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.
What must an entrepreneur do after creating a business plan?
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.
