What Must an Entrepreneur Do After Creating a Business Plan? (+ Advice from Business Owners)

Crafting a business plan is only the beginning for entrepreneurs.

The real challenge often lies in what comes next: turning that business idea and those plans into action.

This article explores essential next steps and gathers firsthand advice from seasoned business leaders.

These insights reveal how different CEOs moved beyond planning to execution, highlighting the strategies they used to overcome common obstacles like resource allocation and market uncertainties.

This article offers a roadmap for the new business owner ready to shift from drafting to doing, with practical tips and motivational stories to guide the way.

What does a typical business plan look like? 

A typical solid business plan outlines the strategy, operational tactics, financials, and overall goals of a business in a structured format.

Here's a general breakdown of the content usually found in a business plan:

Executive summary

• Business concept: This section outlines the company, its products, and the target market. It specifies exactly what products or services will be offered, the target customers, and why the company will have a competitive edge.
• Financial overview: This section underscores critical financial metrics including sales, profitability, cash flow, and anticipated return on investment.
• Capital requirements: This outlines the necessary funding to start and expand the business, detailing the use of the funds and the equity provided to investors.
• Business profile: This section presents key information about the company, such as its legal entity type, date of establishment, principal owners, and key team members.

Business description

• Industry background: Provides a complete overview of the industry within which the business will operate, including key players, market size, market share, and the latest trends.
• Business opportunities: Details the opportunities the business is capitalizing on, relating to the specific products or services.
• Goals and potential: This section discusses where the business aims to be within a certain period (3-5 years) and how it will reach that goal.

Product or service

• Description: Every business venture needs a detailed look at the benefits of the products or services offered.
• Stage of development: Discusses the current stage of the product or service, future development plans, and the strategies for achieving these plans.

Market analysis

• Target audience: Now, it's time for some market research. This section identifies and profiles the target demographic, their needs, and how the products/services will meet those needs.
• Competitive analysis: Evaluates the direct and indirect competitors, their strengths and weaknesses, and strategies for gaining market share.

Strategy and implementation

• Marketing strategy: Outlines your marketing strategies, i.e., how the product or service will be promoted and sold. This will include social media marketing, PPC, and traditional marketing. It also includes pricing, promotion, distribution strategies, and sales forecasts.
• Operations plan: This plan details the operational aspects, such as the physical location, facilities, equipment, labor, supplies, and vendors.
• Management team: Describes the organization's structure, roles, responsibilities, and backgrounds of the team members.

Financial plan and projections

• Historical financial data: If an existing business, provide past financials.
• Prospective financial data: Includes financial projections and forecasts for income, cash flow statements, balance sheets, and capital expenditure budgets for the next three to five years.
• Break-even analysis: Describes when the company expects to break even from the viewpoint of cash flow and profits.

Appendices and exhibits

• Additional information that supports the business plan (charts, graphs, demographic data, marketing materials, etc.)

How to move past the planning phase — stories from 3 CEOs

Struggling to move past the planning phase? Don't worry, it's not uncommon.

That's why we decided to reach out to busy entrepreneurs to find out how they "got it all moving."

1. The CEO of Stance Commercial Real Estate feared starting his own path

"During my years growing Stance Commercial Real Estate, moving from the planning phase to execution was initially a hurdle.

The main barrier I faced was the fear of stepping out of the conventional brokerage path to start my own firm with a focus on ethical service, not just profit.

To overcome this, I embraced the mindset that perfect timing is a myth. Starting small, I focused on securing a few initial deals that aligned with my values and used these success stories to build confidence and credibility." - Joe Stance, CEO of Stance Commercial Real Estate.

2. The CEO of Cleartail Marketing struggled with resource allocation

"In my experience as the founder and CEO of Cleartail Marketing, transitioning from the planning to execution phase is often a major hurdle. Initially, my primary barrier was allocating resources efficiently without tangible feedback on market response.

To overcome this, I employed a lean startup approach, which involved launching minimal viable products (MVPs) to test our concepts.

The direct feedback from these launches was instrumental in refining our services and scaling up effectively. For instance, after identifying significant demand for our SEO services through small-scale tests, we rapidly expanded this area of our business, contributing substantially to our growth." - Magee Clegg, CEO of Cleartail Marketing.

3. The CEO of Automobilia Auto Salon faced complexity and unforeseen market conditions

"When I launched my automotive business, transitioning from an extensive planning phase to execution was my initial challenge.

The complexity of setting up operations and the fear of unforeseen market conditions were significant barriers.

I tackled these by breaking down the plan into actionable and small-scale phases. This approach allowed for adaptations based on early outcomes and customer feedback, which was crucial for refining our operations without overwhelming resources." - Alex Jones, CEO of Automobilia Auto Salon.

Avoiding analysis paralysis — advice from 3 founders

Of course, along with struggling to move past the plan, entrepreneurs may often find it difficult to maneuver past all the ideas they may have, even after writing them down.

Here's how successful business owners found their footing and moved from thought to action:

1. The founder of That Local Pack created a prioritization framework

"For new business owners, the risk of falling into analysis paralysis is high.

One practical approach to avoid this is setting a clear prioritization framework that guides daily actions.

For me, tasks that directly impact client satisfaction and improve our service offering always come first.

By focusing on what genuinely moves the needle—like refining our SEO strategies or improving client communication—we ensure that resources are not wasted on less impactful activities.

This focus helps in maintaining a clear direction and prevents stalling." - Ken Fortney, founder of That Local Pack.

2. The founder of Fuel Logic advocates for action before perfection

"The key to new business owners' success is putting action before perfection.

Don't get caught up in endless thought processes.

Start with a strong foundation, market it, and listen to your customers.

Don't forget the adage that "the best way to teach is to learn."

The truth is, the more you learn, the better off you'll be. Even small steps are better than being stuck at the beginning. So, what are you waiting for? Take a deep breath. Pick a direction. Trust your gut.

It's the only thing that'll get your business moving forward." - Eliot Vancel, founder of Fuel Logic.

3. The founder of Lake suggests seeking assistance from a business mentor

"Seek assistance from a business mentor.

A mentor can also be useful in the step following the planning phase: the review. Ask them to look over your plan and offer feedback.

Ideally, your mentor is someone with ample experience as an entrepreneur and business executive themselves.

If you choose wisely, they'll be qualified to help you reason out your business ideas and identify areas that need strengthening in your plan." - David Ciccarelli, founder of Lake.

What steps should you take after a business plan?

After finalizing a business plan, you should take several key steps to move from planning to execution.

These steps are crucial for turning your business concepts into operational realities:

1. Secure funding

Secure the necessary funding based on the financial requirements outlined in your business plan. This might involve:

• Approaching banks for loans.
• Pitching to investors or venture capitalists.
• Launching crowdfunding campaigns.
• Applying for business grants.
• Using personal savings or borrowing from friends and family.

2. Establish legal and tax structure

Choose the appropriate legal structure for your business (e.g., sole proprietorship, partnership, corporation, or LLC) and register your business with the state.

Obtain necessary licenses and permits and set up a system for managing taxes:

• Employer Identification Number (EIN) registration.
• Sales tax permits.
• Professional licenses, if applicable.

3. Set up financial systems

Implement financial systems to manage income, expenses, and profits effectively:

• Open a business bank account.
• Set up accounting software to track finances.
• Plan for payroll and associated taxes if hiring employees.

4. Build your team

If your business plan involves hiring employees, start the recruitment and hiring process:

• Create job descriptions.
• Advertise job openings.
• Conduct interviews.
• Onboard new employees.

5. Develop the product or service

With the groundwork laid and substantial marketing data, move forward with the development of the products or services of your successful venture:

• Finalize designs and specifications.
• Establish relationships with suppliers and manufacturers.
• Set up production facilities if necessary.
• Focus on quality control.

6. Establish operations

Set up the operations as detailed in your business plan:

• Secure a business location, if needed.
• Purchase equipment and inventory.
• Establish supply chains.
• Implement operational processes and standards.

7. Marketing and sales strategy implementation

Begin implementing your marketing and sales strategies:

• Develop branding materials (logos, business cards).
• Launch a promotional website and social media profiles.
• Engage in advertising and promotional activities.
• Attend industry events and network.

8. Official business launch

Prepare and execute a launch plan to bring your product or service to market.

This could involve a soft launch to test systems and processes and a full-scale launch based on the feedback received.

9. Monitor progress and adapt

Once your new business venture is operational, continually monitor its progress against the goals and objectives set in your business plan:

• Use financial and operational metrics to gauge performance.
• Be ready to adapt business strategies in response to market dynamics, customer feedback, and operational challenges.

Don't forget brand protection

With all of this newness, don't forget to protect what's yours! Starting a business is just the first step, but maintaining it is the hard part.

One of the best ways to do this while avoiding people who might steal your idea is to get proper brand protection.

At Trademarkia, we offer comprehensive intellectual property protection with qualified IP attorneys who are just a few clicks away.

Check out our website and protect your legacy today.