Thursday, November 21, 2013

Next Step After the Plan

Now that our business plan has been finished, finalized and presented, I have now only accomplished step one of getting everything off the ground. After finishing a business plan there are multiple options that you can choose to do with a finished plan. Some companies decide to immediately seek funding, open doors, or seek a business partner.

This is why you wrote your plan! Did you write your business plan for a startup or for an existing business? If it's for a startup and you need outside funding for your business, lenders, angel investors, VCs, and pretty much everyone else will expect to see a professional-looking business plan when you pitch to them. And once you have your business up and running (or if your business is already up and running), then you can use your plan to track and manage the real outcome against what you projected. It'll keep you on track, organized, and always ready for the future. Remember, your plan isn't a static document; it can and should change over time.

When seeking financing always remember like my current instructor William (Bill) Thompson at Full Sail University says, “there is more money out there than good ideas”.  Like stated before there are tons of sources and money out there for good ideas for anyone not to receive a piece of the pie.

When finding a business partner its usually because you don’t have the experience or money to receive funding. So make sure that when choosing someone to add as an addition to your company, you make sure that they are a perfect fit and that you get them as excited as you are. Once in the company they should do as much as they can to make the company succeed, seeing that this is the source of there paycheck also.

Business plans are used for multiple external things, such as to raise funds, be apart of your hiring process, attract business partners. Some internal uses could be to set priorities, set people in charge of certain things also detailing how there progress is measured.

Figure what you need your business for and then determine a plan of action to get the next steps accomplished.

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