By Charif Slag at April 24 2019 22:50:42
Just as there are many types of entrepreneurs and business ideas there are many kinds of business plans. Here are three that deserve some special attention. The "Accidental Entrepreneur" Plan: Believe it or not, it happens quite often. An impulse, a hobby, or a passing notion turns into a business without warning. One day you're handing your extra back_yard tomatoes or homemade cake to the neighbors, and before you know it you're filling out the forms for a booth at the local farmer's market. Perhaps you create a unique bit of hand_crafted jewelry and wear it to school or work, and then find your phone flooded with messages like, "Where can I get one?" and "I'll pay you to make one for me."
Succession Planning _ Unless you plan to run your business for your entire life, you will need a plan of succession. If you are the only person who can run and operate your company, it is doomed to fail when you can no longer run it. Create a plan that will spell out what steps will be taken to either sell your company or hand it over to another manager. Develop a system that allows your business to be run without you. An operations manual that details the key components of running your company is the first step in succession planning. Consult an attorney about the legal aspects of either selling or transferring ownership of your company.
Obtain Feedback On Your Plan _ When writing a business plan you sometimes end up locking yourself away. You might have unique ideas which lead you to seek some isolation and secrecy, or if you are going to be a sole trader you may only have one person to consult namely yourself. But it is fantastic to try and get broader input on your business plan _ whether from a professional, or simply from friends and family whom you trust. I say that because of course you need to be careful with commercially sensitive ideas, as you do not want to pass your plan on to someone in the pub who then starts your idea before you across the road.
I teach that you should seek to learn from competitors; obviously never copy another business's idea or what they are doing, but you can absolutely learn from their mistakes or see what they are doing and discover ways to improve it. All of that analysis belongs in your business plan: make sure you have your competitors under the microscope and make sure that is a solid chunk of your plan. That is some of the best research and information you will gather about what will make your business successful in future.