Before I started this entrepreneurial journey, I knew that is was very important to formulate a Business Plan first. Why is it important to formulate a Business Plan you might ask? Well, because it will help you to stay on track and avoid the pitfalls of being impatient. Your Business Plan is a well thought out, detailed, clear, and concisely calculated plan that considers everything you thought about from soup to nuts concerning your business/start-up. I mean everything you've studied or counted the cost on, and a daily, if not weekly to the monthly plan of execution. Some Business Plans are simple and others are complex. I guess it all depends on the size and scope of the vision. Nevertheless, I say again, the Business Plan is very important and should be the first thing accomplished before executing any move to go forward.
Yes, although I knew it was important to have the Business Plan completed first. I still procrastinated and thought I could work around the vision and get to plan to later. Bad idea, because you are liable to miss key steps in the process. For instance, I registered and got my Business License but forgot that I was required to also obtain a State Retail License. I missed a vital step in the process because I didn't have it documented in a well thought out plan. This may not sound like it was a very big deal to you right now, but I can assure you, with the traffic, waiting in line, COVID-19 Protocol, and the drama that goes with it. I began to sit down and formulate my plan like I should have done it the first place.
I'm no Guru, Biz Wiz, or Shark like Daymond John, but I do understand the value of having a well-thought-out plan with the hard and soft numbers that affect my bottom line now! Also, there's a lot of help out there as well, but be mindful of the cost and bounce it off your Business Plan so you don't blow your budget out the water. What I'm saying may not be big news to anyone, but Data from the Bureau of Labor Statistics (BLS) shows: Approximately 20% of new businesses fail during the first 2 years, 45% during the first 5years, and 65% during the first 10 years. Only 25% of new businesses make it to 15 years or more... When I read this, it hit different but I remembered that an Entrepreneur is a risk-taker and these kinds of stats definitely drove the definition home.
So, now whether a great plan or not, I have a daily guideline to follow and update according to my budget. After all, if it's all about that Bottom-Line, then it's gotta be all in that plan, the business plan that is! ~ Harry Thomas Sr. - Team 35P@RK