You don't even have a business plan? Why not? Let's make today your day to get that business plan kick started.
I will fully admit, I didn't think through the whole starting a business thing when I decided to open up my Etsy shop in May. I simply dove into the environment because I had a few things I wanted to get off my hands and thought that Etsy was a great low risk method to sell the items I had available. I quickly realized that this was something I really wanted to grab onto and try to build into a true business.
Once I made this epiphany I began researching what I needed to create a successful business. The number one thing on my list was to develop a business plan. Why you ask? The business plan is a living document that you need to use to plan how your business is going to run. Many people avoid the business plan like the plague, or even worse, they put in the time and effort to write one, but then never look at it again.
Don't let this happen to you! As your business grows and therefore you business plan changes and adapts, it will really become a strategic plan for your business. In my research I saw many templates for business plans, some were more helpful than others. For me, thinking of my business plan more of the strategic plan on how I am going to grow and expand my business not just a check box type plan that will sit and collect dust.
I'm now in my seven month of operation, I decided a business plan/strategic review is necessary for my own benefit. At the on-set a frequent review of this document is most prudent. Continuous pulse checks to make sure you are not completely off the band wagon of your initial vision is important in a young business. Once you are more established, the frequency of your reviews is less.
What did I learn from reviewing my business plan? Stop back next week to see my self analysis!
Until then, where do you land on the business plan spectrum? Do you have one? Is it helpful? Do you review it?