How to Improve Your Chances of Making Your Business Plan a Reality
After crafting a problem statement, identifying your target market, and in general setting out your plans for manufacturing and distribution, your business plan has the makings to become reality. Unfortunately, the chances statistically of it flourishing and being a successful plan long term are very low. You can improve your business’s chances by executing tasks like these!
Find a Business Coach
No matter where you are in your business development, plans can stall without proper knowledge and competency. If you find yourself worried about crucial decisions or areas you lack expertise in, Fundera recommends getting a business coach who can help you in any stage of your business execution. They know how to analyze your business plan, looking for blind spots, assumptions, and under-developed plans. They can also help with the start-up stage and improve operations when you’ve already begun establishing yourself. Whether its current stage is conceptual or actual, your business will have a much better chance of moving forward with a business coach.
Take Into Account Your Assets
Another best practice that will set your business ahead is by taking into account all your assets instead of simply starting from scratch in every aspect. What equipment, inventory, funding, expertise, or investments do you currently have at your disposal? There are often assets people don’t even consider—according to Franchise Gator, through a Rollover for Business Startups (ROBS), you can use your 401(k) to finance a business. If you have a lot of fans or potential customers on your side, crowdfunding is another option. Really, the takeaway should be that there are always more options than you think, and choosing the best one will really improve success.
Include Scalability
The last way to up a business’s chances is to give it a chance! A startup’s immediate popularity can be very encouraging when it happens, but that is not a guarantee of long-term success. Your business’s likelihood of becoming established with loyal customers and a recognizable brand will increase if you make sure your business plan gives room for growth. To improve your odds, ZenBusiness recommends you hire strategically, build partnerships, invest in technology and marketing, and outsource wherever you can!
Statistically, 20% of businesses fail in the first two years they are open—and the percentage only increases over the next ten years. Your business plan will be much more successful, however, if you plan strategically for success. To improve your chances, be thorough in your planning, willing to take advice from professionals, and ready for anything!
Read next: Major Startup Costs You Need to Consider When Starting a Business
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