Business Plans aren’t just a formality – and here’s why

Every great company starts with a great business plan.

It’s easy to get swept up in the excitement of starting a business, but instead of diving right into the work, smart entrepreneurs take a moment to map out the future and define the path to success.

So take a breath and hear-out how other entrepreneurs have navigated the planning stage – from market research to budgeting to setting up your first office. It’s all covered in the videos below.

And yes, once the ink has dried on your new business plan, we give you full permission to dive back into the fun part.
Is there demand for your product?

Before launching your small business, it’s important to research the market and determine the value of your offerings.

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Knowing the cost of your business

Your business plan can help you project how much money you’ll make, and how much money you’ll need to get there.

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Knowing when to expand

Your business needs to grow, but make sure you’ve mastered your core competencies.

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Dreaming big

The end-state of a business isn’t in sale – challenge your business to change the world.

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Building your business plan

Identify a problem in the world and create the best way to solve it.

Choosing your HQ location

Setting up shop in a smaller city can help you avoid distractions and focus on your business.

Staying flexible

Be ready to adapt and change direction if your initial idea doesn’t work out the way you hoped.

How much should you be planning?

Young businesses can change at any time. Embrace change and don’t stress the planning.
Separating budgeting from forecasting

Budgeting and forecasting each have unique places within your financial plan. Make sure you’re doing both.

Planning your workspace

Strive to create an environment that gives employees the perfect balance of space and closeness.

Understanding your industry

A great business plan needs to include a solution to a very real problem, so spend some time figuring out what that problem is.

Putting it in writing

When you write out your business plan, you’re forced to focus on what really matters and define success.

Being purpose-driven

Don’t lose sight of who you are. Focus on the problem your business is solving and stay true to that purpose.