business planâ€. A plan which reminds you of â€“
- Your target audience,Â
- Your product range andÂ
- Highlight the reasons why someone will buy the product / service from you. And, how will you achieve this?
I feel that this can be a mini-strategy document which will help you and these three things must be â€œthought uponâ€ before venturing into anything.
You shall also put down in that paper â€“
- Your cash-flow statement (Expected revenues & expenses â€“ both pessimistically an optimistically). You can use this to verify if you are on the right path or not?
- Your sales pitch! This is very important. If you are not convinced from your own sales pitch, no-one will be! Try to verify your sales pitch with friends you trust and take their feedback.
- Risks to your business and how you will mitigate them.
- Possible sources of acquiring business and how you want to prioritize and execute them.
- Possible sources of funds, if you really need them at one point of time.
- Some time bound goals!
Thatâ€™s it! Â
I think one can kick start a business from this â€œpaper napkin business planâ€. You can comfortably make it while you chew upon your favorite sandwich in the coffee shop.
Best of luck with your venture!
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