April 12, 2019

Business Plan?

Just curious if you have prepared or plan to create a formal business plan for your idea? I have seen templates that range from simple bullets to complex documents suitable for massive venture funding. Like most things there is a wide range of options and schools of thought.

It seems like a business plan of some sort would be helpful to get some ideas out there but I would hate to have that hold someone back from getting started.

If anyone has built a business plan or has examples or thoughts, I'd love to hear.

Thanks!

#ask-ih

  1. 2

    I would probably not have a formal business plan but always would have the monetization model in my mind as for it may be a key for a successful business. On the other hand, having at least some plan about how you are going to gain your customers and sell them your product sounds as a good idea.

  2. 2

    In the early days I would rather use something like a business model canvas (just Google it) to get my first thoughts around everything.

    A business plan can be very time consuming and especially in the early days you should spend more time on customer research / interviews than on a business plan.

  3. 2

    It sounds like you're in a very early stage of your business - at that point, it's best to not be too restrictive and just start writing. Get your ideas down, your potential team, your financial strategy, all of that. Get it onto paper, then you can start formalizing it and trimming the fat.

    The important thing is to get all of these thoughts out of your head, and onto paper. This way you can look them over, look them over again, and look them over yet again. Plus, if you're involved with other founders, its much easier to hand them a document to review and let them read and revise it in their own time.

    Essentially, I approach it the way I approach writing anything else - through multiple phases of brainstorming, reviewing, trimming, and formalizing.

    Regarding the templates you've seen, I'd say: start with the bullet points and work your way up to the VC-ready docs.

    1. 1

      Good advice. Thank you for the input.

  4. 1

    Have cofounded several businesses. Several sizes, one - translation company did over 3 million USD of revenue through years. Never wrote a business plan.

    Have some wide goals of what you are trying to accomplish with lots of room to adapt in various directions. Many startups end up doing after iterations something else than planned initially.

    Stay as lean as possible especially in start phase.

    And then focus on execution which is key.

    For disclosure, did write detailed long business plans, but in my regular jobs.

    1. 1

      Thank you. Good points.