what must an entrepreneur do after creating a business plan

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What Must an Entrepreneur Do After Creating a Business Plan?

• October 5, 2022 May 1, 2024

Many successful entrepreneurs started with a solid business plan detailing factors of their business such as marketing, funding, legal considerations, and operations. But then what must an entrepreneur do to turn their vision into reality?

What’s Included in a Business Plan?

A business plan is a formal document that justifies the idea with research, defines the steps to starting the business, and details the growth and management of the business after launch. A strong business plan typically includes:

• Executive Summary and Company Description: Key terms and summary of the business and its goals.
• Market Research and Analysis: The findings of market research and projection of success in the target market.
• Marketing and Sales: A strategy to optimize the business for the market, based on market research analysis: Who is the target audience? What products and strategies should be the focus for sales? The likely includes the go-to-market strategy for pre-launch and launch as well as sales operations and infrastructure.
• Organization and Management: A plan for the organization of departments and management, as well as the number of employees needed. Includes budgeting for salaries and benefits, as applicable.
• Financial Projections and Funding Requests: The projected revenue of the company versus costs, as well as any plans for necessary funding like investments.

What Are the Steps to Take After the Business Plan?

1. Build the Initial Team

Few entrepreneurs can manage every aspect of a new business alone. They should focus on what they can do well and delegate other tasks to a strong team. For example, that might mean hiring a web designer or financial consultant.

2. File Necessary Legal Documents

To legally protect a business and make sure taxes are in order, it’s necessary to file proper forms with the IRS and other applicable governing bodies. Some business owners may choose to form a limited liability company (LLC) , while others may incorporate their business. Choosing the right business structure requires quite a bit of thought and should be completed in the business plan.

3. Protect Intellectual Property

Without proper legal protection, business owners have no formal recourse if someone else uses their designs or branding. Understanding the differences between trademarking, copyrighting , and patenting is critical, as each protects different types of intellectual property . For example, trademarking can protect branding assets, copyrighting can protect creative content such as books, and patents can protect product design. Ideally, this step would be completed prior to any launch.

4. Advertising and Marketing

Part of the business plan is a go-to-market strategy, which includes pre-launch, launch, and, often, post-launch marketing plans. Once the business is legally established and the initial intellectual property has been protected, it’s time to implement the pre-launch marketing. This may include social media marketing, the establishment of a blog, or more traditional print marketing such as fliers. The goal? Get the word out to your prospective customers so they can buy at launch.

5. Official Business Launch

This is an exciting time for any entrepreneur—the moment their hard work takes center stage and their product goes public for purchase. Ideally, the necessary production and marketing stay on the launch schedule established in the business plan. Many business owners start tracking marketing and sales data immediately so they can pivot quickly if something isn’t working properly.

6. Review Business Performance and Progress

Many business owners benefit from frequent reviews of their sales and marketing data. For a younger business, it’s common to conduct monthly or quarterly reviews to adjust quickly. As the business matures, frequency may decrease to annual reviews with smaller quarterly reports. Either way, setting goals and metrics based on the business plan keeps a business on track and focused.

The Next Step: Scaling the Business

With the initial business plan implemented successfully, business owners often ask themselves what comes next. Plans for growth and scaling the business may have been outlined in the initial plan, but have the plans changed? Possibly, which is why consistently measuring performance and aligning goals is critical.

Often, the end of the initial business plan is just the beginning of an entrepreneur’s journey. Understanding how to legally protect the business you’re building is key to keeping momentum and stability as you grow from launch to scaling.

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• I’m an Entrepreneur, and I Have a Business Plan: Now What?

Creating a business plan is crucial for anyone wishing to start a business. For an entrepreneur, the business plan is the first major hurdle to clear. But the job isn’t finished once the business plan is complete. It’s not uncommon for entrepreneurs to say to themselves, “I have a business plan; now what?”

So, what must an entrepreneur do after creating a business plan? If you’re uncertain about the next steps in starting a business, this entrepreneur planning guide is for you.

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Entrepreneur Business Plan Overview

First, let’s briefly review what should be included in a business plan. Read our guide to  writing a business plan for a more detailed breakdown of this document. The fundamental elements to include in a business plan include:

• Summary of the company’s structures and goals
• Market research, customer profiles, etc.
• Marketing strategies
• Financial overview and budget

The business plan should serve as the roadmap to keep you and your company focused daily. But knowing which steps to take after writing the business plan is also crucial. Here are some of the most important things to do after creating your business plan.

What Must an Entrepreneur Do After Creating a Business Plan

File any necessary legal documents.

Let’s start with the basic housekeeping tasks. Filing all necessary legal documents (business license, any  trademarks , contracts, etc.) is a prudent thing to do once your business plan is complete. This step formalizes your business structure and protects any products or brand images.

Identifying your business structure (LLC, corporation, etc.) should be part of your business plan. However, filing the necessary paperwork to classify your business accordingly is often the first step afterward.

Conduct more market research

Your business plan should include some market research and  initial marketing strategies . But the market, and your competitors, don’t stop changing the instant your business plan is complete.

One of the essential steps to set your business up for success is to continue conducting market research at all times. This enables you to stay on top of the latest trends and identify the strengths and weaknesses of your competitors. Doing this can help you find your niche or strengthen your areas of weakness.

Conducting additional research is also crucial for the evolution and growth of your brand. You will need more research to devise your post-launch marketing plan and advertising campaigns.

Fill out your team

You may have had a few critical positions within the company filled while writing your business plan. But there are likely other roles that need to be filled. Identify which areas require the most help, then search for the ideal candidates to fill those roles .

Assembling a team with diverse perspectives and backgrounds can be very helpful. If you are not experienced with any aspects of running your business, hiring experienced team members in those positions is also a good idea. This allows you to focus on your strengths while receiving guidance from those who have done it before.

Produce marketing content

Your business plan should outline branding and marketing strategies. Once that step is out of the way, it’s time to execute those strategies. Ecommerce has drastically changed how companies reach and connect with their target audiences.

Traditional marketing streams are far from the only options these days. Modern companies can use social media to interact with customers directly. Content marketing and SEO are also great ways to attract organic traffic to your website.

Whatever your marketing plan is, focusing on  creating engaging content for your brand is an excellent thing to focus on after creating your business plan. This keeps you focused and engaged while actively helping to grow the business early on.

Relationships and connections with other professionals will be a big part of your company’s success. It’s never too soon to  get into the networking habit to build new relationships and encounter new ideas.

Connecting with partners like retailers, distributors, and manufacturers can also build trust, which will be crucial later on. Networking is simply a good habit to get into for entrepreneurs.

Gather tools

Do you have everything you need to run your business successfully? The answer to that question is usually “no.” Once your business plan is complete, you should take some time to identify all the tools and resources you’ll need. This could be anything from marketing analytics and  website-building tools to basic office supplies and business cards.

On the technical side, one of the most essential tools you can choose from is your ecommerce platform . An ecommerce platform can help you build your online store, manage your business, and facilitate good customer relationships . For ecommerce entrepreneurs, ecommerce platforms are a central hub for everything related to your business.

Launch your business

The most significant step to take after creating a business plan is launching your business. Having a good launch day checklist is vital. But every entrepreneur should have a clear launch schedule and work hard to stick to it. This is the most exciting day for any entrepreneur, as it’s the first opportunity to put ideas into practice.

While launch day can be a day of celebration, it’s also the beginning of a long journey. This is your first chance to begin assessing your business plan and make necessary adjustments.

Continue to refine marketing plans, merchandising, etc.

As mentioned, launching your business is the first step in a long, difficult progress. Creating a business plan and launching a business is hard work. But running your business successfully is even more demanding. Remember that this long process requires focus, concentration, and consistency.

Stay focused on your company’s goals while assessing the market and your strengths and weaknesses. All of your entrepreneur planning steps should have prepared you for a successful launch. But maintaining success requires careful execution of your business strategies.

Want to Reach Customers Online?

Need help to create a website for your business and reach customers online? Ecwid can help. Ecwid is an accessible, easy-to-use ecommerce platform built to empower entrepreneurs in the ecommerce marketplace. Get started today!

Ready to become an ecommerce entrepreneur? Ecwid makes selling online easy for new and serial entrepreneurs alike. Learn more

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About the author

Max has been working in the ecommerce industry for the last six years helping brands to establish and level-up content marketing and SEO. Despite that, he has experience with entrepreneurship. He is a fiction writer in his free time.

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What Must An Entrepreneur Do After Creating a Business Plan

What Are the Steps to Take After the Business Plan?

Evaluate and refine the business plan:, establish clear objectives and milestones:, allocate resources effectively:, finish your business plan today, build a competent team:, develop a robust marketing strategy:, monitor and adjust financial plans:, cultivate a culture of innovation:, establish strong partnerships and networks:, embrace technology and automation:, seek feedback and adapt:.

In conclusion, the creation of a business plan marks the beginning of an entrepreneurial journey. However, the success of a business depends on the effective execution and implementation of the plan. By evaluating and refining the business plan, setting clear objectives, allocating resources effectively, building a competent team, and embracing innovation and technology, entrepreneurs can position their businesses for sustainable growth and success in the dynamic and competitive business landscape. It is the continued commitment to these actions that sets the foundation for a thriving and resilient business.  

How to Finish Your Business Plan in 1 Day!

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What Must an Entrepreneur Do After Creating a Business Plan?

Surabhi Guleria

• June 4, 2023

Creating a business plan is an essential step in the process of starting a new business . A business plan serves as a roadmap that outlines the goals, strategies, and financial projections for the business.

However, it’s important to remember that creating a business plan is just the beginning of the journey. Once the plan is in place, entrepreneurs must take action to turn their vision into a reality.

After creating a business plan, entrepreneurs must focus on taking the necessary steps to launch and grow their businesses. This involves securing funding, choosing a business structure, obtaining necessary licenses and permits, building a team , establishing a brand , launching the business, and monitoring and adjusting as necessary.

Each of these steps is critical to the success of the business, and it’s essential for entrepreneurs to approach each one with care and attention to detail.

In this article, we will explore the key steps that entrepreneurs must take after creating a business plan to set themselves up for success. We will examine each step in detail, providing practical tips and advice for entrepreneurs looking to turn their business dreams into reality.

Whether you are a seasoned entrepreneur or a first-time business owner, the information in this article will help you navigate the challenges and opportunities that come with launching and growing a successful business . Here are the things an entrepreneur must do after creating a business plan.

Secure Funding

One of the first things an entrepreneur must do after creating a business plan is to secure funding. Whether you plan to self-fund your business or seek outside investors, you will need to have the necessary capital to get your business off the ground. This may involve seeking out loans , grants , or other forms of financing.

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Choose a Business Structure

Once you have secured funding, you will need to choose a business structure. This may involve registering your business as a sole proprietorship , partnership, corporation, or LLC. Each structure has its own advantages and disadvantages, so it’s important to do your research and choose the structure that best fits your needs.

Obtain Necessary Licenses and Permits

Depending on the type of business you plan to start, you may need to obtain various licenses and permits to operate legally. This may include a business license, tax ID number, zoning permit, health permit, and more. Be sure to research the specific requirements for your industry and location to ensure that you are compliant with all regulations.

Build a Team

Building a strong team is essential to the success of any business. As an entrepreneur, you will need to identify the key roles and responsibilities necessary for your business and start hiring the right people to fill them. This may involve recruiting employees , contractors, or freelancers. Be sure to create a strong company culture and offer competitive compensation to attract top talent.

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Establish your brand.

Your brand is the face of your business and plays a crucial role in attracting and retaining customers. After creating a business plan, you will need to start building your brand by creating a logo, developing a brand voice, and establishing a strong online and offline presence. This may involve creating a website, social media accounts , and other marketing materials to promote your business.

Launch Your Business

Once you have secured funding, chosen a business structure, obtained necessary licenses and permits, built a team, and established your brand, it’s time to launch your business. This may involve a soft launch to test your products or services, followed by a grand opening or launch event to generate buzz and attract customers.

Monitor and Adjust

After launching your business, it’s important to monitor your progress and make adjustments as necessary. This may involve tracking sales data , customer feedback , and other metrics to identify areas for improvement. Be prepared to pivot your strategy and make changes as needed to keep your business on track.

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Creating a business plan is just the first step in starting a new business. After the plan is in place, entrepreneurs must take action to turn their vision into a reality.

This may involve securing funding, choosing a business structure, obtaining necessary licenses and permits, building a team, establishing a brand, launching the business, and monitoring and adjusting as necessary. By following these steps, entrepreneurs can set themselves up for success and turn their business dreams into reality.

Frequently Asked Questions(FAQs)

How long does it take to launch a new business after creating a business plan.

The timeline for launching a new business can vary widely depending on the industry, location, and other factors. Some businesses may be able to launch within a few months, while others may take a year or more to fully launch.

How can entrepreneurs attract investors after creating a business plan?

To attract investors, entrepreneurs should have a clear and detailed business plan that outlines the potential of the business and its financial projections. They should also be prepared to pitch their business idea to potential investors and explain why their business is unique and has the potential for success.

What are some common mistakes entrepreneurs make after creating a business plan?

Some common mistakes include not doing enough market research, underestimating the amount of funding needed, not having a clear marketing strategy, and not establishing a strong team. It’s important for entrepreneurs to thoroughly research their industry and market, create realistic financial projections, and surround themselves with a team of talented and dedicated individuals.

Is it necessary to obtain professional help after creating a business plan?

While it’s not necessary to obtain professional help, it can be beneficial for entrepreneurs to seek out advice from experienced professionals such as business coaches, lawyers, and accountants. These individuals can offer valuable insights and guidance on various aspects of starting and running a business.

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What Must an Entrepreneur Do After Creating a Business Plan?

Team Kolleqtive

Congratulations! You’ve taken the monumental first step in your entrepreneurial journey by crafting a comprehensive business plan. This to-do list represents the culmination of your dreams, strategies, and aspirations. It’s a roadmap to guide you through the labyrinth of the business world. But, as you stand on the precipice of this exciting endeavor, What’s the next chapter for a dynamic entrepreneur like you? What must an entrepreneur do after creating a business plan?

 In this article, we’ll explore the critical steps an entrepreneur must follow to bring that plan to life and turn their vision into a thriving reality.

Table of Contents

The entrepreneur’s roadmap after crafting a business plan.

After creating a business plan, entrepreneurs must execute it, secure funding, acquire resources, file necessary legal documents, engage in advertising and marketing, and continually monitor progress to adapt to changing circumstances. They should also prioritize goals, manage finances, build mental resilience, and celebrate milestones to achieve success.

1- Execute the Plan

Securing Funding : The initial step after creating a business plan is to secure the necessary funding. Your business plan likely outlines the financial resources required to kickstart and sustain your venture. Whether you seek funding through loans, investments, grants, or crowdfunding, this is the time to put your financial strategy into action.

Acquiring Resources : Once you have secured the funds, it’s essential to acquire the resources outlined in your business plan. This could include physical assets such as equipment, real estate, or technology. Ensure that you have everything in place to launch your business successfully.

Infrastructure Setup : The infrastructure of your business, whether it’s a physical office or a digital platform, needs to be established according to your plan. A well-organized infrastructure is the backbone of your operations and supports your growth.

2- Advertising and Marketing

Develop a Marketing Strategy: An effective marketing strategy is essential to reach your target audience. Identify your unique selling propositions, select appropriate marketing channels, and create compelling campaigns. When it comes to promoting your business, consider leveraging Kolleqtive’s Advertising and Marketing services.

Engage in Advertising: Execute your marketing strategy through advertising campaigns, whether online, print, or broadcast. Effective advertising can build brand awareness and attract customers.

Leverage Digital Marketing: In today’s digital age, online marketing is vital. Utilize social media, email marketing, content marketing, and SEO to expand your online presence and connect with a broader audience.

3-Monitor Progress and Adapt

Stay on Course : With your plan in motion, it’s vital to continuously assess whether you are moving in the right direction per your business plan. Monitor your progress by tracking your goals and milestones and comparing them against your actual achievements.

Adjust Strategies : Business landscapes are dynamic, and entrepreneurs must be agile. Be open to changing your strategies if market conditions or new opportunities arise. Adaptability is a key trait that can make your business more resilient.

4-Manage Finances

Budgeting : Effective financial management is fundamental for the sustainability of your business. Create a budget that outlines your projected income and expenses. Regularly revisit and adjust your budget as needed to manage your finances effectively, recognizing that a new business should be based on an entrepreneur’s sound financial principles.

Cash Flow : A healthy cash flow is the lifeblood of any business. Monitor and manage your cash flow to ensure the business remains financially stable. Keep an eye on your receivables and payables to avoid cash flow hiccups.

5-Build Mental Resilience

Challenges and setbacks are part of the journey, and an entrepreneur must build mental resilience to navigate them with grace.

Set Realistic Expectations : Entrepreneurship is a rollercoaster ride with ups and downs. Understand that challenges and setbacks are part of the journey. Setting realistic expectations can help you handle these situations with grace.

Seek Support : Running a business can be mentally challenging, and seeking support is vital. Connect with mentors, advisors, and fellow entrepreneurs who can offer guidance and emotional support. Having a supportive network can provide valuable insights and encouragement . 

Learn from Failure : Failure is not the end; it’s a stepping stone to success. Embrace failures as opportunities for growth and learning. Analyze what went wrong and use these insights to improve your strategies. Remember, an entrepreneur must learn from failure, treating it as an opportunity for growth.

Practice Self-Care : Mental resilience is closely tied to self-care. Entrepreneurs often work tirelessly, but neglecting self-care can lead to burnout. Make time for relaxation, exercise, and activities that contribute to your well-being.

6-Goal Achievement and Productivity

Prioritize Goals : Not all goals are created equal. Determine which objectives are critical to your business’s success and focus your efforts on them. Identify key performance indicators (KPIs) that can measure progress.

Create a Plan of Action : Each goal requires a detailed plan of action. Break down large, daunting objectives into smaller, manageable tasks. Assign responsibilities and set deadlines to keep everyone on track.

Stay Organized : Use tools and resources that help you stay organized. Whether it’s project management software, calendars, or task lists, staying organized is crucial for productivity .

Measure Progress : Regularly review your progress toward your goals. Analyze data and feedback to understand what’s working and where adjustments are needed. This analytical approach allows for informed decision-making.

Celebrate Milestones : Remember to celebrate your achievements along the way. Recognizing your progress can boost motivation and keep your team engaged. Kolleqtive offers a range of resources and support to help you stay on track, reach your objectives, and celebrate your successes. These services include interactive tools, a supportive community, and opportunities for personal and professional growth.

In conclusion, creating a business plan is the foundational step in entrepreneurship, but it’s only the beginning. An entrepreneur would most likely be visionary, risk-takers, and an innovator, but they must also be an executor, a financial manager, and resilient problem-solvers. What an entrepreneur must do after creating a business plan is to execute it with dedication, adapt to change, manage finances effectively, build mental resilience, and focus on achieving their goals. By following these steps, entrepreneurs can bring their business plans to life and work toward success.

The business plan does not solely define the journey of entrepreneurship; the actions, adaptability, and determination of the entrepreneur shape it. Embrace the path, stay open to change, and with the right mindset and continuous learning, you can achieve the positive change and success you aspire to in entrepreneurship.

Unlock your full entrepreneurial potential with Kolleqtive . Join our community of like-minded individuals and embark on a journey towards success and positive change. Take the first step today!

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What must an entrepreneur do after creating a business plan? We have you covered.

From experience, reading an overcomplicated blog on what to do after creating a business plan is one of many ways to stop you in your tracks with information overload. I also know reading a randomly put-together blog with no structure about the same topic is another way to confuse and slow you down.

So, this will be a simple-to-understand and easy-to-follow process on how to implement your business plan and create your dream business. The blueprint for creating your business after writing your business plan doesn’t have to be complicated, I have created 2-million-dollar businesses by 25 years old. I have followed this process both times and it has served me well. I’m sure it will do the same for you.

Why do Business Owners Need A Marketing Plan? 

A marketing plan is an essential tool for business owners because it helps them develop a strategy to reach their target audience and achieve their business goals.

There are several reasons why a marketing plan is essential:

Firstly, a marketing plan helps business owners identify their target audience and understand their needs, preferences, and behavior. By understanding their target audience, business owners can create targeted marketing campaigns that resonate with potential customers and increase their chances of driving sales.

Secondly, a marketing plan sets clear goals and objectives for the business. It allows business owners to identify key performance indicators (KPIs) such as sales, website traffic, and customer engagement and set specific targets for each. This helps business owners stay focused on their goals and measure the success of their marketing efforts.

Thirdly, a marketing plan helps business owners allocate their resources effectively. By outlining the marketing budget and identifying the most effective marketing channels, business owners can ensure that their marketing efforts are cost-effective and deliver the best return on investment.

A marketing plan also helps business owners stay competitive in their industry. By analyzing their competitors and understanding their strengths and weaknesses, business owners can develop a marketing strategy that sets them apart from their competitors and positions them as a leader in their industry.

Finally, a marketing plan is a living document that can be adapted and updated as the business evolves. By regularly reviewing and updating the marketing plan, business owners can ensure that their marketing efforts stay relevant and effective.

1 – Evaluate and Refine the Business Plan

After an entrepreneur creates a business plan, it is crucial to evaluate and refine it to ensure that the project is feasible and effective in achieving the business goals.

The evaluation process involves assessing the assumptions, risks, and opportunities identified in the plan. This evaluation process helps entrepreneurs identify the gaps in their programs and refine them accordingly.

One way to evaluate the business plan is to gather feedback from experienced entrepreneurs or business professionals. This feedback can help entrepreneurs identify weaknesses in the plan and make necessary changes.

Another approach is to conduct market research to determine if the business idea is viable and to gain insights into the target market’s needs and preferences.

Once the entrepreneur has evaluated the plan, they should refine it by making changes and adjustments based on the feedback received. This refinement process may include modifying the marketing strategy, adjusting financial projections, or tweaking the product or service offerings. The goal of this process is to make the plan more realistic, achievable, and effective.

It is essential to note that the refinement process is ongoing. As the business progresses and evolves, the plan should be reviewed and updated accordingly.

The entrepreneur should remain flexible and be willing to make changes to the plan as needed to keep up with the market demands and to change business environment.

2 – Create your business dream team

• Speak with lawyers, accountants, and whoever you need to in your specific field to make sure you are starting off legally and on the right foot
• If you are going to outsource your marketing. Find and interview many to find the right fit for you- preferably someone who has had success helping someone in your industry before. Digital marketing is ripe with companies over promising and under-delivering. Choose wisely!
• Find and document the correct process for hiring in your industry. This is very important, if you leave process for later you may find yourself rushing to find employees and hiring the wrong people. Take it from me, this can be very expensive. This doesn’t mean hire yet, You may have the capital to pay employees and need them now, but for many smaller start-ups, this is something you will do down the track when needed.

TIP: If you are creating a new product , that you don’t have a track record with, you don’t need to engage all the previously listed professionals yet. But gather the info you need and find your team so when your product is ready so are you!

3 – Secure Funding and Resources

Once an entrepreneur has created a solid business plan, the next crucial step is to secure funding and the necessary resources to bring their plan to fruition. 

There are several ways that entrepreneurs can obtain the funding they need, including:

• Personal Savings: One of the most common ways entrepreneurs fund their businesses is through personal savings. This method allows the entrepreneur to have complete control over their business without taking on any debt.
• Bank Loans: Entrepreneurs can also obtain funding from banks and other financial institutions. They must have a solid business plan, good credit, and a detailed financial plan to secure a loan.
• Crowdfunding: Crowdfunding venues such as Kickstarter (one of the most popular), Indiegogo, and GoFundMe allow entrepreneurs to raise money by soliciting individual contributions.
• Angel Investors: Angel investors are affluent individuals who invest in businesses in exchange for equity or ownership. Entrepreneurs can locate angel investors through networking events, online platforms, or business incubators.
• Venture Capitalists: Venture capitalists are investors who provide funding for startups in exchange for equity or ownership. Entrepreneurs must have a solid business plan, a prototype or proof of concept, and a clear path to profitability to attract venture capital.

In addition to securing funding, entrepreneurs must also obtain the necessary resources to operate their businesses. This may include equipment, supplies, office space, and technology. 

Entrepreneurs can obtain these resources through leasing, purchasing, or renting. Entrepreneurs need to identify the resources they need and create a plan to get them efficiently and cost-effectively.

4 – Develop Your Product/Gather Everything You Need To Complete Your Service

• Find the best and most cost-effective manufacturer for your product. You will have to do some product development if you haven’t already, this will usually come off your first purchase. Don’t be afraid to try a few manufacturers and find the best one. The better your product the easier the marketing will be.
• Make sure you have all the tools and equipment to complete your service. Find a location if that what your business requires.

5 – Get Your Business Branding on Point

• Register your business name and have your logo designed; this can be a very important piece of the puzzle as this is often the first thing people will see about you. A bad name and logo can turn someone away very quick! So be patient, get feedback, and find the best name and logo for you.
• Create your website and social accounts to get your business everywhere possible.

TIP: Depending on your location, you will need to register your business/Company name and domain name to advertise online. Check with your accountant, as you may need others.

6 – Implement Your Marketing Plan

• Next, you need to find your target customer, where they spend their time, and ensure you are right there in front of them. I will list some examples:
• Trade business: Facebook, Instagram, Trade shows, LinkedIn, Google search & ads, Local authority website (Local Building association).
• Beauty Business: Instagram, Facebook, Work with Influencers, Google search & ads, Create relationships with businesses in the same industry but different niche.
• Professional Service business: LinkedIn, Facebook, Industry specific trade shows, Google search & Ads, create relationships with businesses in the same industry but different niche.
• Ecommerce products: Offering affiliate programs, Facebook, Instagram, Google search & ads, Influencer marketing, Email marketing, I left this one last, but for this industry this can be an absolute goldmine. You can spend money on marketing and hopefully make your money back on the front end, but serious wealth is created on the back end. Your email list for ecommerce, is full of previous buyers of one of your products and you can make another sale off just an email. Some people in the industry can seriously overlook this, don’t be one of them and make the most of your email list and cheap way to reach your hot customers.

TIP: For B2C businesses, LinkedIn can yield some amazing results. These previously listed ways are just a few but there is so many ways to reach your ideal customers, brainstorm, think outside the box a& get to work!

7 – Build a Team

Building a strong team is crucial for the success of any business. Here are some tips on how to build a team:

• Define roles and responsibilities: Before hiring anyone, define the roles and responsibilities of each position to identify the skills required for each role.
• Attract the right talent: Create a compelling job description and offer competitive compensation and benefits packages.
• Foster a positive work culture: Encourage teamwork, open communication, and celebrate successes to create a positive work environment.
• Encourage personal and professional growth: Encourage team members to pursue personal and professional development opportunities.
• Hire for diversity: Hiring people from diverse backgrounds and with different perspectives can lead to greater creativity and innovation.
• Communicate effectively: Regularly communicate with team members to ensure alignment and encourage open and honest feedback.

By following these tips, you can build a strong team that will support the growth and success of your business. Building a team is an ongoing process that requires time, effort, and patience.

8 – Launch and Grow the Business

After creating a business plan, an entrepreneur has completed all the necessary steps, such as conducting market research, creating a business plan, securing funding, and establishing a legal structure, it’s time to bring the business to life.

Legal considerations are also important when launching a business. Entrepreneurs should ensure they have registered the business and obtained any necessary licenses or permits. They should also ensure that they comply with all relevant laws and regulations.

Launching a business requires a combination of planning, preparation, and execution. Entrepreneurs can increase their chances of launching a successful business by focusing on branding, marketing, systems and processes, financing, legal considerations, and hiring and training.

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What Must an Entrepreneur Do After Creating a Business Plan?

Unlock success post-business plan creation! Dive into actionable strategies, personal anecdotes, and proven insights to elevate your entrepreneurial journey.

November 23, 2023

In the exhilarating world of entrepreneurship, there's a moment that stands out as both rewarding and intimidating: completing your startup business plan . This document, often dense with research, forecasts, and strategies, symbolizes the crystallization of an idea into a tangible roadmap for the future. Yet, the completion of a business plan isn't the finish line but rather a significant milestone in the entrepreneurial journey. It's the blueprint, the guiding star, but what comes next is the real challenge: executing the vision and turning abstract ideas into concrete realities.

Many budding entrepreneurs are left asking, "I've penned down my business plan. What now?" The afterglow of accomplishing this pivotal task can quickly fade when faced with the enormity of what lies ahead. It's not enough to simply draft a compelling plan. Success is determined by the steps taken post-planning, the strategy adjustments in response to real-world feedback, and the determination to keep going even when faced with unforeseen challenges.

This guide aims to walk you through those crucial next steps, offering insight, strategies, and best practices to navigate the post-planning phase with confidence. From refining and revising to mobilizing resources and marketing your vision, we'll explore the multifaceted journey of breathing life into your business plan.

So, let's dive in, charting the course for your entrepreneurial adventure and ensuring your meticulously crafted business plan doesn't just sit on a shelf but serves as a living, evolving blueprint for success.

Celebrate the Milestone

In a society that often stresses relentless forward motion and an almost obsessive focus on the endgame, it's easy to overlook the importance of pausing to celebrate milestones. However, each step in your entrepreneurial journey deserves its moment, especially one as significant as completing your business plan.

Why Celebrating Matters

• Acknowledgment of Hard Work: Crafting a comprehensive business plan is no minor feat. It involves hours of market research, financial forecasting, and strategic planning. By taking a moment to celebrate, you’re recognizing the effort, dedication, and sleepless nights you poured into its creation.
• Mental Reset: Pausing for celebration allows you to refresh and recharge. It offers a mental break, allowing you to approach the next phase with renewed energy and perspective.
• Boosting Morale: Celebrations, no matter how small, can be a source of motivation. They foster positivity, reminding you of your capabilities and fueling your drive for the challenges ahead.
• Building Team Spirit: If you're working with a team, celebrations help foster a sense of unity. It’s a way to thank everyone involved and make them feel valued and invested in the venture’s success.

Ways to Celebrate

• Reflect and Document: Take some time to journal or document your journey so far. This personal record will serve as a reminder of your growth and determination during challenging times.
• Share the News: Announce the completion of your business plan to friends, family, or on social media. Positive reinforcement from your community can be uplifting.
• Treat Yourself: Whether it's a special meal, a short getaway, or just an evening off with your favorite movie, find a way to treat yourself.
• Team Gathering: If you have a team, organize a small get-together. It doesn’t have to be extravagant—a simple lunch or coffee outing can do the trick.
• Token of Achievement: Consider getting a symbolic token, like a personalized pen or notebook, to commemorate this milestone.

Moving Forward with Gratitude

As you celebrate, it's also a moment to be grateful—for the resources that helped you, the people who supported you, and even for your own resilience and determination. Gratitude has a way of grounding us, keeping us connected to our purpose, and reminding us of the bigger picture.

Remember, in the vast timeline of your entrepreneurial journey, each milestone is a chapter. While the excitement of what's next is beckoning, savor this moment. Celebrate your achievement, for it's a testament to your passion, hard work, and the dream that set you on this path.

Review and Refine the Plan

A business plan is a dynamic document, not a static one. While the sense of accomplishment that comes from finishing the initial draft is undeniably satisfying, it's essential to understand that this is just the starting point. Your plan will need revisiting, revising, and refining to ensure it remains relevant and actionable in the real-world landscape of business.

The Imperative of Review

• Shifting Market Dynamics: Economic, technological, and social trends evolve, often faster than we anticipate. Regular reviews ensure your plan stays in sync with the current market conditions.
• Feedback Integration: As you share your plan with mentors, peers, and potential investors, you'll receive feedback. Incorporating this feedback can make your plan stronger and more effective.
• Spotting Oversights: No matter how meticulous we are, there's always a possibility of missing out on some details. Regular reviews help in identifying and rectifying these oversights.

Steps to Effective Refinement

• Seek External Feedback: Share your plan with trusted industry experts, mentors, or business advisors. Their fresh perspective and expertise can offer invaluable insights.
• Test Assumptions: Every business plan is built on assumptions—about customer behavior, market growth, or competitor actions, for instance. It's crucial to validate these assumptions periodically.
• Financial Review: Re-evaluate your financial forecasts and projections and budgets. Ensure that your estimates are realistic and in line with current economic conditions.
• Scenario Planning: Consider different scenarios that could affect your business—economic downturns, changes in consumer behavior, or new technological advancements. How would your business respond? Adjust your plan accordingly.
• Redefine Goals if Needed: Based on new data or insights, you might need to modify your business goals. Ensure that they remain SMART: Specific, Measurable, Achievable, Relevant, and Time-bound.
• Update Market Analysis: As markets evolve, so should your understanding of them. Regularly update your market analysis to reflect the latest trends and data.

Iterative Nature of Business Planning

Entrepreneurship is a journey of learning and adapting. Think of your business plan as a living document that grows and evolves with your venture. Instead of a one-time task, consider it a recurring activity. Set aside time annually or semi-annually to revisit your business plan. This iterative approach ensures your business remains agile and prepared for both challenges and opportunities.

In essence, a business plan isn't a document you create, stash away, and forget. It's the compass for your entrepreneurial journey. By committing to its regular review and refinement, you not only optimize its effectiveness but also increase the likelihood of your business's success in an ever-evolving marketplace.

Identify Key Stakeholders

Every entrepreneurial endeavor is like a ship sailing through the vast ocean of business. And just as a ship relies on multiple coordinates to navigate its course, a business venture leans on various stakeholders to ensure it runs smoothly and reaches its destination. Understanding and engaging these stakeholders is crucial, as they influence and are influenced by your business operations.

Who Are Stakeholders?

At the core, stakeholders are individuals, groups, or entities that have an interest in the success or failure of your business. They can directly or indirectly influence your business's operations, objectives, and decision-making processes.

The Importance of Stakeholder Identification

• Informed Decision Making: Recognizing and understanding stakeholders ensures decisions are made with their interests in mind.
• Building Strong Relationships: Regular engagement fosters trust and transparency, crucial for long-term success.
• Risk Management: Proactively addressing stakeholders’ concerns can mitigate potential risks.
• Resource Access: Stakeholders can often provide access to resources, be it financial, human, or informational.

Key Stakeholders in the Entrepreneurial Ecosystem

• Investors and Financial Institutions:
• Role: Provide capital and financial backing.
• Engagement Strategy: Regular financial updates, transparency in operations, and return on investment discussions.
• Employees and Team Members:
• Role: Drive operations, innovation, and customer relations.
• Engagement Strategy: Transparent communication, professional development opportunities, and a positive work environment.
• Customers and Clients:
• Role: The lifeblood of any business, they determine revenue and growth.
• Engagement Strategy: Feedback mechanisms, excellent customer service, and consistent value delivery.
• Suppliers and Vendors:
• Role: Provide products or services essential for your operations.
• Engagement Strategy: Fair negotiations, timely payments, and open communication.
• Partners and Collaborators:
• Role: Offer complementary skills, products, or market access.
• Engagement Strategy: Clear partnership agreements, aligned objectives, and regular progress check-ins.
• Regulatory Bodies and Government Entities:
• Role: Oversee compliance with legal and industry standards.
• Engagement Strategy: Stay updated with regulations, maintain open channels of communication, and ensure timely reporting.
• The Community:
• Role: The larger societal environment where the business operates.
• Engagement Strategy: Corporate social responsibility initiatives, community involvement, and addressing local concerns.

Stakeholder Mapping

Once you've identified key stakeholders, it's beneficial to map them based on their influence and interest in your business. A stakeholder map can help prioritize engagement efforts and tailor communication strategies.

In summation, identifying and nurturing relationships with key stakeholders is not just a strategic move but a foundational element of a successful business. By understanding and valuing the role each stakeholder plays, entrepreneurs can create a harmonious ecosystem that supports, challenges, and elevates their venture. Remember, in the world of business, no venture stands alone. It's the strength of your connections and the depth of your relationships that often dictate the heights you'll achieve.

Develop an Actionable Timeline

A business plan, rich with data and strategy, represents a foundational vision for your entrepreneurial dream. Yet, without a well-defined timeline, it remains just that—a dream. To actualize the plan and set it in motion, entrepreneurs must develop an actionable timeline, detailing the "when" to every "what" in the plan.

Why Timelines are Crucial

• Prioritization: A timeline helps prioritize tasks, ensuring crucial steps aren't missed.
• Motivation: Deadlines spur action. They create a sense of urgency and commitment.
• Resource Allocation: By knowing when tasks need completion, you can allocate resources more efficiently.
• Performance Tracking: Timelines provide a framework for monitoring progress and ensuring you stay on track.

Steps to Create an Effective Timeline

• Break Down Large Goals: Begin by dissecting your business plan's primary objectives into smaller, actionable tasks. For instance, if one goal is "Launch Product X," tasks might include "Complete prototype," "Run beta tests," and "Initiate marketing campaign."
• Sequence Tasks: Determine the order in which tasks should be tackled. Some tasks will naturally precede others. For instance, you can't run beta tests without a prototype.
• Assign Durations: Estimate how long each task will take. Be realistic in your estimations, and always allocate some buffer time for unforeseen challenges.
• Set Milestones: Milestones are significant events or achievements that mark progress. Examples might include "First 1000 products sold" or "Securing initial investment."
• Visualize with Tools: Use project management software, Gantt charts, or even physical calendars to visually map out your timeline. Visual representations make it easier to comprehend, adjust, and communicate the plan.
• Allocate Responsibilities: Assign each task to team members based on their skills and capacities. Ensure everyone knows their roles and deadlines.
• Review and Adjust: As you progress, there might be delays or accelerations. Continuously review your timeline and make adjustments as necessary.

Tips for an Efficient Timeline

• Stay Flexible: Not everything goes as planned. Build in some flexibility to account for changes or unforeseen challenges.
• Communicate Clearly: Ensure all team members are aware of the timeline and any subsequent changes.
• Celebrate Milestones: As discussed earlier, celebrating milestones can boost morale and motivation.

Avoiding Common Pitfalls

• Overloading: Avoid cramming too many tasks into short durations. This can lead to burnout and reduced quality of work.
• Procrastination: Delays can cascade, affecting subsequent tasks. Commit to your deadlines.
• Lack of Review: Regularly review your timeline to account for changes in the business environment or internal dynamics.

In essence, an actionable timeline transforms your business plan from a static document into a dynamic journey. It not only charts the course ahead but also keeps you grounded, ensuring that every day, week, and month, you're taking deliberate steps towards your entrepreneurial vision. As the adage goes, "A goal without a plan is just a wish." And within that plan, a well-defined timeline is the heartbeat, bringing life, rhythm, and pace to your entrepreneurial aspirations.

Secure Necessary Funding

The lifeblood of any venture, especially in its early stages, is often funding. Without the necessary financial backing, even the most ambitious business plan can falter before it even gets off the ground. Securing funding is a critical step that can dictate the pace, scale, and direction of your business’s growth.

Understanding Your Funding Needs

Before diving into potential funding sources, assess how much you really need. This assessment should cover:

• Start-up Costs: Initial expenses to get the business running, like equipment purchases, licenses, and initial marketing costs.
• Operational Costs: Recurring expenses, including salaries, rent, utilities, and raw materials.
• Growth and Scaling Costs: Funds required for expansion, such as R&D, marketing campaigns, or entering new markets.
• Emergency Buffer: Always have a reserve for unforeseen expenses or challenges.

Potential Funding Sources

• Bootstrapping:
• Description: Using your own savings or revenues from the business.
• Pros: No obligations to investors or lenders; total control retained.
• Cons: Limited by personal finances; potential strain on personal life.
• Venture Capital:
• Description: Professional groups that manage pooled funds from many investors to invest in startups and small businesses.
• Pros: Large funds possible; access to expert advice and networks.
• Cons: Often require equity; may seek influence over company direction.
• Angel Investors:
• Description: Individuals who offer capital in exchange for equity or convertible debt.
• Pros: Flexible terms; potential mentorship opportunities.
• Cons: Possible equity loss; finding the right investor can be challenging.
• Crowdfunding:
• Description: Raising small amounts of money from a large number of people, typically via the Internet.
• Pros: Validates business idea; fosters a community around your brand.
• Cons: Intense marketing efforts required; platform fees.
• Bank Loans:
• Description: Traditional method where banks lend money that must be repaid with interest.
• Pros: Retain full ownership; fixed repayment terms.
• Cons: Collateral often required; can be challenging to qualify.
• Grants and Competitions:
• Description: Funds provided by governments, institutions, or corporations, usually for specific industries or causes.
• Pros: No repayment or equity loss; often comes with mentorship or resources.
• Cons: Highly competitive; typically have strict usage guidelines.

Key Tips for Securing Funding

• Build a Solid Pitch: Investors aren't just investing in a business; they're investing in a vision and the people behind it. Make sure you know how to present the pitch deck .
• Network: Many funding opportunities arise from personal connections or introductions. Regularly attend industry events, workshops, or seminars.
• Be Transparent: Always be honest about the risks, challenges, and uncertainties of your venture.
• Understand the Terms: Before accepting any funding, understand the terms fully. This includes interest rates, equity distribution, and any obligations or expectations.

In summation, securing funding can be a challenging endeavor, filled with rejection and iteration. Yet, it's also an opportunity to refine your business idea, get external validation, and establish connections in the industry. Remember, the goal isn't just to get any funding but to secure the right funding—one that aligns with your business's vision, values, and growth trajectories.

Set Up Legal and Operational Structures

After formulating a solid business plan and securing necessary funding, establishing a strong legal and operational foundation is paramount. These structures not only safeguard the business from potential risks but also streamline its daily functions, ensuring efficiency and compliance.

Legal Structures: Choosing the Right Entity

Your business entity determines many factors, from how you file taxes to your level of personal liability.

• Sole Proprietorship:
• Description: A business owned and run by one individual.
• Pros: Simple to set up; direct control.
• Cons: Personal liability for business debts; potential difficulties in raising funds.
• Partnership (General or Limited):
• Description: A business owned by two or more individuals.
• Pros: Pooled resources and expertise; shared responsibility.
• Cons: Partners are personally liable (especially in general partnerships); potential disagreements.
• Corporation (C-Corp, S-Corp, B-Corp):
• Description: A separate legal entity owned by shareholders.
• Pros: Limited personal liability; easier to raise funds.
• Cons: Complex and costly setup; potential double taxation (especially C-Corps).
• Limited Liability Company (LLC):
• Description: A hybrid structure offering features of both corporations and partnerships.
• Pros: Limited personal liability; flexibility in management.
• Cons: Varies by state, but potential self-employment taxes.

Operational Structures: Laying the Groundwork

Once the legal structure is decided, align your operational procedures accordingly.

• Obtain Necessary Licenses and Permits: Depending on your business type and location, you might need specific licenses to operate legally. This could range from a general business license to more specialized permits.
• Open a Business Bank Account: This keeps personal and business finances separate, simplifying accounting and taxation processes.
• Set Up an Accounting System: Whether you use software like QuickBooks or hire an accountant, a solid accounting system helps track finances, making tax filing and financial analysis easier.
• Hire Employees (If Needed): Ensure you follow legal regulations for hiring, which might include background checks, setting up payroll, and understanding employee rights.
• Implement Internal Communication Tools: Efficient communication is key for a growing business. Use tools like Slack, Microsoft Teams, or Trello to streamline team interactions.
• Draft Key Agreements: These might include partnership agreements, non-disclosure agreements (NDAs), or employee contracts. It's often wise to consult a lawyer to ensure these documents protect your business's interests.
• Consider Business Insurance: Depending on your business type and risk factors, different insurances like general liability, professional liability, or workers' compensation might be advisable.

Staying Compliant

As your business grows, continuously review legal and operational structures. Stay updated with local, state, and federal regulations. Regular compliance checks mitigate potential risks and legal disputes.

In essence, establishing robust legal and operational structures isn't just about ticking boxes. It's about creating a secure and efficient environment where your business can flourish. While it might seem daunting initially, each step you take solidifies your venture's foundation, ensuring it stands tall against challenges and thrives in opportunities. Remember, the strength of your foundation often determines the heights you can achieve.

Start Building a Brand and Marketing Strategy

In today's saturated market, having a great product or service isn't always enough. Your audience needs to know who you are, what you stand for, and why they should choose you over competitors. In essence, you need a brand—an identity that resonates and distinguishes you. Couple this with an effective marketing strategy, and you're well on your way to capturing and retaining your target audience.

Building Your Brand: More Than Just a Logo

• Define Your Brand Essence:
• Mission: What is your business's primary objective?
• Vision: Where do you see your business in the future?
• Values: What principles guide your business decisions?
• Identify Your Unique Selling Proposition (USP): This differentiator makes your business stand out. It's what you offer that competitors don't or can't.
• Design Your Brand Elements:
• Logo: The visual representation of your brand.
• Color Scheme: Colors evoke emotions; choose ones that align with your brand's tone.
• Typography: Consistency in fonts can improve brand recognition.
• Tone of Voice: Whether formal, friendly, or humorous, ensure it's consistent across all communications.
• Ensure Brand Consistency: From business cards to websites and social media, make sure your brand elements are consistent across all touchpoints.

Crafting Your Marketing Strategy: Reaching the Right Audience

• Define Your Target Audience: Create buyer personas. Understand their needs, preferences, and pain points.
• Choose Your Marketing Channels:
• Digital: Includes SEO, social media, email marketing, and pay-per-click advertising.
• Traditional: TV, radio, print media, and outdoor advertising.
• Events: Trade shows, webinars, and workshops.
• Set Clear Marketing Objectives: Whether it's increasing website traffic, boosting sales, or building brand awareness, have clear, measurable goals.
• Allocate Your Budget: Determine how much you're willing to spend on each marketing channel. Consider factors like expected ROI and where your target audience spends most of their time.
• Create Quality Content: Whether it's blog posts, videos, or podcasts, content can establish you as an industry expert and drive organic traffic.
• Engage with Your Audience: Interact with them on social media, respond to their comments and queries, and seek feedback.
• Monitor and Adjust: Use tools like Google Analytics or social media insights to track performance. If something isn’t working, don't hesitate to pivot.

Consistency is Key

Whether you're establishing your brand or rolling out a marketing campaign, consistency is essential. A consistent brand can increase revenue by up to 23%, according to Forbes. Moreover, consistent messaging across multiple channels can increase brand recall significantly.

In summation, building a brand and crafting a marketing strategy isn't a one-time effort. It's a continuous process of learning, iterating, and growing. Your brand is the story you tell and the promise you make. Your marketing strategy is the megaphone that broadcasts this story to the world. Ensure they work hand-in-hand, and you'll not only capture but captivate your target audience.

Prepare for Challenges

Embarking on the entrepreneurial journey is an exhilarating experience, filled with highs of success and, inevitably, the lows of challenges. While it's impossible to predict every obstacle, being proactive and prepared can make navigating these hurdles smoother. After all, challenges aren't just stumbling blocks; they are also opportunities for growth, learning, and resilience.

Anticipating Potential Hurdles

• Financial Difficulties:
• Whether it's unforeseen expenses, dips in revenue, or funding hiccups, money troubles are common.
• Mitigation: Regularly review and adjust your budget, have an emergency fund, and explore diverse revenue streams.
• Team Dynamics:
• Disagreements, miscommunication, or high employee turnover can disrupt business operations.
• Mitigation: Foster a transparent and inclusive company culture. Invest in team-building and conflict resolution training.
• Market Changes:
• Shifts in consumer behavior, new competitors, or technological advancements can affect demand.
• Mitigation: Stay updated with industry trends, regularly revisit your business strategy, and be flexible in adapting.
• Operational Issues:
• Supply chain interruptions, tech breakdowns, or regulatory changes can halt business activities.
• Mitigation: Have backup suppliers, regularly update and backup tech systems, and stay informed about industry regulations.
• Health and Personal Crises:
• Personal health issues, family emergencies, or mental health challenges can affect your ability to run the business.
• Mitigation: Build a dependable leadership team, consider health and life insurance, and prioritize self-care.

Adopting a Resilient Mindset

• Embrace Failure as a Teacher: Every setback is a lesson in disguise. Analyze what went wrong, learn from it, and adapt.
• Stay Connected: Networking isn't just for business growth. Fellow entrepreneurs can offer advice, share their experiences, and provide moral support during tough times.
• Seek External Guidance: Consider hiring a business coach, joining a mastermind group, or seeking mentorship. External perspectives can offer new solutions and strategies.
• Practice Self-care: Entrepreneurial burnout is real. Ensure you set aside time for relaxation, hobbies, and spending time with loved ones.

Building a Support System

It's essential to surround yourself with a supportive network. This could include:

• Professional Networks: Industry groups or entrepreneur communities.
• Mentors: Seasoned professionals who can provide guidance.
• Close-knit Team: Employees who share your vision and can take on responsibilities in times of crisis.
• Personal Support: Family and friends who understand and support your journey.

In essence, challenges, though daunting, are an integral part of the entrepreneurial journey. They test your resolve, ingenuity, and adaptability. While you can't eliminate them, with preparation, a resilient mindset, and a strong support system, you can transform these challenges into stepping stones for success. Remember, as the saying goes, "Smooth seas do not make skillful sailors." Embrace the rough waves, learn from them, and sail on to success.

Never Stop Learning

The world of business is ever-evolving. With the relentless pace of technological advancements, market shifts, and global events, the only constant in entrepreneurship is change. To navigate this dynamic landscape successfully, one principle stands out as crucial: never stop learning. Continuous learning not only sharpens your competitive edge but also fosters personal growth, innovation, and adaptability.

The Lifelong Learner's Mindset

• Embrace Curiosity: Adopt a beginner's mindset. Question norms, seek answers, and be open to new perspectives.
• Acknowledge the Unknown: Recognize that no matter your experience level, there's always more to know. This humility can lead to richer learning experiences.
• Value Feedback: Constructive criticism, whether from team members, customers, or mentors, is a goldmine of learning opportunities.

Ways to Cultivate Continuous Learning

• Read Widely: Diversify your reading list. From industry journals to biographies and thought leadership articles, expose yourself to a myriad of ideas and insights.
• Attend Workshops and Seminars: These events often present opportunities to dive deep into specific topics and network with industry peers.
• Leverage Online Platforms: Websites like Coursera, Udemy, and LinkedIn Learning offer courses on everything from leadership skills to the latest in AI technology.
• Join Peer Groups: Networking groups, masterminds, or industry-specific clubs can provide shared learning experiences and collaborative problem-solving.
• Invest in Formal Education: Consider degrees, certifications, or specialized training that can elevate your expertise in your business domain.
• Learn from Failures: Every mistake is a lesson. Instead of fearing failure, analyze it, understand its root causes, and use it as a stepping stone.
• Encourage a Learning Culture within Your Organization: Organize regular training sessions, encourage knowledge sharing, and support your team in their personal growth endeavors.

The Benefits of Continuous Learning

• Staying Relevant: As industries evolve, continuous learning ensures you and your business remain at the forefront.
• Boosting Innovation: Exposure to new ideas and techniques can ignite creativity and lead to innovative solutions.
• Enhancing Decision-Making: A broader knowledge base results in more informed, strategic decisions.
• Personal Fulfillment: Learning can bring a sense of achievement, purpose, and personal growth.

In summation, in the words of the great Albert Einstein, "Once you stop learning, you start dying." In the context of entrepreneurship, this rings especially true. Continuous learning doesn't just ensure business success; it defines the very essence of an entrepreneur—curious, adaptable, and ever-evolving. By embracing learning as a lifelong journey, you not only enrich your entrepreneurial endeavors but also pave the way for personal growth and fulfillment.

The entrepreneurial journey, as we've explored, is a blend of meticulous planning, resilience, adaptability, continuous learning, and a dash of audacity. Creating a business plan is just the beginning of this adventure, a compass to guide your direction. But as with any expedition, it's the unforeseen challenges, the detours taken, and the lessons learned that truly shape the experience.

Throughout this guide, we've delved into the pivotal steps an entrepreneur must take post-business plan creation. From celebrating the milestone of completion to preparing for inevitable challenges, each phase requires careful attention. Building a brand, forging connections, and seeking continuous growth are not just strategies for business success; they are foundational principles for long-term sustainability.

But beyond tactics and strategies, entrepreneurship is also a personal journey. It's about discovering your limits and pushing past them, about understanding failure not as a setback but as a stepping stone, and about realizing that the process, with its highs and lows, contributes more to the destination than any predefined plan.

As you move forward, equipped with your business plan and the insights from this guide, remember that the heart of entrepreneurship lies in perseverance, in the passion that fuels your venture, and in the unwavering belief in your vision.

In the ever-evolving landscape of business, plans might change, strategies might need tweaking, and goals might shift. But with a resilient spirit, a thirst for knowledge, and an adaptable approach, success is not just a possibility; it's a promise.

So, as you step out into the vast world of entrepreneurship, carry with you the wisdom of preparation, the armor of resilience, and the fire of passion. Your journey has just begun, and the horizon is limitless. Embrace the adventure, cherish the learnings, and let the journey mold you as much as you mold your business. Safe travels on your entrepreneurial expedition!

Key Takeaways

The Beginning: Creating a business plan is just the initial step in the entrepreneurial journey, serving as a compass for direction.

Adaptability is Key: Unexpected challenges will arise, and success often depends on the ability to adapt, learn, and pivot based on circumstances.

Continuous Learning: Embrace a lifelong learner's mindset, constantly seeking knowledge and feedback to stay ahead in the ever-evolving business landscape.

Resilience & Perseverance: Setbacks are inevitable; viewing them as learning opportunities and pushing forward with determination is crucial.

Personal Journey: Beyond business strategies, entrepreneurship is a personal voyage of self-discovery, passion, and belief in one's vision.

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What Must an Entrepreneur Do After Creating a Business Plan?

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Starting a new business is an exciting journey filled with possibilities and challenges. One of the first significant steps in this journey is creating a business plan. But what happens after that? What are the next steps to turn that plan into a successful business? This article will guide you through the necessary steps to take after creating your business plan, from validating your business idea to launching your product or service.

How to Validate Your Business Idea?

The first step after creating your business plan is to evaluate whether or not your business idea has a market. This could involve conducting market research, validating your idea using a simple website (you can create one with Mixo), building a minimum viable product (MVP) for testing, or gathering feedback from targeted potential customers. This step is crucial to ensure that there is a demand for your product or service before investing more time and resources into it.

How to Secure Funding for Your Business?

Securing funding is often the next step. This can come from personal savings, loans, investors, or other sources. It's important to have a clear understanding of how much money you need to start and run your business, and where that money will come from. This is often a challenging step, but it's essential for the success of your business.

How to Set Up the Operations of Your Business?

Once you've validated your business idea and secured funding, it's time to set up the operations. This involves obtaining the necessary equipment, setting up a production process, and building relationships with vendors and partners. This step can be complex and time-consuming, but it's crucial for the smooth running of your business.

How to Establish a Brand and Marketing Strategy?

Establishing a brand and marketing strategy is another crucial step. This involves creating a unique identity for your business, defining your target audience, and deciding how you will reach and communicate with them. A strong brand and marketing strategy can help make potential customers aware of your business and what it offers.

How to Launch Your Product or Service?

Once everything else is in place, you can officially unveil your product or service to the public, and begin selling. This is a big moment for any entrepreneur, and it's important to plan it carefully to make the most impact. This could involve a launch event, a marketing campaign, or other promotional activities.

Starting a business is a journey that requires careful planning and execution. After creating your business plan, it's important to validate your business idea, secure funding, set up operations, establish a brand and marketing strategy, and finally, launch your product or service. Each of these steps is crucial for the success of your business, and by following them, you can turn your business plan into a thriving business.

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What Must an Entrepreneur Do After Creating a Business Plan?

Every entrepreneurial journey begins with a pivotal step: crafting a solid business plan. But what comes next? The real adventure begins as they must ask themselves, “What must an entrepreneur do after creating a business plan?”

From Plan to Action

After crafting your business plan, the real challenge begins: turning that blueprint into action. It's not just about having a plan, but about putting it into practice. This process requires a deep commitment to growth, strategic adjustments, and practical implementation. The journey of entrepreneurship involves:

• Continual learning and skill development
• Evaluating and prioritizing aspects of your business plan
• Setting specific milestones to strive for
• Making strategic adjustments based on your progress and goals

Remember, the key to success as an entrepreneur isn't just about creating a business plan, but being prepared to adapt and evolve it as your business grows. Your determination and positive mindset will propel your business to new heights.

All businesses are different, but here's a basic blueprint for what specifically to start with:

• Funding and Legalities : Secure necessary finances and complete all legal formalities.
• Team and Workspace : Assemble your core team and establish a functional workspace.
• Brand and Product/Service : Develop your brand identity and your core product or service.
• Launch and Engagement : Initiate your business launch and start engaging with customers.
• Performance Tracking : Monitor business performance and make necessary adjustments.

Now we'll go into each in more detail.

Securing Your Financial Foundation

A successful business owner knows the importance of a solid financial foundation, ecuring solid financial backing is crucial for your business's growth. Whether it’s through angel investors, crowdfunding campaigns, or securing loans, these are the common ways to fund your business and take it to the next level.

Financial capital is crucial for a new business. It provides a strong launchpad and ensures long-term sustainability. Precise financial projections aid in assessing the necessary funds and devising plans based on these estimates. Establishing a robust finance management system, tracking losses and profits, and controlling sales operations are key to ensuring your business thrives.

Gathering What You Need

Every successful enterprise begins with gathering the necessary resources. This essential step allows a business to effectively meet its needs while managing expenses, critical for sustainability, and scalability. Market research can help identify the best sources and strategies for resource acquisition.

Efficient strategies include:

• Defining needs and setting priorities within your budget
• Seeking investment and forming partnerships to minimize overhead expenses

These strategies help manage resources effectively and plan for scalability, striking a balance between current expenditure and future growth potentials. Remember, formulating a business plan is just the start of your entrepreneurial journey.

Applying the 90/10 Rule

The 90/10 rule is a principle that encourages entrepreneurs to seek solutions that accomplish 90% of their goals with just 10% of the work, effort, or time. The idea is not to aim for perfection but to find an efficient and effective solution that delivers value quickly.

This rule is particularly beneficial for new businesses, as it allows them to focus on rapid value delivery rather than getting entangled in striving for a 100% solution, which could take significantly longer to build and implement.

Legal Groundwork

Establishing a strong legal foundation is a critical step in setting up a successful business. It's not just about having a great business plan or a stellar marketing strategy. Entrepreneurs need to ensure legal compliance to protect their business and facilitate proper tax filing.

Depending on the business structure and location, key documents such as business registration, business license, and operating agreements may be required. Other important paperwork might include a Business Plan, Partnership Agreement, Incorporation Documents, Sales Contract, and Service Contract. These documents are essential for the legal standing of the business.

Do I Need an NDA to Share My Business Plan?

No, you don't necessarily need a Non-Disclosure Agreement (NDA) to share your idea and plan. Ideas are plentiful and sharing yours could provide valuable feedback. It's essential to test your plan with others, particularly potential customers, to see if it has traction. Remember, the execution of an idea is always more important than the idea itself.

Assembling the Dream Team

An efficient team forms the support structure of a thriving enterprise. Assembling a team offers several benefits, including:

• Distributing the many important tasks
• Diversifying the team's abilities
• Providing invaluable guidance
• Offering access to resources

The ideal moment for an entrepreneur to start assembling their team is when their business idea begins to take form. This ensures they’re equipped with support for subsequent stages. After creating a business plan, the first thrilling priority is to build a team that can help turn the plan into action.

The Reality of Assembling the Dream Team

Assembling a dream team for your business isn't just about funding. It's about finding passionate problem-solvers who align with your vision. As an entrepreneur, you must be a planner, doer, and inspiring leader. This balance isn't always easy to achieve, but with the right mindset, you can turn your business plan into reality.

The Delegation Dynamic

Mastering the art of delegation is like learning to steer a ship effectively. Delegation techniques include:

• Playing to your employees’ strengths and goals
• Defining the desired outcome
• Practicing letting go
• Balancing delegation without micromanaging

Empowering your team members boosts productivity and morale. Here are some ways to do it:

• Provide clear goals and expectations
• Encourage open communication and feedback
• Offer growth opportunities
• Delegate authority
• Recognize and reward employees for their hard work and achievements

This is how you harness the power of the delegation dynamic.

Refinement and Adaptation of the Business Plan

Adapting and adjusting the business plan is crucial in the ever-changing business landscape. Successful businesses:

• Know their audience
• Validate their assumptions
• Iterate and improve
• Communicate their value proposition
• Stay true to themselves.

A well-planned marketing strategy can help you achieve your goals and reach your target audience effectively through the right marketing channels, including online marketing. By exploring various marketing strategies, you can find the most suitable approach for your business.

Building Your Brand

Building a strong brand and connecting with your target market are vital steps after creating a business plan. Your brand is not just a logo or tagline; it's your business's identity and what distinguishes you from competitors. Here's how to build and promote your brand:

• Identify your Unique Selling Proposition (USP) : What sets your business apart? Use this as your branding cornerstone.
• Define your brand personality : Reflect this personality in everything from your logo to your marketing materials.
• Create a memorable logo and tagline : These should be unique, memorable, and echo your brand personality.
• Consistency is key : Ensure your brand is uniformly represented across all platforms.

Engaging With Your Customers

Engaging with your customers starts with understanding their interests and behaviors. Here's how:

• Know your audience : Create detailed buyer personas to understand your target audience better.
• Personalize your interactions : Use audience information to personalize your interactions with them.
• Communicate regularly : Regular communication keeps your brand at the forefront of your audience's mind.
• Listen and respond to feedback : Show your audience that their opinions matter.

Building your brand and engaging your audience are intertwined processes that can catapult your business ahead of the competition.

Launching and Monitoring Your Business

The start of your entrepreneurial journey is marked by the formal business inauguration, a significant milestone that brings your product or service into the public eye. To ensure a successful business launch, it's crucial to meticulously follow a well-prepared checklist, fine-tune launch plans, and stay informed about common pitfalls to avoid.

Post-launch, it's all about tracking your business's pulse with Key Performance Indicators (KPIs). Choose KPIs that make sense for your business model, like customer acquisition cost or monthly recurring revenue. Use smart tools to automate data collection and visualization. But remember, data is only as good as the decisions it drives. Set tangible goals based on your KPIs, monitor progress, and tweak your strategy for peak performance.

Listen to your customers feedback

Above all, it's essential to listen to your customers. Establish effective feedback channels and integrate customer feedback into business improvement, making it a key component of your entrepreneurial journey.

Engage with your customers, ask for their opinions, and let their voices guide your actions.

The journey of entrepreneurship is filled with milestones and challenges. After crafting a business plan, the next steps include resource acquisition, financial and legal preparations, team building, and brand promotion. Remember, launching your business is just the beginning of your entrepreneurial adventure.

This is the moment where your vision starts to take shape in the real world. It's an exciting, nerve-wracking time, filled with opportunities for growth and learning.

Key Takeaways

• Transform your business plan into reality by focusing on actionable steps, resource acquisition, and adapting the plan as your business grows for long-term success.
• Solidify your financial and legal foundations, protect your intellectual property, and assemble a strong team that aligns with your business vision and can help achieve your milestones.
• Develop a compelling marketing strategy to engage your target market, build a resonant brand, and employ performance tracking to make data-driven adjustments for continuous improvement.
• Always listen to your customers. Establish effective feedback channels, integrate customer feedback into your business improvement plans, and let their voices guide your actions.

What comes after creating a business plan?

After creating a business plan, the next step is to secure funding and start putting your plan into action. Then, you'll need to select a location, obtain permits and licenses, and kick off your advertising and promotions. Exciting times ahead!

Why is it important to prepare a business plan?

A business plan is important because it provides a roadmap for the company's future, outlining its vision, goals, and strategies to guide entrepreneurs and stakeholders in understanding its operations and objectives. It also helps set clear goals, guidelines, and benchmarks for managing and growing the business.

What is the first step after creating a business plan?

The first step after creating a business plan is to start executing it by securing funding, acquiring resources, filing legal documents, and building a team. Get ready to bring your plan to life and make your business dreams a reality!

How important is it to protect intellectual property?

Protecting intellectual property is crucial for entrepreneurs as it helps legally safeguard their business and ensures seamless tax filing.

How can I identify and engage my target market?

To identify and engage your target market, research your target market, competition, and industry, analyze customer data, understand their interests and habits, observe consumer behavior, and use SEO tools. Embrace these strategies to effectively reach your audience and create meaningful connections.

What Must An Entrepreneur Do After Creating a Business Plan?

Before you become a small business owner , there’s lots of preparation required. The business plan is only the first step—what you do after creating a business plan is where the hard work really starts.

The next part, which involves several different elements moving simultaneously, is to build a foundation for your entrepreneurial endeavor by hiring a team, creating operational and financial systems, developing a brand, marketing products and/or services, and networking for growth.

Do More Research

Building a business is a never-ending learning experience—and those lessons don’t just come from the trade. As an entrepreneur, you must constantly seek new information by learning about the competition, staying up to date with trends, and studying how to improve your business.

Research is even more crucial before you start your business because it provides you with the know-how to stand out before officially launching, which is especially important for companies entering a dense market.

Hire a Team

A good business plan is nothing without the right team to put it into action. You must hire employees to handle operations, manage finances, and communicate with customers, among others. When hiring, focus on people’s knowledge, experience, and skillset. It would also be good to hire people who can balance out your weaknesses or limitations as a business owner to form a well-rounded team.

Many roles nowadays can be done remotely, which is excellent news for business owners because you can hire experts from all over the world! You may even want to look into hiring a Google Ads expert .

Manage the Finances

A business needs capital to get off the ground. Although business owners generally have what they need to get a head start, you may need a little bit more help to ensure that all the pieces are in place. Depending on your business model, you must start seeking finance by courting investors or setting up fund-raising programs.

At the same time, you must also establish financial systems to manage your money. That includes opening a bank account for your business that’s separate from your personal account to track gains and losses properly.

Develop a Brand

Nothing sells without great branding. Develop your brand by creating tests and listening to feedback. This will ensure you’re selling a good quality product or service at an affordable price. Attach a story to it that resonates with people, creating an emotional connection with potential customers.

Extend these brand-building practices in every other aspect of your business, from the logo to the tone of your press releases.

Create a System

A smooth customer experience is key to guaranteeing that they come back. To ensure this, you must perfect the needed logistics and operations to make the buying process run seamlessly.

If you have a physical store, it starts with choosing the right location. Alternatively, if you’re an e-commerce business, you need to make a website on a reliable server.

Then, with your consumers in mind, create a process that brings them from interest to sales, such as creating optimized displays, convenient check-out processes, and engaging after-sales support.

Start Marketing

Good branding goes hand-in-hand with marketing. You must get people to know who you are, while communicating the value of your business. For marketing to be effective, you must know where your market is and target the channels they frequent, packaging your unique selling propositions (USPs) through relevant mediums.

Build a Network

Aim to keep your business network large, diverse, and ever-growing. Connect with mentors, advisors, fellow business owners, talent, and even customers. These people may help you along the way; they may be the key to solving some business issues or provide tips about growing your business.

Conclusion: Build a Foundation for Your Business

A business plan acts as a guideline and inspiration for how you build your business. To follow through with it, you must do the necessary preparations to build a solid foundation for your business, including, but not limited to, the steps outlined above.

That said, don’t be discouraged if things don’t go the way you planned – just use this time to learn. Remember that you can adjust your approach depending on what works best for your business goals.

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What Must an Entrepreneur Do After Creating a Business Plan?

After creating the business plan, the real challenge begins. Here’s the 9 step guide on starting and growing your business that will help you get your first customers and retain them.

Creating a business plan is an important step for an entrepreneur or business development executive. It not only marks the formal beginning of a project, but also charges you up to do more, simulate the challenges, execute the strategy and have the business up and running.

Having a bad plan is better than having no plan.

9 steps for entrepreneurs after creating a business plan.

As one goes about making a business plan, lots of ideas emerge in the mind of an entrepreneur that make him or her ready to execute their vision. Creating a business plan on paper or presentation means you have begun your entrepreneurial journey, and once begun is half done.

Also read: How to Create the Best Business Plan for Your Idea

So what’s next? While you may want to do everything at once, you may end up doing nothing. So let’s discuss how to prioritize your work and create your business step-by-step.

1. Work Out the Finer Details and Consider the Challenges

The first step right after creating the business plan would be to work out the finer details of the plan. You need to refine your plan and make it executable. Work on every detail, and make sure you define what the first steps are.

These details may be related to every aspect of your business plan, like scaling up and growth strategy, product design, marketing strategy, hiring plan, etc. The idea is to have clarity on how everything will be executed.

Like at the beginning of any sporting activity, you would feel rusty in the beginning, however, when you work out the finer details of your business plan, it will mentally prepare you to start your execution.

Having a plan helps you mentally simulate the different stages and challenges that you may encounter on your journey, and work on possible solutions for overcoming the same.

2. Create Small Executable Steps

Executing a business plan may seem like a daunting task in the beginning. In order to make it more manageable, you should break your project into smaller tasks, and further break them down into steps, and set deadlines for these, depending on your priorities.

This may vary according to your business. E.g. for setting up an eCommerce store, you may need to start making product samples, creating an inventory and product catalogue, creating your website, and setting up logistics.

3. Raise Capital from Friends & Family Before You Scout Venture Capitalists

A lot of people believe that you need to get funding from venture capitalists to execute a business idea. However, you should find a way to execute your business idea on a smaller scale with your personal funds. Since you have a business plan ready, also show it to your family and friends, take feedback and try to raise capital within your circle.

Having taken money from your friends and family also makes you more responsible, as you now have investors who believe in your plan, and your business needs to succeed to pay them back. A lot of businesses may not need big funding initially, so you shouldn’t be desperate to take on debt.

For most businesses, the angel investor is someone from their personal or professional circle. Research more about how to negotiate a funding agreement before you agree to the terms. Once you think you can generate good returns, you should raise more capital to scale up your business.

4. Prioritize Your Core Operations

Setting priorities is not an easy thing to do but it is crucial in business. If everything is a priority, then nothing is a priority. A good entrepreneur needs to understand how the business will deliver value to its customers, and what are the core business operations. If the core business operations are not strong, everything else will fail too.

Prioritizing tasks and communicating with your whole team helps your team members stay focused and aligned with the business plan. Prioritizing is something that comes with experience. Initially, you would try to consciously put high priority on every task, and gradually you will understand the benefits of prioritizing, and it will eventually turn you into a strategic thinker and decision-maker.

5. Plan Your Resources

As an entrepreneur you would always be scarce on resources, thus you need to use them wisely. Before you execute your plans, you will need to calculate the resources you would need in terms of manpower, money, time, effort, etc. to execute your plan. You then need to figure out how many resources you have at your disposal. Once you are aware of the resources, you need to deploy them strategically.

Strategically means that you need to deploy your resources in such a manner that the task can be accomplished. As an entrepreneur, you need to deploy resources while leading to the closure of tasks and activities, rather than tasks being a work in progress for an indefinite period of time. Your priorities need to be clear from the very beginning, only then you would be able to effectively deploy your resources. So consider avoiding those tasks in which no considerable output can be achieved.

6. Hire Talent

It is imperative to have the right manpower to execute your plan. If you yourself are busy doing everything, you are not managing your operations well. Make sure you spend more time in management than doing jobs yourself.

As an entrepreneur, one of your most important jobs is to find, attract and motivate talent. Unless you can do that, it would not be possible for you to execute your business plan. After creating a business plan, you’ll be able to execute it only with a talented pool of team members.

Once you have attracted talent, you would also need to motivate and retain talent. Having clear job descriptions will help your employees learn what their role is within the organization, and this will motivate them. Great entrepreneurs are very accomplished in identifying, attracting and retaining talent. It’s one of the most essential traits of a successful entrepreneur.

7. Create Your Company’s Vision & Mission Statement

This will help you define the company’s ideas and goals clearly, and it’ll help you create a path to stick to. Even if your business plan evolves, chances are your vision will still be the same. Creating a vision and mission statement is an iterative thing, you should keep coming back to look at your vision and mission statements.

Vision is a long-term, ideal utopia-like situation that you want to achieve for the greater good of our civilizations. It’s something that can be shared with the world so that they believe in your cause. For example, Tesla’s vision according to Elon Musk is to accelerate the adoption of EVs (electric vehicles) for a clear and better environment. Note Mr. Musk doesn’t talk about becoming the largest EV manufacturer here, his vision is noble and would appeal to the masses. His company being an innovative leader and market leader is a by product of the vision.

The mission of a company, on the other hand, is more short-term. Like where you would like your company to be in 5 to 7 years of time. This could have numbers like sales and profitability and could be internal to the company.

8. Stick to Your Plan but Keep Evolving It

It’s very easy to deviate from your own plan once you get into execution. No business plan goes according to its “plan”, but that does not mean you should panic. Every business evolves after creating a business plan, and you may find the need to even modify the plan to keep the costs low, profits high, etc., so that’s completely fine. You change your goal post as markets are constantly evolving, and you need to keep up with the times. You may also need to change your priorities at times, but not on an everyday basis.

Some say business management is a science, but I believe it’s more of an art. What business schools teach about business is a theory, but implementing those concepts in a real-world scenario is a different ball game altogether. In the real world, people say you need to think out of the box, what they really mean to say is you need to break conventional rules to execute, grow and survive your business idea.

Peter Thiel once told this to Mark Zuckerberg and we fully agree, “In a world that’s changing so quickly, the biggest risk you can take is not taking any risk.”

9. Stop Researching and Start Testing Your Idea

It’s one thing to create a plan but a completely different thing to actually sell something, generate your first revenue, find your first real client and gain that experience. After all, that’s what you’ve been really creating a business plan for. So don’t wait for your product or service to be completely “ready” for a formal “launch”.

The best businesses are started not with a bang, but with small sales that help them understand the market and customer needs. And those help them improve the product over time. If you have a good product, you’ll have your first customers, people will know about your company through word of mouth and you’ll be in business before you know it!

So what are you waiting for, it’s time to stop taking management lessons and advice, get your hands dirty, and start realizing your business idea.

Hope this guide will help you prioritize your next steps after creating a business plan. This is just a tip of the iceberg, and each of these steps needs a lot more brainstorming, but that’s for another article! Good luck!

Also, we would like to hear your ideas, read about your journey and your success stories, so do share those. Let me know if this guide was helpful by commenting below or by tagging us in your LinkedIn stories @businesstenet .

Abhishek Sareen is a sales & marketing professional with over 16 years of experience. He started his career as a management consultant at Kurt Salmon Associates and has worked in marketing & brand management, international business in sectors like precision steel tubes for automotive industry, consumer goods and retail.

He’s is a passionate cyclist and participated in several endurance competitive events. His interests are in behavioral psychology, economics and chess. He is a graduate in Computer Science and an MBA in Marketing. He completed his executive education from IIM-A in 2016 focusing on business strategy.

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• Jul 17, 2023

What Must an Entrepreneur Do After Creating a Business Plan?

Congratulations on creating a business plan! It's a significant milestone on your entrepreneurial journey. However, the real work begins once the business plan is completed. In this article, we will discuss the essential steps that an entrepreneur must take after creating a business plan to turn their vision into a successful reality.

Refine and Validate the Business Plan

After creating the initial business plan, it's crucial to review and refine it further. Seek feedback from mentors, industry experts, and potential investors to validate your ideas. Consider their suggestions and make necessary adjustments to strengthen your business plan. Ensure that it aligns with market demands, addresses customer needs, and offers a competitive advantage.

Create a Strong Brand Identity

A strong brand identity is vital for long-term success. Develop a compelling brand strategy that reflects your company's values, mission, and unique selling proposition. Design a memorable logo, choose a consistent color palette, and create engaging content that resonates with your target audience. Establishing a strong brand identity will help differentiate your business from competitors and build customer trust.

Establish Legal and Regulatory Compliance

Complying with legal and regulatory requirements is essential to protect your business and ensure smooth operations. Register your company with the appropriate government agencies, obtain necessary licenses and permits, and familiarize yourself with relevant industry regulations. Consult with legal professionals to ensure compliance in all aspects of your business operations.

Secure Funding and Resources

To bring your business plan to life, you'll need adequate funding and resources. Explore various funding options such as loans, grants, angel investors, or crowdfunding. Prepare a comprehensive financial forecast that highlights your expected expenses, revenue projections, and potential return on investment. Present your business plan to potential investors or lenders to secure the necessary capital.

Build a Talented Team

As an entrepreneur, assembling a skilled and dedicated team is crucial for success. Identify key roles required to execute your business plan effectively. Conduct thorough interviews, assess candidates' qualifications and cultural fit, and hire individuals who share your vision and passion. Provide ongoing training and support to nurture a high-performing team culture.

Develop a Marketing and Sales Strategy

Marketing and sales are essential to attract customers and generate revenue. Develop a comprehensive marketing strategy that includes online and offline channels, social media marketing, content creation, search engine optimization (SEO), and targeted advertising. Identify your target market, understand their needs, and tailor your messaging to effectively reach and convert potential customers.

Set Up Operational Systems

Efficient operational systems are the backbone of a successful business. Establish processes for inventory management, supply chain, customer service, and quality control. Utilize technology to streamline operations, automate repetitive tasks, and improve overall efficiency. Monitor and refine your operational systems continuously to ensure smooth business operations.

Monitor and Evaluate Performance

Regularly monitor and evaluate key performance indicators (KPIs) to assess your business's progress and make data-driven decisions. Measure metrics such as sales growth, customer acquisition cost, customer satisfaction, and profitability. Identify areas of improvement and implement strategies to enhance performance. Continuously adapt and refine your approach based on the insights gained from monitoring and evaluation.

Adapt and Pivot as Necessary

The business landscape is dynamic, and entrepreneurs must be willing to adapt and pivot when necessary. Stay abreast of industry trends, consumer preferences, and emerging technologies. Be open to exploring new opportunities and modifying your business plan accordingly. Embrace innovation, agility, and the ability to respond swiftly to changes in the market.

Creating a business plan is just the beginning of the entrepreneurial journey. To transform your business plan into a successful venture, refine and validate your plan, establish a strong brand identity, ensure legal compliance, secure funding and resources, build a talented team, develop a robust marketing and sales strategy, set up efficient operational systems, monitor performance, and be willing to adapt and pivot as needed. By following these steps, you'll increase your chances of achieving long-term success.

Before Creating a Business Plan, an Entrepreneur Must Research

Research plays a vital role in the success of any business venture. Before creating a business plan, it is crucial for an entrepreneur to conduct thorough research to gather essential information and insights. This research phase provides a foundation for developing a robust and well-informed business plan. In this article, we will explore the importance of research for entrepreneurs and the key areas they should focus on during this process.

Why Research is Essential

Market Analysis : Research helps entrepreneurs gain a deep understanding of their target market. It involves analyzing customer demographics, preferences, buying behavior, and market trends. By conducting market research, entrepreneurs can identify market gaps, assess competition, and uncover opportunities for differentiation.

Industry Assessment : Understanding the industry landscape is crucial for an entrepreneur. Researching the industry provides insights into the competitive environment, industry regulations, technological advancements, and potential challenges. This knowledge helps entrepreneurs develop strategies that align with industry dynamics.

Customer Insights : Research allows entrepreneurs to gather valuable insights into their potential customers. By conducting surveys, interviews, or focus groups, entrepreneurs can identify customer pain points, needs, and desires. This information is essential for creating products or services that truly address customer demands.

Feasibility Assessment : Research helps entrepreneurs evaluate the feasibility of their business idea. By analyzing market demand, competition, and resource availability, entrepreneurs can determine if their concept is viable and has the potential for long-term success. This assessment reduces the risks associated with launching a business.

Key Areas of Research

Target Market : Entrepreneurs should research their target market's size, demographics, geographic location, and purchasing power. Analyze consumer behavior, preferences, and trends to identify opportunities and tailor marketing strategies accordingly.

Competitive Analysis : Conduct a thorough analysis of competitors to understand their strengths, weaknesses, market positioning, and pricing strategies. Identify ways to differentiate your business and provide unique value to customers.

Industry Trends : Stay updated with industry trends, technological advancements, and regulatory changes. This knowledge helps entrepreneurs anticipate shifts in the market and adapt their strategies accordingly.

Financial Projections : Research financial aspects such as startup costs, pricing models, revenue projections, and potential sources of funding. This information forms the basis of financial projections within the business plan.

Legal and Regulatory Requirements : Research the legal and regulatory framework specific to your industry and location. Identify permits, licenses, and compliance requirements necessary to operate your business legally.

Supplier and Distribution Channels : Identify reliable suppliers, distributors, or partners that align with your business goals. Research pricing, quality standards, and logistical considerations to ensure a smooth supply chain.

Technology and Innovation : Keep track of technological advancements relevant to your industry. Explore how emerging technologies can enhance your products, services, or operational efficiency.

Research is a critical step for entrepreneurs before creating a business plan. It provides valuable insights into the target market, competition, industry dynamics, customer needs, and feasibility of the business idea. By investing time and effort in thorough research, entrepreneurs can make informed decisions, minimize risks, and develop a business plan that is well-aligned with market demands and opportunities.

Best LLC Services: Making Your Business Official

Incfile is a popular choice among entrepreneurs looking for affordable LLC services . They offer a free basic LLC formation package, which includes preparation and filing of your articles of organization. Incfile also provides a user-friendly platform that guides you through the entire process. Their services extend beyond formation, with options for registered agent service, compliance reminders, and business tax consultations.

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Inc Authority

Inc Authority provides a free LLC formation package, making it an attractive option for cost-conscious entrepreneurs. With Inc Authority, you can form your LLC quickly and efficiently , with their team handling the paperwork and filing requirements. They also offer additional services like registered agent service, business funding assistance, and ongoing support for your business needs.

MyCompanyWorks

MyCompanyWorks offers a range of services to help you start and manage your LLC effectively. They provide a simple and user-friendly platform that guides you through the formation process step by step. MyCompanyWorks offers various packages , including options for expedited filing, registered agent service, and ongoing compliance support. Choose the Best LLC Service for Your Business

1. How often should I review and refine my business plan? It's recommended to review and refine your business plan at least annually or whenever significant changes occur in your industry or market conditions.

2. Can I create a strong brand identity without a large budget? Yes, a strong brand identity can be developed without a large budget. Focus on creating a compelling story, consistent messaging, and engaging content that resonates with your target audience.

3. What legal requirements should I be aware of when starting a business? The legal requirements vary depending on your industry and location. It's essential to consult with legal professionals who can guide you through the specific regulations, licenses, permits, and registrations required for your business.

4. How can I attract investors to fund my business? To attract investors, prepare a well-researched business plan, highlight the potential return on investment, and clearly articulate your unique value proposition. Network with potential investors, attend pitch events, and consider seeking support from startup incubators or accelerators.

5. Why is it important to monitor performance regularly? Regular monitoring of key performance indicators allows you to track your business's progress, identify areas of improvement, and make data-driven decisions. It helps you stay focused on your goals and take timely action to optimize performance.

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What must an entrepreneur do after creating a business plan?

Small business owners or entrepreneurs of an established enterprise do everything to make their business booming star of the industry. A well-written business plan helps the entrepreneurs to lay out their business goals. It assists the business owner in decision making and crisis management. Let’s discuss the job of an entrepreneur after creating a business plan. However, before this, you must know about the entrepreneur and his qualities.

What is an entrepreneur?

It is not easy to define the entrepreneur as the profiles are so diverse. By understanding what he does, his motivations, his modes of thought, decision, and action, we can sketch a portrayal of it.

The idea of entrepreneurship appeals to you. But do you really know what it means? Working as a freelance, creating a startup, becoming a self-employed or micro-entrepreneur, getting into franchising, being legally “supported” … is all of this really undertaking?

Cut to the chase. An entrepreneur is a person who originates new value, often embodied by the creation of his own business. He was the one who had the idea, who germinated it and created it, unlike a business leader or businessman. An entrepreneur invests himself personally and financially in the creation of his project. He thus creates economic activity in an area close to his heart.

What are the qualities necessary for an entrepreneur?

The essential qualities for success as an entrepreneur are knowledge of marketing, business development, and customer service. Moreover, he also knows about leadership, recruitment, and project management. But being an entrepreneur also requires tenacity, focus, determination, and an insatiable desire to learn. And of course, the ability to constantly reinvent yourself!

Responsibility of Entrepreneur

The entrepreneur is the captain of the ship. He is responsible for keeping everything floating. That’s why entrepreneurs have to wear several hats. No project is big or small when it is your business.

Business owners have to recruit and hire an experienced team to operate the business. Training and development of existing staff are also included in their responsibility. They are accountable for establishing the budget, sale forecast, and fiscal health of the Company.

Planning and strategy

Setting strategy and establishing a business plan is crucial for running a business. Good entrepreneurs keep themselves updated with the latest market trends, competitors, and customer needs. It allows them to deliver the market according to its necessity.

What does an entrepreneur do after creating a business plan?

A business plan is a road map that helps the business owners to decide when they should start the business. Besides, it also describes the short term and long term goals of their business. It also helps to estimate the number of product units require and their cost and other expenses that need to start a business.

After creating a business plan, an entrepreneur must have to finance the business. Besides, he should hire a reliable staff to manage their projects properly. Let’s understand the job of an entrepreneur after creating a business plan with the help of examples.

The Restaurant Owner

A business plan helps the Restaurant entrepreneur looking for capital investment or an established market leader looking to grow. After arranging finance, a restaurant owner has to go to the market to purchase furniture, lights, decoration items, utensils, and food ingredients.  He or she may to prep some food because sometimes the restaurant owner is also the head chef.

The owner of a restaurant also has to interview the candidates for open vacancies. For example, he has to hire the manager, waiter, and kitchen staff. The restaurant owner is also responsible for the training of their staff.

Web publishing business owner

Web publishing business owners may have to write articles or content for the site. Most of the owners hire content writers for this purpose. The owner cooperates with writers and other staff. He provides them feedback on content topics or input on structure, features, or improvements of new websites.

The business plan helps the web publishing business owner assess and monitor your business’s current development and its future development. For this, the owner also has to stay updated with the latest Google and social media trends. Moreover, he should even know what other publishers are doing. Some owners prefer to hire the staff to post on social media accounts, while some post themselves.

The owner of a Plumbing Business

The plumbing business plan provides the latest tactic to the owner to reach potential customers. The plumber goes on plumbing calls to customers’ venue. At a customer’s site, the plumber may send a photo of a broken part that needs to be replaced to an employee back at the office to look it up and order it. Some plumber does this by himself. They drive to the parts supplier to pick up a part and replace it immediately. 

A plumbing entrepreneur who wants to flourish their business may hire other experienced plumbers to work in his Company. He also spends some time may to train them or communicate with them.

How business plan help you?

A business plan helps the entrepreneur to manage organizational needs and employees better. It allows you to determine who in your organization has what roles. Whether you can benefit from a larger or smaller workforce, and how you will recruit new employees. A business plan is a valuable part of how you start and run your business. By evaluating your present and planning your future, you will be on the right path to a clearer vision and increased success chances.

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What Must An Entrepreneur Do After Creating a Business Plan?

• Updated on April 18, 2024

A business plan is only the first step towards creating a profitable business. So, entrepreneurs may put their businesses up for long-term success by focusing on legal requirements, finance and accounting, team building, branding, marketing techniques, and networking. However, this post will inform you about what must an entrepreneur do after creating a business plan.

That is how you should approach this situation. Because creating a business plan is just the beginning for an entrepreneur. Also, we set out to answer the question, “What Must an Entrepreneur Do After Creating a Business Plan?”

Once an entrepreneur has developed a business plan, they must take several crucial steps to set their business in motion. Also, this article outlines the key areas an entrepreneur should focus on after creating a business plan.

Table of Contents

1. Legal Requirements

1.1. Legal Structure

1.2. permits and licenses, 1.3. tax requirements, 1.4. intellectual property, 1.5. compliance.

2. Finance and Accounting

2.1. Financing Sources

2.2. bookkeeping systems, 2.3. budget, 3. creating the team, 3.1. departments, 3.2. staff number, 3.3. hiring, 5. branding, 5.1. mission, 5.2. vision, 5.3. identity, 5.4. target audience, 5.5. corporate culture, 6. marketing strategies, 6.1. value proposition, 6.2. marketing channels, 6.3. target audience, 6.4. pricing, 6.5. distribution channels, 7. networking, 7.1. build relationships, 7.2. attend events, 7.3. use social media, 7.4. volunteer, 7.5. follow up, 7.6. be authentic.

What Should An Entrepreneur Do After the Business Plan? – Step-by-Step Summary

What’s the Next Step After Creating a Business Plan?

1. legal requirements – first steps after creating a business plan that an entrepreneur must do.

It is critical to consider the legal requirements that come with beginning a business.

Besides the legal issues related to your foundation, copy rights, licensing, etc, you will have to deal with taxes and social security payments of your employees. Especially if you are managing a side hussle, and do not have to much time to deal with these stuff, you’d better to get support from a third party, like this page , to track your tax registration, accounting issues, company registration.

Altogether, there are a few important legal considerations. Therefore, these may include registering your company, obtaining necessary licenses and permits, and adhering to tax laws. Moreover, it is critical to seek legal advice to ensure that you are meeting all legal requirements and protecting your business. Also, for all steps you can consider business coaching for a smooth foundation process.

Firstly, you will need to determine the legal structure of your business, whether it’s a sole proprietorship, partnership, limited liability company (LLC) , or corporation. Comparatively, each structure has its own advantages and disadvantages, so it’s important to do your research and choose the one that’s right for your business. However, for entrepreneurs, LLCs are the most advantageous structure to form. If you want to start a business in Texas, USA, for example, make sure you read an LLC in Texas Guide from a trustworthy resource.

From now on, depending on your industry a nd location , you may need to obtain certain permits and licenses before you can legally operate your business. These can include business licenses, health permits, zoning permits, and more. Check with your local government agencies to find out what permits and licenses you’ll need.

You will also need to register for tax purposes , including obtaining from the local and regional authorities. You’ll also need to collect and remit sales tax if applicable.

Firstly, if your business involves creating original works, such as inventions, designs, or written content , you may need to obtain patents, trademarks, or copyrights to protect your intellectual property .

Finally, be sure to stay up-to-date on any regulatory requirements or industry standards that apply to your business. This can include compliance with data privacy laws , workplace safety regulations, and more.

2. Finance and Accounting – Entreprenuer must decide on funding after creating business plan

As starting a business, you should think about financing options, set up a bookkeeping system, and make a budget. Key considerations include researching the target market and competition, as well as developing a business plan. These actions can assist boost the likelihood of a new business’s success.

There are several financing sources available to new business owners, including bootstrapping (using personal savings or credit cards ), investors (such as angel investors or venture capitalists), loans (from banks or other lending institutions), and governmental/private fundings (such as grants or subsidies). Each option has its own pros and cons, so it’s important to do your research and choose the one that’s right for your business.

It’s important to set up a bookkeeping system to keep track of your business finances. Make sure to keep accurate records of all income and expenses , and reconcile your accounts regularly. A good bookkeeping system can help you make informed decisions about your business, and also make tax time much easier. Additionally, consider using accounting software to streamline the process and reduce errors. That is one the solid answer about What Must An Entrepreneur Do After Creating a Business Plan?.

One of the most appealing business initiatives is the creation of your own financial institution to offer services like transaction processing, loans, and cross-border payments locally and internationally. Starting a digital bank is considered a venture with a lower entry barrier compared to traditional banking businesses. After all, you don’t have to open and maintain bank branches.

If you are not willing to get a banking license and deal with corresponding regulations, you can even go for the development of a neobank. It’s basically a software solution acting like a client-facing intermediary between customers and a financial institution with a banking license. This technology is made possible by banking API integration.

Creating a budget can help you plan for the financial needs of your business and ensure that you have enough funds to cover expenses. Start by estimating your revenue and expenses for the coming year, and then adjust your budget as needed based on actual results. Be sure to include all expenses , including fixed costs (such as rent and utilities) and variable costs (such as marketing expenses or inventory).

By considering your financing options, setting up a bookkeeping system, and creating a budget, you can help ensure the financial health of your business.

When creating a team for your business, it’s important to consider the different departments you’ll need, the number of staff required, how to hire the right people, and how to set up key performance indicators (KPIs) for each department. Here are some key considerations:

Depending on the nature of your business, you may need to create several departments, such as marketing, sales, finance, human resources, and operations . Each department will have its own responsibilities and goals, so it’s important to define these clearly.

The number of staff you will need will depend on the size and complexity of your business. Start by creating an organizational chart that outlines each department and the roles within it. Then, determine the number of staff required for each role based on the workload and responsibilities . If you want to handle your recruitment process using a digital tool, you should have a look here during this step .

When hiring staff, it’s important to create clear job descriptions , post job listings in relevant places, and conduct thorough interviews to ensure you’re hiring the right people. Concurrently, consider factors such as experience, skills, and cultural fit when making hiring decisions.

Setting up KPI s for each department will help you measure performance and ensure everyone is working towards the same goals. Start by defining clear metrics for each department, such as sales revenue or customer satisfaction, and create a system for tracking progress towards these goals. Regularly review KPI s with each department to ensure everyone is on track and make adjustments as needed.

Tracking and measuring KPI s should not be your worst nightmare. There is a simple way to track managing metrics with KPI dashboards.

By considering these factors when creating your team, you can help ensure you have the right people in the right roles and are working towards the same goals.

The moment developing a brand, several key factors must be considered, including the company’s mission and vision, branding and identity , target audience, and corporate culture. These are some important considerations:

Your company’s mission statement should define the purpose of your business and the values that guide it. Altogether, this statement should be clear and concise, and help differentiate your company from competitors. This is also an important step for an entrepreneur after the business plan .

The vision statement outlines your company’s long-term goals and aspirations. Basically, it should give employees and customers a sense of where the company is headed and what it hopes to achieve.

Your br and identity includes your company’s name, logo, and visual style. It should be consistent across all marketing materials and help communicate the values and purpose of your company.

It’s important to define your target audience when building a brand. Basically, this will help you tailor your messaging and marketing efforts to reach the right people.

Your corporate culture should reflect the values and mission of your company. Hence, this includes factors such as employee benefits, work-life balance, and company policies. A positive corporate culture can help attract and retain top talent, and can also improve employee morale and productivity.

By considering these factors when building your brand , you can create a clear and cohesive message that resonates with your target audience and helps differentiate your company from competitors.

When developing marketing strategies for your business, it’s important to consider several key factors , including your value proposition , marketing channels , target audience , pricing , and distribution channels . Here’s a breakdown of each:

These are the different channels you’ll use to reach your target audience, such as social media, email marketing , paid advertising, content marketing, and more. Correspondingly, it is important to choose channels that are relevant to your target audience and that align with your business goals .

Defining your target audience is important to marketing success. You should have a firm grasp on your target customer’s demographics, interests, behaviors, and pain areas. This data will assist you in tailoring your messaging and marketing activities so that they effectively reach and resonate with your target demographic . It can also be used to inform product development and commercial decisions in order to better satisfy your customers’ needs.

Your pricing strategy should align with your value proposition and target audience . Also, consider factors such as production costs, competition, and the perceived value of your product or service when setting prices. It is important to strike a balance between affordability and profitability. Conducting market research and testing different pricing models can help you find the optimal price point for your business. To create a good strategy and optimality , you can use product pricing tools .

These are the channels you’ll use to get your product or service to customers, such as direct sales, online sales, or retail partnerships. Your distribution strategy should align with your business goals and target audience.

That’s why, with taking these aspects into account when establishing your marketing strategies, you can develop a clear and successful plan that will help you in interacting with your target audience, differentiating your company from competitors, and driving sales and growth.

Networking is a vital element in establishing a successful career or business . Evidently, here are some important networking considerations. Identifying your goals, creating relationships with people in your business, and being proactive in searching out new chances are all important factors when it comes to networking. In order to create a strong network , it is also necessary to have a positive attitude and be eager to help others. Examine the following essential elements:

Networking is all about building relationships. Certainly, it takes the time to get to know people, learn about their interests and goals, and find ways to help them achieve success.

Attend industry events, conferences, and other networking opportunities to meet new people and learn about the latest trends and developments in your field.

Social media platforms like LinkedIn, Twitter, and Instagram can be powerful tools for networking. Besides, use these platforms to connect with others in your industry, share insights and content, and build your personal brand. So, this is one of the most enjoyable steps that an entrepreneur must do after making the business plan .

Volunteering for industry associations or other organizations is a great way to meet new people, gain experience, and give back to your community.

After meeting someone new, make sure to follow up with them to continue building the relationship. Eventually, to send a personalized email or message, and find ways to stay in touch over time.

Networking should be about building genuine connections with others. Be yourself, and focus on building relationships that are based on mutual respect and shared interests.

Afterwards, by following these tips, you can build a strong network of contacts that can help you achieve your career or business goals. Remember that networking is an ongoing process, and it takes time and effort to build meaningful relationships that can help you succeed.

What Must An Entrepreneur Do After Creating Business Plan? – Step-by-Step Summary

Lastly, this is a summary of the main points for each of the topics. Therefore, it can be useful as an entrepreneur’s must-checklist. Emphatically, you might want to look at Someka’s template for inspiration to Business Plan .

Legal Structure

• Firstly, determine the legal structure of your business.
• Also, obtain necessary permits and licenses .
• Then, register for tax purposes.
• Also, obtain patents, trademarks, or copyrights .
• Finally, stay compliant with regulations and industry standards.

Finance and Accounting

• Firtsly, choose the best financing option for your business.
• Set up a bookkeeping system and use accounting software.
• Then, create a budget for your business.

Creating the Team

• Firstly, create different departments.
• Secondly, determine the required number of staff.
• Then hire the right people.
• Lastly, set up KPI s for each department.
• Define the company’s mission and vision.
• Create a consistent brand identity.
• Addtionally, identify the target audience.
• Finally, establish a positive corporate culture.

Additionally, you can  create  the  right  team,  establish  a  strong  brand,  and  ensure  the  financial  stability  of  your  company by  taking  into  account  these  factors.

So, f or  your  company  to  remain  competitive  in  the  market, it  is  crucial  to  periodically  review  and  modify  your  business  strategies.

Additionally,  consulting  with  seasoned  experts  can  offer  insightful  advice  and  direction  for  long-term  success.

Are you are satisfied with our reply to the question of “what must an entrepreneur do after creating a business plan”?

Now, it is time to take the next step for a business owner looking to attract investors is to create a convincing pitch that highlights the potential of their business. This pitch should include the results of the feasibility study, such as market demand, competition analysis, financial projections, and risks and challenges.

So, to reach out to potential investors, it is important to tailor the pitch to their needs and interests and be prepared to answer any questions they may have. It is also recommended to highlight the unique selling proposition of the product or service and explain how it solves a problem or meets a need in the market.

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Most People Have No Business Starting a Business. Here's What to Consider Before You Become an Entrepreneur You need to find the right business opportunity at the right time and take the right steps to beat the odds.

By Cynthia Kay • Apr 22, 2024

Key Takeaways

• Small businesses could significantly improve their odds by starting the right business at the right time and taking the right steps.
• Don't rush the following steps. They set the foundation for beating the odds and growing a great business.

Opinions expressed by Entrepreneur contributors are their own.

There is no such thing as the perfect time to start a business . I know. Growing up in a family business, I always thought I would love to own my own business, but I was waiting for the perfect time. Then, I got fired from my job in broadcasting and had to decide what to do. Was I ready to take on being a business owner? Did I have enough experience? Where would the start-up funding come from? Did I want to own one, or was I just enamored with the American dream of being a business owner?

The hard truth is that most people have no business starting a business because they have unrealistic expectations and have not done the hard work to ensure its success. The statistics bear that out. According to the U.S. Bureau of Labor Statistics , "20% of new businesses fail during the first two years, 45% during the first five years, and 65% during the first ten years."

I have been in business for more than 35 years, which puts me in the category of only 25% of the companies that make it 15 years or more. Am I clever or lucky? Or a little of both? I believe that small businesses could significantly improve their odds by starting the right business at the right time and taking the right steps.

Related: You Won't Be a Successful Entrepreneur Until You Adopt These 3 Habits

The right business

Ideally, there are two things to consider. First, the type of business. The right business for one person is very different than the right business for another. In my case, broadcasting experience was a great foundation for starting a media production company. I had worked for several television stations in a variety of roles, so I understood both the production aspects, what might be compared to operations in other businesses, and the financial considerations.

When you start a business in an industry where you know you have an edge , you see the opportunities and the pitfalls. You can become a recognized leader faster than someone who is just getting started. You also may have recognition or awards that give you instant credibility. In my case, I have won over thirty broadcast awards, indicating that I was a seasoned professional.

One side note: I know people who have been very successful in starting businesses without a specific background in the product or service. These are, however, well-educated businesspeople who can successfully lead an operation and have found others with the skills and understanding of the industry. Being a franchisee is another way to get started because the franchise owner has put the products, systems and training in place to jumpstart ownership.

The second thing to consider is the business owner's passion and commitment level. Even knowledgeable and prepared individuals must work hard during the first few years to set the foundation. Business owners know that means missing family events, long hours, and plowing money back into the operation instead of putting it in their pockets. If you have a passion for business, it is easy to stick it out. If you don't, resentment builds, and the business suffers.

Related: Passion, Freedom, Impact: The 3 Ingredients of Business Success

The right time

You might think that timing is about the age at which you start a business. It is not. Entrepreneurs start businesses at all ages. Over the years, we have seen many young people and their parents on Shark Tank trying to find an investor for their businesses. One might argue that the business is really the parent's idea, but not always.

At the other end of the scale, there are encore entrepreneurs. These are successful business owners who sold their businesses and could not sit still or who left corporate America and struck out on their own late in life. Of course, many of those who are starting businesses are millennials and Gen Zers. The right time is at any age.

What's more important is whether or not the product or service is ready for the market and in demand. Media production as an industry has been consistently in demand since I started but was even more popular during and after the pandemic as people needed to communicate but did not want to travel or meet in person. Many side hustles have soared in popularity, and there is still room for new entities. But others have crowded fields. It's important to look at the competition and see how your offer measures up. Is it different, a better value, or more convenient?

One last thing to consider: Sometimes, you are so far ahead of the market that you need to do more than just sell; you need to educate and create demand. Think about it. Things like computers, meatless burgers and even kitty litter changed or created an entirely new industry. Timing here is tricky. Get in too early, and it takes huge resources to get noticed. Too late, and you can't catch up.

Related: Can You Turn Your Side Hustle Into a Business

The right steps

Benjamin Franklin said it best, "If you fail to plan, you plan to fail." To be successful, you need to take the right planning steps. You need to do the tedious work of creating a business plan. This is the roadmap for how to start, operate and grow the business. There are lots of different templates and resources to create a plan, whether you are starting a traditional business or a lean start-up. Just pick one that meets your needs. You also must find and surround yourself with a great team of advisors, including a business attorney, financial professional, insurance and risk management team and more.

Don't rush these steps. They set the foundation for beating the odds and growing a great business.

Related: 3 Advisors Every Business Owner Needs

Entrepreneur Leadership Network® Contributor

A small business leader for over 35 years.

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What Entrepreneur Must Do After Creating A Business Plan?

HustleVentureSG

Edmund Chong

After meticulous planning, an entrepreneur’s journey truly begins. Crafting a business plan is just the first step; what follows is a series of strategic actions to breathe life into the plan.

From establishing a solid legal foundation to building a cohesive team, protecting intellectual property, and executing marketing strategies, each phase is crucial. I remember starting HustleVenture, things were tough even though we had a good business plan, things just weren’t working out.

Doing business for over 3 years now, being an entrepreneur is a fancy way of putting yourself as “a glorified unemployed”. Unless you create yourself a solid business plan to follow through, and here’s how entrepreneur should take the correct steps for.

Key Takeaways

• Legally establish the business by selecting the appropriate legal structure and filing the necessary documents to set a strong foundation.
• Assemble a capable team by identifying key roles, hiring essential personnel, and cultivating a positive company culture.
• Protect intellectual property through understanding and securing the right types of IP protection, such as trademarks and patents.
• Develop and implement marketing strategies that include building a brand identity, creating valuable content, and leveraging digital platforms.
• Regularly monitor business performance, gather feedback, and adapt strategies to embrace change and drive continuous innovation.

Choosing the Right Legal Structure

After crafting a comprehensive business plan, the next critical step for an entrepreneur is to solidify the business’s legal foundation. Choosing the right legal structure is crucial as it affects various aspects of the business, including tax obligations, liability, and management hierarchy. Entrepreneurs must weigh the legal and financial considerations for forming a partnership, and understand the differences between structures such as an LLC and a sole proprietorship .

• Sole Proprietorship: Ideal for low-risk businesses and testing ideas.
• Partnership: Suitable for shared ownership and responsibilities.
• Limited Liability Company (LLC) : Balances liability protection with operational flexibility.
• Corporation: Offers extensive liability protection but with more regulatory requirements.
• Cooperative: Owned and operated for the benefit of those using its services.

It’s essential to choose a business structure that aligns with your business needs and goals. Consulting with a tax professional can provide valuable insights into the most suitable structure for your business. As your business evolves, remember that you can change your structure to better suit its growing needs.

Filing Necessary Legal Documents

After crafting a comprehensive business plan , the next critical step for an entrepreneur is to ensure all necessary legal documents are filed. This process solidifies your business’s legal foundation and varies depending on your chosen structure—be it a sole proprietorship, LLC, corporation, or partnership.

It’s crucial to understand the specific requirements for your business type and location, as these will dictate the documents you need to file.

For instance, you may need to apply for an Employer Identification Number (EIN) if your business structure requires it. Additionally, a registered agent must be designated to receive official papers and legal documents on behalf of your company. This agent must be located in the state where your business is registered. Below is a list of common legal documents and permits that many businesses need to file:

• Business license or seller’s permit
• Certificate of formation or incorporation
• Employer Identification Number (EIN), if applicable
• State and federal identification numbers or codes
• Key customer contracts and purchase orders

Remember, compliance with legal requirements is not a one-time task but an ongoing responsibility . Regularly review and update your legal documents to reflect any changes in your business operations or structure.

Setting Short-Term and Long-Term Goals

After crafting a comprehensive business plan, it’s crucial to establish clear short-term and long-term goals . These goals act as benchmarks for success and guide the strategic direction of your enterprise. Short-term goals are typically focused on immediate milestones that can be achieved within a year, such as launching a new product or increasing market share. Long-term goals, on the other hand, reflect broader ambitions that may take several years to accomplish, like securing a specific market share or expanding to new locations.

• Short-Term Goals: Immediate milestones, measurable and specific.
• Long-Term Goals: Broader ambitions, may not have a defined timeline.

Goals should be SMART – Specific, Measurable, Achievable, Relevant, and Time-bound. Each goal must align with the overall business objectives and propel you towards your vision for success.

Remember to keep stakeholders informed about your goals and progress. Their insights can be invaluable, and their engagement is essential for the sustained growth and adaptation of your business strategy. As you embark on your entrepreneurship journey , be prepared to invest time and effort, and make necessary sacrifices to achieve these goals.

Building and Managing Your Team

Identifying Key Roles and Responsibilities

After creating a business plan, it’s crucial to identify the key roles and responsibilities within your team to ensure that all tasks are efficiently managed and aligned with your company’s goals. Start by understanding your team’s strengths and determining the essential tasks that need to be accomplished. This clarity will help in assigning the right people to the right tasks, fostering accountability, and driving your business forward.

The foundation of a strong team lies in clear definitions of roles and responsibilities, which contribute to the company’s growth and success.

Consider the following roles as a starting point for your startup business:

• The Visionary: Responsible for the company’s direction and innovation.
• The Fixer: Handles operational challenges and finds solutions.
• The Artist: Drives creativity and branding.
• The Hacker: Focuses on product development and technology.
• The Closer: Leads sales and customer acquisition efforts.

Remember to meet and discuss priorities on a regular basis, adapting roles as needed to meet the evolving demands of the business. It’s also beneficial to create job description templates for each role to refer back to responsibilities as needed.

Hiring Essential Personnel

After crafting a comprehensive business plan, the next critical step is to assemble a team that can execute that vision . Hiring the right people is not just about filling positions; it’s about finding individuals who will contribute to the company’s culture and growth. To ensure a successful hiring process, consider the following steps:

• Do your research to understand the market and the roles you need to fill.
• Create detailed job descriptions that outline responsibilities and required qualifications.
• Develop a structured interview process to assess candidates fairly and thoroughly.
• Consider the cost of hiring experts, such as a bookkeeper, CPA, or attorney, to support your operations.

It’s essential to prioritize the development of your employees, empowering them to ask the right questions and solve problems effectively. This investment in your team is crucial for long-term success.

Remember, hiring through job boards can quickly connect you with potential candidates, but it’s also important to look beyond the resume. Seek out those who demonstrate adaptability, communication skills, and a strong work ethic. These soft skills are often just as important as technical abilities.

Fostering a Strong Company Culture

A strong company culture is not just about having a pleasant work environment; it’s about creating a space where employees are aligned with the company’s values and mission . This alignment is crucial for boosting team productivity and driving success. To foster such a culture, start by establishing clear company culture values and goals.

• Establish the organization’s culture and principles.
• Be a mentor to your team members.
• Encourage open communication and collaboration.
• Recognize and celebrate accomplishments.

A positive and well-defined company culture not only attracts the right talent but also retains them, contributing to the overall growth and stability of the business.

Moreover, inclusive hiring practices and comfortable workspaces are essential components of a modern work culture. They ensure that all employees feel valued and empowered to contribute to the company’s success. Remember, a team that works well together is more likely to succeed.

Protecting Your Intellectual Property

Understanding Different Types of IP Protection

Protecting your business’s intellectual property (IP) is crucial for maintaining a competitive edge and ensuring the uniqueness of your products or services. Understanding the different types of IP protection is the first step toward safeguarding your business assets. Here’s a simple breakdown:

• Copyright : Protects original works of authorship, such as literature, music, and software.
• Trademark : Secures names, symbols, or slogans used to identify goods or services.
• Patent : Grants exclusive rights to inventors for their inventions.
• Trade Secret : Involves business information that derives value from not being generally known.

It’s essential to identify which type of IP applies to your business, such as names, designs, and automated processes, and take the necessary steps to protect these assets. Each form of IP protection serves a specific purpose and choosing the right one can be valuable to entrepreneurs in a variety of ways.

Remember, IP protection is not just about legal defense; it’s about preserving the integrity and value of the creative thinking that drives your business forward. Securing trademarks and patents, and maintaining trade secrets and confidentiality, can provide a secure mechanism for your business’s long-term success.

Securing Trademarks and Patents

After creating a business plan, securing your intellectual property is crucial for safeguarding your brand and innovation. Trademarks and patents are essential tools for protecting your business’s unique identity and inventions, respectively.

To ensure your business name, logo, or product is not already trademarked, a thorough search is necessary. Utilizing resources such as the USPTO search, Google, and Trademarkia can help in this process. Remember, trademarks are not just about legal protection ; they are about brand recognition , market positioning, and building consumer trust.

Filing for a trademark or patent can be a complex process, but it’s a vital investment in your business’s future. It not only prevents confusion and deters infringement but also adds value to your business as an asset, especially when considering global expansion.

When it comes to patents, they protect the functional aspects of your inventions, giving you exclusive rights to produce and sell your innovation. It’s important to file for patents early to avoid competitors claiming similar ideas. The cost of filing is relatively low compared to the potential value it adds to your business.

Maintaining Trade Secrets and Confidentiality

After establishing the necessary legal protections for your intellectual property, it’s crucial to maintain the confidentiality of your trade secrets . This involves implementing practical measures to safeguard sensitive information from competitors and unauthorized personnel.

• Executing confidentiality and nondisclosure agreements with employees is a fundamental step. These agreements serve as a legal framework to ensure that staff understand the importance of keeping trade secrets and are legally bound to do so.
• Physically protect the information by securing access to areas where sensitive data is stored. Whether it’s a shared office space or a private facility, controlling who has access to your trade secrets is essential.

Protecting your trade secrets is not just about legal measures; it’s about creating a culture of trust and discretion within your company.

Remember to label confidential documents appropriately and use disclaimers to deter unauthorized sharing. Regularly review and update your security protocols to adapt to new threats and ensure that your trade secrets remain protected.

Marketing and Advertising Strategies

Developing a Strong Brand Identity

A strong brand identity is crucial for standing out in a crowded market and building customer loyalty. It encompasses everything from your logo to your brand voice, and it’s essential for communicating your business’s values and mission to your target audience .

• Design a logo that is memorable and reflective of your brand’s essence. This visual symbol will serve as the face of your company and is often the first point of contact with potential customers.
• Develop a consistent brand voice and tone . This aspect of your brand identity is how you connect with your audience, not just through the messages you convey but also through the manner in which you communicate them.
• Establish a visual identity beyond the logo, including typography, color schemes, and imagery. Consistency in these elements fosters recognition and trust among consumers.

Crafting a narrative and visual identity that resonates authentically with your target market is key. Your brand story and tone should emotionally engage your audience, creating a lasting impression.

Remember, your brand identity is an ongoing project. It should evolve as your business grows and as you gain more insights into your market and audience. Regularly refining your brand based on feedback and data ensures that your identity remains relevant and effective.

Creating Valuable Content for Marketing

Creating valuable content is essential for engaging your audience and driving marketing success. A strategic content approach with multimedia elements is crucial for capturing attention and providing a rich user experience. Consistent publishing schedule s and effective online marketing tactics are key for maintaining reader engagement and improving website performance.

To ensure your content marketing efforts are successful, consider the following steps:

• Create a Clear Strategy
• Invest Time in Keyword Research
• Establish Your Publishing Pace

By focusing on these practices, you can build a foundation for content that not only attracts but also retains customers.

Remember, content is king when it comes to marketing. It’s important to use visuals that stand out and blend with your brand, and to take advantage of social media by sharing videos about your product or service. Tracking your progress and adjusting your strategy are also vital for long-term success.

Leveraging Social Media and Digital Platforms

In the digital age, social media marketing is indispensable for business growth. Platforms like Facebook, Twitter, Instagram, and LinkedIn provide opportunities to reach a wider audience and engage with potential customers. By sharing valuable content and responding to feedback, businesses can enhance brand awareness and foster customer loyalty.

However, a strategic approach is essential. It’s not just about posting content; it’s about creating a community around your brand. This involves understanding your audience and engaging with them in a meaningful way to drive business growth.

Embrace growth and continuous improvement in your social media strategies to maintain relevance and strengthen your online presence.

Here are some practical steps to leverage social media effectively:

• Use hashtags and paid ads to expand your reach.
• Engage with influencers to tap into new networks.
• Create and participate in Facebook groups to connect with your target market.
• Implement Google advertising to put your products in front of a global audience.
• Publish blog posts and other content marketing materials to attract organic traffic.
• Encourage word-of-mouth recommendations.
• Start a YouTube channel to showcase your products or services.

Monitoring & Adapting Business Strategies

Tracking Business Performance Metrics

After establishing a business plan, it’s crucial to track the company’s performance to ensure alignment with strategic goals. Performance tracking is not just about monitoring current performance, but also about setting and striving to achieve clear objectives. By regularly reviewing key performance indicators (KPIs), entrepreneurs can make informed decisions and keep the business on track for long-term success.

Remember, performance tracking is not just about monitoring your current performance. It’s also about setting clear goals and striving to achieve them.

Entrepreneurship challenges often include understanding which metrics to track. A table of KPIs might look like this:

Consistent vigilance and adaptability are key in adjusting your strategy based on these metrics. By staying attuned to market trends and customer preferences, entrepreneurs can pivot and innovate, ensuring the business remains competitive and relevant.

Adjusting Business Plans Based on Feedback

In the lifecycle of a business, feedback is a compass that guides strategic adjustments. Entrepreneurs must embrace the practice of regularly soliciting and analyzing feedback from various stakeholders, including customers, employees, and industry experts. This feedback is invaluable for identifying areas of improvement and validating the direction of the business.

• Review customer feedback to understand market needs
• Engage with employees for internal process improvements
• Consult industry experts for strategic insights

By incorporating feedback into the business plan, entrepreneurs can ensure that their strategies remain relevant and effective. Adjusting the business plan is not a sign of failure but a proactive measure to stay ahead of market trends and customer expectations.

Financial goals should also be revisited periodically . It’s crucial to assess changes in the market, prioritize spending, and create a realistic budget that reflects the current financial landscape of the business. This approach to financial planning will contribute to the long-term financial well-being of the company.

Embracing Change and Innovation

In the dynamic landscape of business, embracing change and innovation is not just beneficial; it’s essential for survival and growth. Entrepreneurs must be agile, ready to pivot their strategies in response to new information and market shifts. This agility allows for the challenge of the status quo and the creation of unique solutions that meet evolving needs.

By defining what change means for your startup, you can better plan and implement strategies that foster innovation and scalability. Consider the following points to ensure your business remains adaptable and forward-thinking:

• Define clear policies that encourage innovation and support new ventures.
• Regularly review and adjust your business plan based on market feedback.
• Cultivate a culture that values diverse skills and flexible work environments .
• Develop competencies in areas that promise growth and continuous improvement.

Remember, adjusting your strategy is not a sign of failure but a demonstration of wisdom and resilience. Staying flexible and responsive ensures that your business remains relevant and successful in the long term.

Starting your entrepreneur journey

Launching the business and continuously monitoring its progress against set goals ensures that the venture remains on track for success. Entrepreneurs must be agile, and ready to adapt their strategies in response to market feedback and changes.

Remember, a well-crafted business plan is a blueprint for action, and it’s the diligent execution of this plan that ultimately leads to the growth and sustainability of the business.

Looking for marketing services to help you boost awareness?

Here at HustleVenture, we are a finance and side hustle newsletter business. So if you are reading this, chances are, we can help you grow your side hustle/business through some of our online services such as:

• SEO writing [Popular⭐]
• Videography [Singapore Only]
• Advertising [Popular⭐]
• Copywriting
• Guest post promotion

These are just some ways we can do to promote your business/side hustle. Interested to know more, be sure to schedule a Zoom call with us down below!

Frequently Asked Questions

What must an entrepreneur do after creating a business plan.

After creating a business plan, an entrepreneur should establish the legal structure of the business, file necessary documents, protect intellectual property, focus on marketing and advertising, launch the business officially, and consistently review and adapt business strategies for success.

What are some recommended strategies for developing valuable content for marketing purposes?

Recommended strategies include understanding your audience, creating engaging and relevant content, utilizing SEO best practices, leveraging storytelling, analyzing performance metrics to refine content, and using various platforms to distribute and promote content.

What steps should an entrepreneur take to legally establish their business?

An entrepreneur should choose the right legal structure for their business, such as a sole proprietorship, partnership, LLC, or corporation, and then file the necessary legal documents with the appropriate government bodies to officially register the business.

How can an entrepreneur protect their business’s intellectual property?

To protect intellectual property, an entrepreneur should understand the different types of IP protection, secure trademarks and patents for their products or services, and maintain confidentiality of trade secrets through non-disclosure agreements and other measures.

What is the importance of setting short-term and long-term goals for a new business?

Setting short-term and long-term goals helps a business establish clear objectives, measure progress, motivate the team, and guide decision-making. It also allows for tracking achievements and making necessary adjustments to strategies.

Why is it crucial to monitor business performance metrics regularly?

Regularly monitoring business performance metrics is crucial for understanding the health of the business, identifying areas for improvement, making informed decisions, and adapting strategies to market changes and customer feedback.

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