The importance of planning cannot be understated in attempting to start your first entrepreneurial journey.
So great, you get to be in charge of your own destiny. Every day suddenly is different with new opportunities to explore.
But while all that sounds exciting and new, there are some key points to consider and act upon to give your new venture a chance to succeed.
First, step back and identify if you are passionate about your new venture idea.
For example, a photographer may be passionate about colour, light and capturing moments on film.
An entire day with camera in hand does not seem like work at all. It feels, for that photographer, life-fulfilling.
Photography is a passion that will get you up at 5 a.m. or give you the energy to work late and on weekends.
One of the world’s leading authorities on business and success, suggests that to be successful, we must work longer and harder and perhaps practice the 40 plus formula—40 hours per week for survival and everything over 40 hours is toward your success.
Can you handle that theory?
Simply put, if you have chosen to move forward with a business idea that ignites your inner flame, then you are on the right business track.
So, let’s get a bit more specific. An important question that aspiring entrepreneurs need to address is the necessity to prepare a formal business plan.
While a new entrepreneur may be challenged for time while a new startup is in development, there are many reasons why this step should be priority for your time.
A thorough business plan can provide the necessary direction for a new venture’s path to success.
A business plan provides a structure, a roadmap as I like to call it, to the entrepreneurs thinking process, making certain the most important determinants for their entrepreneurial success have been identified.
It also helps focus on the future once the business is opened and how to deal with competition in the marketplace moving forward.
And a business plan aspect to me that is critically important, a business plan will aid the communication of the essentials of the entrepreneurial venture not only to potential investors but also employees, suppliers and clients.
A carefully crafted business plan can be used to elicit the reactions and recommendations of others to aid and inspire you to greatness along the path to success for your entrepreneurial dream machine, so take advantage of the assistance a business plan can offer.
Yes, I have met many successful entrepreneurs over the years who did not originate their entrepreneurial journey with a business plan and achieved phenomenal success.
But even they recognized at some point the need for a business plan to think out their company’s present and future direction, for success is ultimately geared to proper and effective planning.
The editors of Profit magazine once made this statement in support of drawing up a business plan: “You won’t get everything right the first time around, but the very act of planning—knowing your products and services and analyzing your markets—will help you anticipate problems and opportunities and see you through the rough times that may lie ahead.”
There is a strong assertion within the world of entrepreneurship today that business planning is a worthwhile activity, an important part of fundamental new venture creation and effective management in increasing the aim of profitability.
While writing the business plan, you may uncover new information about your potential customers that may lead to a new product or service.
This realization in the business plan development process is not uncommon. You will also learn very important information about the apparent trends in your industry area.
You can Google business plan templates on Google search and be overwhelmed with 1,290,000 options.
If you don’t want to sort through all that, attend a workshop to learn how to get started on a business plan.
Other resources are available from Community Futures, Women’s Enterprise Centre, Business Development Bank and our own Okanagan Valley Entrepreneurs Society (OVeSociety.org).
As well, most chartered banks have documented information to assist you as well as the local chambers of commerce and the Central Okanagan Economic Development Commission.
So let’s get to it budding Okanagan entrepreneurs: Banks, investors, customers and even your family will love you to pieces if you can present a business plan that offers a pathway for your entrepreneurial spirit to follow.