Are traditional business plans a waste of time?
One camp says to jump in and learn along the way because everything you’re thinking regarding your business is going to change anyway.
Another camp says: “If you fail to plan, then plan to fail”.
Flashback
Back in 2005 I spent 2.5 months writing a business plan (I even bought software to create the plan) and didn’t launch the business in the end.
A few years later I came across The Art of The Start by Guy Kawasaki and met the guys who developed and professed the Lean Startup. In the “Lean Startup World,” you create a minimal viable product first to validate your business idea. That means you don’t write a business plan for 3 months, or get trademarks, or even funding. You prove your core business offering first and then do all the normal business setup tasks afterward.
So what’s the right way to launch your business?
Well, I still don’t think there is a right or wrong way to launch a business. It usually requires good energy, a lot of drive and continual momentum to make it successful. Plus there needs to be a demand for what you’re offering and it really helps if you have a unique way of solving a particular problem.
Something I want to touch on real quick: Not every business needs to be thought of as a “product”. Gadgets, software and tools usually fit into the product category.
What about business ideas that aren’t products? For example, it might not be a bad idea to start a smog certification business. No reinventing the wheel or testing required.
So do you still need to validate your core offer or idea?
I say in a way you do. You probably will want to do some research first and validate that where you’re thinking of launching your business is a good location. Or that there is an actual demand for your business idea. Or to simply find out if the market you’re about to enter is over-saturated.
O.K. – do you still need a business plan then?
Well, that’s why we created the 5-Minute Business Plan. It’s probably a good idea to nail some basics down and get it on paper. The goal of the 5-Minute Business Plan is to keep the process from becoming a time suck and become too overwhelming. It’s only a few pages and you can print it out to keep it in front of you so you have something to refer to – to keep you on course.
If you need a complete business plan (say for funding from a bank), then I would like you to contact Joe Alvarado of Profit Bee Navigators. Joe is also the co-author of the 5-Minute Business Plan and is just a great guy to know!
Download The 5 Minute Business Plan Here
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Go ahead and download it for free.
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How To Use The 5-Minute Business Plan
Step 1 – Download The 5-Minute Business Plan PDF
Look for the blue “Download” button above and press the button.
Step 2 – Fill Out The PDF & Save It
The PDF can be filled out. It can accept both text entries as well as checkmarks. When you’re done filling it out save your PDF with a new file name.
Step 3 – Print It Out
We recommend keeping your 5-Minute Business Plan on your desk or somewhere where you can reference it easily. It may seem like a very simple document, but it should condense down “The Why”, your differentiators, and everything you need to know about your target customers.
You can share this with your team, partners and even contractors when you collaborate on a project. Hopefully, this document will keep you on course and aligned with those who you work with.
About the Authors
Sean Work is the President of Judicious, Inc. Sean has worked on the International Space Station as a structural engineer and as a marketing director and VP of marketing at various web analytics companies such as KISSmetrics and Crazy Egg. Joe Alvarado is the owner and operator of Profit Bee Navigators, a business consulting firm out of Champaign, Illinois.