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ELSI M PACHECO 2018 / SITE BY ELSI M PACHECO - UNITED STATES

When Should Entrepreneurs Write Their Business Plan

July 12, 2018

 

It's called a business plan for a reason yall, you have to plan! As an entrepreneur, it does not matter what your business is because overall studies show you will be even more successful if you lay out the foundation of your business in a well thought out plan. 

 

That does NOT mean making that your first task on your new business to-do list, it just means at some point it has to be done. It is a good idea to work on your plan while other important beginning activities are happening. One of the most important factors for any business is being flexible. As entrepreneurs, we are typically shifting directions a few times until we get it right until it feels right for us as the CEOs of our lives. You may have laid out the persona of your client and then found out that it really didn't work for you and that's OK. Your services may, in fact, serve a totally different clientele and as CEO of your life and business, you have to be open to these slight shifts. 

 

Writing a business plan takes time, and for the reasons I mentioned above, you should take some time to evaluate any and all possible opportunities and not be closed off to these because of an initial thought about your business. 

 

According to the Harvard Business Review "We found that on average, the most successful entrepreneurs were those that wrote their business plan between six and 12 months after deciding to start a business. Writing a plan in this timeframe increased the probability of venture viability success by 8%. But writing one earlier or later proved to have no distinguishable impact on future success."  

 

So take your time, enjoy your planning, and kick off your business like a BOSS! 

 

For entrepreneur inspiration and insight these are a few of the sites I follow:
Under 30 CEO
Entrepreneur.com
Harvard Business Review
Inc.com
Forbes.com

 

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