Investing your time and money writing a detailed business plan is a waste of time. A business plan is a guess at best. There is nothing wrong with dreaming and guessing what is going to happen 5 years from today, just do not build your business on shaky grounds, on a predication.
Banks ask for business plans because they like to have the illusion of safety and the illusion of certainty. Instead of starting with writing a business plan, keep it simple, answer this question, “Who do I want to serve, and what one big problem do I want to solve for them?” Customers do not care about your WHY or your goals, they care about their own goals, and their lives first. Do not spend money on legal fees until you know that your services are desired by your ideal clients.
You need to understand that your first job is to serve your customers and to market your products. It does not matter what you do, you are a marketer first. If you are uncomfortable marketing your business, get out of business, or get out of your office and find someone who can market your business.
I got approached by many people with brilliant ideas, but they do not know how to promote their ideas. Most of these ideas fail because of horrible marketing campaigns.
Not every great idea can be a great business. This is so hard for so many to understand and accept. That is the reason, I start by following these 8 steps.
Do not write a business plan, follow these 8 steps.
Let me give you an example on how to use these 8 steps.
Not every great idea can be a great business, test, pivot, and evolve often. Do not marry your strategy, date your strategy. If it does not work, change it, pivot, and keep evolving.
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