When starting a business, you’re first thought may be to write a business plan, this may be a mistake; it depends.
Writing a business plan first involves long hours of detailing your business strategies and sales forecasting even though you’re not sure what you’re doing, and trying to justify a need for your solution just to have some loan officer tell you you’re not ready for a loan. Starting a business by writing a plan as your very first activity can cause you to waste time and money before you even get started.
The first thing you need to do is to determine if your business will be viable in the market that you have chosen.
In other words, will your product or idea sell?
Prototype your product or service; build a base foundation for marketing; penetrate the market; get feedback; make adjustments, understand the reaction to your solution; understand your feelings about doing the grunt work; moreover, document your results as a strategy as your foundation of a comprehensive plan and you will have a better chance of success.
Waiting to get funding is not the way to go. Go out and get funding by securing clients. Not only will you look more attractive to bankers and investors but you will set the stage for building a profitable business.
- How do you become profitable? You secure profitable clients.
- How do you secure profitable clients? You charge profitable rates.
- How do you determine profitable rates? You go out into the marketplace and test your idea.
Learning how to secure clients is the way to start any business. Once you have this down, begin building your infrastructure to support operations, and then it is time to document your plan.
Got it? Now go get your clients!
© Effició, Inc.