So, what’s the plan? The business plan.


Ahh the business plan. Every entrepreneur’s worst nightmare best friend. If you are seeking a loan or want to attract investors they are key, in fact, mandatory. It serves as a clear mapping of all the components of your company, the strongest and weakest parts of your outfit, for you, the business owner — if no one else. Let’s face it, they are not fun or easy to do. Even the simplest of business plans take a dedicated effort. So that begs the question of when to do a business plan. The answer may be surprising.

Before starting any real business activities, one generally has just ideas and perhaps some expertise in your industry and if you are a real keener some compiled market research. That is not really much in the way of actual numbers and performance. This is what a business plan is meant to show off.  When the lightbulb first goes off, you don’t have really much in the way of figures that a business plan asks for. Specific figures about your venture’s profit apart from the size of the industry you are getting into. It may seem that you are heading into a catch-22. You need a business plan to start but you don’t yet have the information needed for a business plan.  In the book Preparing a Successful Business Plan the author, Rodger D. Touchie, writes

“I would be suspicious of budding entrepreneurs or project leaders who delay the start of their venture until they completed a formal business plan. (…) Their initial focus assumes they will be successful, and they concentrate on refining their product or service rather than complicating their basic program with a formal business plan to the point were it never gets off the ground”. (pg. 2)

FlavourFull Creations started out as “oh our hot sauce is amazing we should sell it. Chileheads need this.” Then we got in the kitchen and standardised the recipe and ate a lot of hot sauce. Then we decided on a name. We started selling Alima’s locally within our personal network and whatever we could with our still green marketing strategy. Then the laundry list of what we needed to spread the spicy goodness started growing and then we said. Ah, I guess we need to go into business no fooling. Not unlike the discussion spouses who want to start a family have with one another.

While we know everything we need to know about what it costs to make our pepper sauce and can easily see how different strategies affect the bottom lineas a startup we simply do not have all of what is considered germane to a comprehensive business plan. A business plan doesn’t have to be perfect and much of it is an educated guess or an estimate even with a lot of market information.

We also realised since we are a startup there are factors that we do not need to worry about. You have to just jump right in and put in what you can and just be the expert of what you have to present. A business plan is putting your mettle where your mouth is.

Successes

Actually started the business plan and it is taking shape and a clear direction.

Made a huge dent in clearing out all of last years clutter and getting militant about organisation.

Setbacks

None, just the same harsh realities.

Not as on top of the accounting as we could be, sssh.

Mama FlavourFull

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