The secret to writing a good business plan is that there is no secret to writing a good business plan. Writing a solid, actionable business plan requires research, planning and execution just like any other small business undertaking.
Business plan = business model + business opportunity
Business plans begin with a business model, which are two very distinct things. A business plan is really just the written execution of a good business model. Find out why a business model is important here.
Of course, business models begin with an amazing business opportunity – which is different from an amazing business idea – don’t get this former professor started! Soon-to-be entrepreneurs find they have a lot to learn about opportunity identification, crafting a business model, writing a knock ’em out of the park business plan and then executing the plan – all while being flexible to respond to changing market dynamics.
Ninety percent of a business plan won’t help you
When I was developing the business concept for GoForth Institute – researching market size, polling small business owners, discovering its market potential – I got to the stage where I had proven the size of the business opportunity and the likely success of an online education program for entrepreneurs. So I stopped writing the business plan and just launched the company.
Typical entrepreneur. Because we had no written strategic marketing, financial, HR or operations plan, we experienced levels of stress that a completed business plan could have prevented. I did complete the business plan, but not until after we launched. Entrepreneurship is an ever-evolving beast, so being as prepared as humanly possible isn’t just a bonus – it’s a necessity.
Need more help? Get your free downloadable one-page business plan outline and a great business plan template on our website.