The short answer… No
The long answer… In the past, aspiring business owners would slave over drafting a comprehensive business plan before opening the doors of their business. However, in today’s business environment, things change daily. When I work with clients, we work on the business plan while taking steps toward starting the business. My reasoning:
- How you envision the business is not always how the business functions. I cannot count how many clients had a vision of how their business would look and after one month, realized they wanted to go in a different direction. Imagine if we had created a full document based on something that would only last one month.
- Who you envision being your target customers are not always the people who end up supporting your business. We often think everyone will want to buy what we are selling only to realize that our primary and secondary target markets can be different groups than we imagined.
- You need an accurate account of how much the business will cost. During the first ninety days, you will get a good idea of the expenses that the business will incur to generate sales. Although you may have to defer some of the expenses until you start generating more revenue, this period will help you develop a realistic business budget and cash flow statement for the business plan.
What to discuss writing a business plan while you start your business? Email me at info@WomackCG.com for a complimentary consultation.