What must an entrepreneur do after creating a business plan? We have you covered.
I know 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, what this will be is 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.
What must an entrepreneur do after creating a business plan?
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 a 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 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!
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.
Get Your Business Branding on Point
- Get your business name registered and have your logo designed, this can be a very important piece of the puzzle as many times this is the first thing people will see about you. A bad name and logo can turn someone away very quick! So be patient, get some feedback and find the best name and logo for you.
- Create your website and whatever social accounts you need to get your business everywhere possible.
TIP: Depending on where you are located, you will need to register your business/Company name and also your domain name to advertise online. Check with your accountant as you may need others.
Implement your marketing plan
- Next, you need to find your target customer, where they are spending their time, and make sure 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 the back end is where serious wealth is created. 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. This can be seriously overlooked by some people in the industry, 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!
Hire employees as you grow business
At this stage you should have your business set up correctly with a great team, a great product or service, a proven way to market to your customers, now spend more money or smartly use your time to bring in more clients. As you grow you may now need to tap in to your hiring process that you created earlier. The sky is the limit now. But remember life is also for living and not just working so don’t burn yourself out or create something to stressful or big that you no longer enjoy it. Good luck!