A quick internet search might leave you with the sense that you can create a business plan in “less than an hour" and in "four easy steps!” Wow, you must be thinking — this’ll be a bre-eze! After all, you know your industry inside and out. And you’ve been mentally planning this business for years now. All you need to do is get it on paper, right?
But there’s more to the story, and the ease these articles promise might be a touch misleading.
According to the SBA, creating a traditional business plan can take 150-200 hours and should range in length from 25-50 pages. You will need to spend hours combing through your financial goals to create monthly projections indicating your debt service coverage ratio. You will need to demonstrate the marketing strategies you have planned and how they relate to your target demographic/industry trends.
If you're going to tackle this on your own, understand that there are no shortcuts, despite what the internet tells you. This will be the foundation of your business, so be meticulous.
But what if you could hire business planning experts and relieve yourself of the burden of creating a business plan? There would be no deep dives into complex financial terms on Google. Your kids wouldn’t hear the faint sound of their mother weeping in the kitchen over market segmentation, industry trends, or the internalized rate of return.
Sounds unreal, right? Well, that version of the story is just about to begin!
Because you just chose Masterplans to partner with you on your business plan.
What will you do with all that time you were going to devote to developing your business plan? Well, we have a few suggestions:
That TV show everyone is talking about. A book you have been eyeing. Your favorite movie you have already seen 15 times. A box of donuts. Just make sure it’s something you really enjoy. Take if from us, sometimes the best business planning comes to you when you give your mind a moment to rest.
Your company's success depends on offering a product or service that customers find valuable. Spend time finding the right vendor who fits your needs at the right price. Perfect your prototype with a new polymer that doesn’t crack under pressure. Find the rosé that pairs perfectly with your signature dish.
Gather as many blankets as you can find and make certain that no couch cushion is in its "proper place." Immerse yourself in a world where couch cushions are used as walls and old sheets create perfect sagging ceilings. Then crawl into your kids' fantasy mansion and read their favorite books until everyone’s eyes droop.
Finding the right people to work with is a process. However, it is critical that the people you choose to work with, whether they are co-owners, investors, or your first few employees, share your vision and values. Your most valuable asset is the people you surround yourself with.
You know how it goes. The notification pops up on your phone: Today is Aunt Lisa’s Birthday. You’ll call her later — you’re busy right now. And before you know it, you are waking up the next day, scrambling to belatedly send your wishes. But this year, since you won’t be elbow deep in figuring out your market potential, you’ll remember to call her after lunch and have time to chat about her twin tabbies named Radish and Iceberg.
Register for an EIN with the federal government. Determine how you want to structure your business. Don’t worry if you’re not sure what we’re talking about — visit the Small Business Administration’s website for more information. See, look how much you’re getting done already!
Did you know the average CEO reads five books per month? There's a reason: as an entrepreneur, you must be open to new ideas, make informed decisions, and think creatively. There are hundreds of great business books out there. Here’s an excellent starting point.
Or your uncle. Or your best friend. Because we all need to be reminded of how connected we are and of the people who have helped shape us into the people we are today.
Working with Masterplans will have you feeling prepared for that meeting with the bank or potential investors! A business plan is required by many investors and lenders for a reason. Yes, it is a way for them to comprehend the business. However, investors and lenders want to know that you are well-informed and confident in your direction.
Look at the thing you find beautiful and let your mind be still.
Sleep is important for our bodies, but it’s so easy to skip when we are stressed. Honestly, you should just go to sleep right now. Whether it is 7 a.m. and your alarm just went off or it’s 2 o’clock in the morning, you are probably tired. (Yes, we see you, you entrepreneur). Before you do anything else on this list, go get some well-deserved rest. Seriously. Close the laptop and let the room go dark.
Sweet dreams! We’ll take it from here.
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