When planning a business, there’s quite a bit to take in to consideration. And, there are plenty of variables that can drastically alter your business model. One of the key things that Un_Standard recommends in the early stages of business planning is to do a brain dump and get the first business model on paper in about a half an hour. It is highly likely that “plan A” will turn out to not be feasible, so it is important to have a plan b, a plan c and a plan d. Never waste six months in trying to prove that your Plan A isn’t feasible. It is crucial to test out all of your business scenarios until you find the one that works.
In this initial brain dump, be sure to summarize the following important points:
- Who are your customers? What do you know about them? Gain as much knowledge about your customers and get inside their minds. Figure out what makes them tick.
- What is your company’s unique value proposition? What sets you apart from your competition and worthy of gaining the attention of your most valuable resource, your customers?
- Now that you’ve figured out your target audience and what sets you apart from the competition, now comes the tricky part. How will your business deliver your unique value proposition to your target customers?
Once you’ve built this basic planning model, spin it a couple of ways. Try to introduce different scenarios in your solutions to see what comes up. Because, for anyone who has ever planned a business, you would know that it is wise to expect the unexpected. Be sure to cover as much ground as possible, because you never know what curveball that the market will toss to you. The more you plan upfront, the more resilient and robust your business will be down the road.
When planning your business in the early stages, the best business ideas come from personal experience. Your next business idea can come from an issue you’ve wrestled with first hand. Chances are, there are other people wrestling with the same problem. And if you can come up with an innovative solution to that problem, then you’ve got a captive audience for your business launch.