Know-How Exchange : Other

This is a tough question. During the first morning, the hoping-to-be entrepreneur would get going on the initial 5 items. Then that afternoon there would be 5 more. That evening there would be 5 additional things to have a look at. The next morning would involve following up on 6 of the things from yesterday plus the 5 new things that needed to be handled. The afternoon would be much like the previous day except busier. It would continue like this for years. That's why it is tough to say what the 5 things to do should be.

I would go back to the business plan and form priorities based on several aspects that should be addressed within the plan:

- SWOT: what messages will the business adapt to communicate its strengths and mitigate its weaknesses? How can these messages be crafted so that they appeal to the target audience and communicate the benefits you will provide them?

- target market: does the business plan include a comprehensive assessment of the target audience? If not, how will you fill in that knowledge so that you can communicate to the target audience with language to which they can relate?

-Technologies - are all of the technologies in place that you will need to get started? Have you selected vendors that will meet your strategic needs? If not, what are the things you will need to do to set those up? This includes website, email systems, etc.

- Internal systems - what are the internal systems to have in place to ensure you get through the items that come up every day which Mike addressed above? How will you remain on track, minimizing distractions?

- What are the tactics you need to establish to accomplish the goals you've set for yourself the first 6 months of operation?

Similar to what Joy says - I believe the business plan should guide you on what needs to be done. Business plans should be covering operational aspects, so following the steps required to get to that operational status is what needs to be done.

Below are the sections I use when I write a business plan (or what I look for when I review someone else's plan). No business plan ever has all the info needed, but usually the areas short are market info (requires more guesses than real data), not operational.


Context (Background of business, Who are the customers)

Corporate Objectives (Short term and long term objectives – measurable)
• Short-Term:
• Long-Term – growth options/exit strategy

Market Analysis (Brief description of market, major influencers, competitors, etc.)
• (insert brief description of market here)
• Why I believe there is a market for my service
• Competitors – direct and indirect competitors.
• Target Customer:
• Benefits of my service:

Marketing Plan (4-Ps, channels)
• Product
• Price
• Place
• Promotion

Operations Plan

Financial Plan (refer to the Appendixes)

Management (who, brief summary of their background, etc.)

Ownership of Organization (business structure, ownership, etc.)

Critical Success Factors (SWOT)
• Strengths:
• Weaknesses:
• Opportunities:
• Threats:

Appendix A – Break Even Analysis

Appendix B - Profit-Loss Summary

Appendix C – Cash Flow Summary

Thanks for asking the question. Thanks for the great responses above. I would add two things. Wikipedia does a pretty good job of organizing and outlining information, and as you create your outline, you might want to look up some of your terms in Wikipedia. I would also suggest: the "best" outline for a business plan might be related to the status of your funding. Are you self-funded? Do you have enough funding to stay in business for six months to a year with no revenue? Will you be seeking funding from relatives or angel investors? Are you beginning part time while you keep your day job? If you are dependent on obtaining funding, a very important perspective on "what should be in the business plan" is the perspective of your likely and potential funders. what are they looking for? Good luck.

Off the top of my head?

BEFORE you write your business plan, KNOW —FOR SURE—that there are rabid buyers for whatever you're making, selling, providing.

THEN:

1. Write out a marketing plan. INCLUDE: who, where, when, how, why, with what frequency, at which price point, against what competition.
2. Write out a list of customer avatars—make these people as real as possible.
3. Write a growth hacking plan: what is the maximum result, in the shortest period of time, with the least amount of work, with the most impact, for the most people, with the least cost and the least risk.

Then regroup.

NEXT: write a list of excuses and reasons why your ass will fail and fail massively.

AFTER THAT ... take that last list and set fire to it (safely, outdoors). There are no excuses. You'll fail for sure, but do so quickly, do so forward, and do so while learning what to do do differently next time.