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What Must an Entrepreneur Do After Creating a Business Plan

Creating a business plan is a significant milestone in the entrepreneurial journey. It lays the foundation for the business, providing a roadmap that outlines goals, strategies, and steps to achieve success. However, the journey doesn’t end once the business plan is completed. So, what must an entrepreneur do after creating a business plan? In this comprehensive guide, we will explore the critical next steps that entrepreneurs need to take to turn their business plans into thriving enterprises.

Understanding the Next Steps After Creating a Business Plan

Once the business plan is finished, the next step is to put it into action. This involves a series of strategic activities designed to build, launch, and grow the business. Let’s delve into the essential actions an entrepreneur must undertake:

• Secure Funding

After creating a business plan, what is the next step for starting a business? The next step is to secure the necessary funding. A well-crafted business plan serves as a vital tool in convincing investors, banks, or other financial institutions to provide the capital needed for the business. Entrepreneurs can explore various funding options, including:

• Equity Financing: Selling shares of the company to investors in exchange for capital.
• Debt Financing: Borrowing money through loans, bonds, or lines of credit.
• Crowdfunding: Raising small amounts of money from a large number of people, typically via online platforms.
• Grants and Competitions: Applying for business grants and entering startup competitions that offer funding as prizes.
• Legal Structure and Registration

Once the business plan is finished, the next step is to: decide on the legal structure that best suits the business model. Common structures include sole proprietorship, partnership, corporation, and limited liability company (LLC). Once the structure is chosen, the next step is to register the business with the appropriate government authorities and obtain any necessary licenses and permits.

• Build a Strong Team

A business plan is more likely to make a difference when the entrepreneur and management team are competent and motivated. Building a strong team is crucial for executing the business plan effectively. This involves:

• Recruiting Skilled Personnel: Hiring employees with the right skills and experience.
• Defining Roles and Responsibilities: Clearly outlining job roles and expectations.
• Creating a Positive Work Culture: Fostering a collaborative and motivating work environment.
• Develop a Marketing Strategy

In the process of starting a business, after developing a business plan the entrepreneur needs to create a robust marketing strategy. This includes:

• Branding: Developing a strong brand identity that resonates with the target audience.
• Digital Marketing: Utilizing online channels such as social media, email marketing, and SEO to reach potential customers.
• Advertising: Investing in paid advertising to increase visibility and attract customers.
• Sales Strategy: Outlining how the business will convert leads into paying customers.
• Set Up Operations

Operational setup is a critical step after creating an entrepreneur business plan. This involves:

• Location: Choosing a suitable location for the business operations.
• Equipment and Supplies: Procuring the necessary equipment, technology, and supplies.
• Processes and Systems: Establishing efficient processes and systems for day-to-day operations.
• Develop a Financial Management System

Once the business plan is finished the next step is to set up a robust financial management system. This includes:

• Accounting: Implementing an accounting system to track income, expenses, and profits.
• Budgeting: Creating a budget to manage financial resources effectively.
• Financial Reporting: Regularly generating financial reports to monitor the business’s financial health.
• Launch the Business

With all the preparations in place, it’s time to launch the business. A successful launch involves:

• Soft Launch: Testing the business with a smaller audience to gather feedback and make necessary adjustments.
• Grand Opening: Organizing a grand opening event to attract customers and generate buzz.
• Public Relations: Engaging with media and influencers to gain publicity.
• Monitor and Adjust

Entrepreneurs make many changes as they build their business plans. Why do you think this is? The business environment is dynamic, and unexpected challenges and opportunities will arise. Therefore, it is crucial to:

• Monitor Performance: Regularly reviewing business performance against the goals outlined in the business plan.
• Adjust Strategies: Making necessary adjustments to strategies based on performance data and market changes.
• Continuous Improvement: Striving for continuous improvement in all aspects of the business.

Additional Considerations

Revisiting the business plan.

Why should the entrepreneur revisit the business plan after launching? The business plan is a living document that should be revisited and updated regularly. This ensures that the business remains aligned with its goals and can adapt to changes in the market environment.

Utilizing Resources and Support

Entrepreneurs can leverage various resources and support systems to enhance their chances of success:

• Mentorship Programs: Seeking guidance from experienced entrepreneurs and industry experts.
• Networking Events: Participating in industry events and networking with peers.
• Business Incubators and Accelerators: Joining programs that provide mentorship, funding, and resources.
• Government Programs: Taking advantage of government programs and grants designed to support small businesses.

Legal and Regulatory Compliance

Staying compliant with legal and regulatory requirements is crucial for the smooth operation of the business. Entrepreneurs should:

• Understand Regulations: Familiarize themselves with industry-specific regulations and compliance requirements.
• Maintain Documentation: Keep accurate records of all business activities and transactions.
• Seek Legal Advice: Consult with legal professionals to ensure compliance and address any legal issues that arise.

Before creating a business plan, an entrepreneur must research thoroughly to ensure a solid foundation. Once the business plan is finished, the next step is to implement these strategic activities. By following these steps, entrepreneurs can effectively transition from planning to action, setting their businesses on the path to success. Planning in entrepreneurship is a continuous process, and the ability to adapt and refine strategies is key to long-term growth and sustainability.

In summary, what must an entrepreneur do after creating a business plan? They must secure funding, decide on a legal structure, build a strong team, develop a marketing strategy, set up operations, establish a financial management system, launch the business, and continually monitor and adjust their strategies. This comprehensive approach ensures that the entrepreneurial vision outlined in the completed business plan becomes a thriving reality.

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What Must an Entrepreneur Do After Creating a Business Plan?

Every entrepreneurial journey begins with a pivotal step: crafting a solid business plan. But what comes next? The real adventure begins as they must ask themselves, “What must an entrepreneur do after creating a business plan?”

From Plan to Action

After crafting your business plan, the real challenge begins: turning that blueprint into action. It's not just about having a plan, but about putting it into practice. This process requires a deep commitment to growth, strategic adjustments, and practical implementation. The journey of entrepreneurship involves:

• Continual learning and skill development
• Evaluating and prioritizing aspects of your business plan
• Setting specific milestones to strive for
• Making strategic adjustments based on your progress and goals

Remember, the key to success as an entrepreneur isn't just about creating a business plan, but being prepared to adapt and evolve it as your business grows. Your determination and positive mindset will propel your business to new heights.

All businesses are different, but here's a basic blueprint for what specifically to start with:

• Funding and Legalities : Secure necessary finances and complete all legal formalities.
• Team and Workspace : Assemble your core team and establish a functional workspace.
• Brand and Product/Service : Develop your brand identity and your core product or service.
• Launch and Engagement : Initiate your business launch and start engaging with customers.
• Performance Tracking : Monitor business performance and make necessary adjustments.

Now we'll go into each in more detail.

Securing Your Financial Foundation

A successful business owner knows the importance of a solid financial foundation, ecuring solid financial backing is crucial for your business's growth. Whether it’s through angel investors, crowdfunding campaigns, or securing loans, these are the common ways to fund your business and take it to the next level.

Financial capital is crucial for a new business. It provides a strong launchpad and ensures long-term sustainability. Precise financial projections aid in assessing the necessary funds and devising plans based on these estimates. Establishing a robust finance management system, tracking losses and profits, and controlling sales operations are key to ensuring your business thrives.

Gathering What You Need

Every successful enterprise begins with gathering the necessary resources. This essential step allows a business to effectively meet its needs while managing expenses, critical for sustainability, and scalability. Market research can help identify the best sources and strategies for resource acquisition.

Efficient strategies include:

• Defining needs and setting priorities within your budget
• Seeking investment and forming partnerships to minimize overhead expenses

These strategies help manage resources effectively and plan for scalability, striking a balance between current expenditure and future growth potentials. Remember, formulating a business plan is just the start of your entrepreneurial journey.

Applying the 90/10 Rule

The 90/10 rule is a principle that encourages entrepreneurs to seek solutions that accomplish 90% of their goals with just 10% of the work, effort, or time. The idea is not to aim for perfection but to find an efficient and effective solution that delivers value quickly.

This rule is particularly beneficial for new businesses, as it allows them to focus on rapid value delivery rather than getting entangled in striving for a 100% solution, which could take significantly longer to build and implement.

Legal Groundwork

Establishing a strong legal foundation is a critical step in setting up a successful business. It's not just about having a great business plan or a stellar marketing strategy. Entrepreneurs need to ensure legal compliance to protect their business and facilitate proper tax filing.

Depending on the business structure and location, key documents such as business registration, business license, and operating agreements may be required. Other important paperwork might include a Business Plan, Partnership Agreement, Incorporation Documents, Sales Contract, and Service Contract. These documents are essential for the legal standing of the business.

Do I Need an NDA to Share My Business Plan?

No, you don't necessarily need a Non-Disclosure Agreement (NDA) to share your idea and plan. Ideas are plentiful and sharing yours could provide valuable feedback. It's essential to test your plan with others, particularly potential customers, to see if it has traction. Remember, the execution of an idea is always more important than the idea itself.

Assembling the Dream Team

An efficient team forms the support structure of a thriving enterprise. Assembling a team offers several benefits, including:

• Distributing the many important tasks
• Diversifying the team's abilities
• Providing invaluable guidance
• Offering access to resources

The ideal moment for an entrepreneur to start assembling their team is when their business idea begins to take form. This ensures they’re equipped with support for subsequent stages. After creating a business plan, the first thrilling priority is to build a team that can help turn the plan into action.

The Reality of Assembling the Dream Team

Assembling a dream team for your business isn't just about funding. It's about finding passionate problem-solvers who align with your vision. As an entrepreneur, you must be a planner, doer, and inspiring leader. This balance isn't always easy to achieve, but with the right mindset, you can turn your business plan into reality.

The Delegation Dynamic

Mastering the art of delegation is like learning to steer a ship effectively. Delegation techniques include:

• Playing to your employees’ strengths and goals
• Defining the desired outcome
• Practicing letting go
• Balancing delegation without micromanaging

Empowering your team members boosts productivity and morale. Here are some ways to do it:

• Provide clear goals and expectations
• Encourage open communication and feedback
• Offer growth opportunities
• Delegate authority
• Recognize and reward employees for their hard work and achievements

This is how you harness the power of the delegation dynamic.

Refinement and Adaptation of the Business Plan

Adapting and adjusting the business plan is crucial in the ever-changing business landscape. Successful businesses:

• Know their audience
• Validate their assumptions
• Iterate and improve
• Communicate their value proposition
• Stay true to themselves.

A well-planned marketing strategy can help you achieve your goals and reach your target audience effectively through the right marketing channels, including online marketing. By exploring various marketing strategies, you can find the most suitable approach for your business.

Building Your Brand

Building a strong brand and connecting with your target market are vital steps after creating a business plan. Your brand is not just a logo or tagline; it's your business's identity and what distinguishes you from competitors. Here's how to build and promote your brand:

• Identify your Unique Selling Proposition (USP) : What sets your business apart? Use this as your branding cornerstone.
• Define your brand personality : Reflect this personality in everything from your logo to your marketing materials.
• Create a memorable logo and tagline : These should be unique, memorable, and echo your brand personality.
• Consistency is key : Ensure your brand is uniformly represented across all platforms.

Engaging With Your Customers

Engaging with your customers starts with understanding their interests and behaviors. Here's how:

• Know your audience : Create detailed buyer personas to understand your target audience better.
• Personalize your interactions : Use audience information to personalize your interactions with them.
• Communicate regularly : Regular communication keeps your brand at the forefront of your audience's mind.
• Listen and respond to feedback : Show your audience that their opinions matter.

Building your brand and engaging your audience are intertwined processes that can catapult your business ahead of the competition.

Launching and Monitoring Your Business

The start of your entrepreneurial journey is marked by the formal business inauguration, a significant milestone that brings your product or service into the public eye. To ensure a successful business launch, it's crucial to meticulously follow a well-prepared checklist, fine-tune launch plans, and stay informed about common pitfalls to avoid.

Post-launch, it's all about tracking your business's pulse with Key Performance Indicators (KPIs). Choose KPIs that make sense for your business model, like customer acquisition cost or monthly recurring revenue. Use smart tools to automate data collection and visualization. But remember, data is only as good as the decisions it drives. Set tangible goals based on your KPIs, monitor progress, and tweak your strategy for peak performance.

Listen to your customers feedback

Above all, it's essential to listen to your customers. Establish effective feedback channels and integrate customer feedback into business improvement, making it a key component of your entrepreneurial journey.

Engage with your customers, ask for their opinions, and let their voices guide your actions.

The journey of entrepreneurship is filled with milestones and challenges. After crafting a business plan, the next steps include resource acquisition, financial and legal preparations, team building, and brand promotion. Remember, launching your business is just the beginning of your entrepreneurial adventure.

This is the moment where your vision starts to take shape in the real world. It's an exciting, nerve-wracking time, filled with opportunities for growth and learning.

Key Takeaways

• Transform your business plan into reality by focusing on actionable steps, resource acquisition, and adapting the plan as your business grows for long-term success.
• Solidify your financial and legal foundations, protect your intellectual property, and assemble a strong team that aligns with your business vision and can help achieve your milestones.
• Develop a compelling marketing strategy to engage your target market, build a resonant brand, and employ performance tracking to make data-driven adjustments for continuous improvement.
• Always listen to your customers. Establish effective feedback channels, integrate customer feedback into your business improvement plans, and let their voices guide your actions.

What comes after creating a business plan?

After creating a business plan, the next step is to secure funding and start putting your plan into action. Then, you'll need to select a location, obtain permits and licenses, and kick off your advertising and promotions. Exciting times ahead!

Why is it important to prepare a business plan?

A business plan is important because it provides a roadmap for the company's future, outlining its vision, goals, and strategies to guide entrepreneurs and stakeholders in understanding its operations and objectives. It also helps set clear goals, guidelines, and benchmarks for managing and growing the business.

What is the first step after creating a business plan?

The first step after creating a business plan is to start executing it by securing funding, acquiring resources, filing legal documents, and building a team. Get ready to bring your plan to life and make your business dreams a reality!

How important is it to protect intellectual property?

Protecting intellectual property is crucial for entrepreneurs as it helps legally safeguard their business and ensures seamless tax filing.

How can I identify and engage my target market?

To identify and engage your target market, research your target market, competition, and industry, analyze customer data, understand their interests and habits, observe consumer behavior, and use SEO tools. Embrace these strategies to effectively reach your audience and create meaningful connections.

• Organizations

What must an entrepreneur do after creating a business plan?

An entrepreneur is a driving force behind any business. They have to find a gap in the market and fill it with a unique product or service at an affordable price. A business plan goes through several revisions as the entrepreneur figures out what type of business they want to create and, more importantly, how to make it a success.

Once created, business owners must capitalize on their opportunity by finding funding for a business idea to become a reality to make it a successful Business.

There are a few ways to find funding for your business:

The most common way is to seek out investors. This is where you go to them with a proposal and ask for money. If they are interested in investing, they will likely give you the money needed.

Another financial strategy would be to get loans from banks or other lending institutions.

However, the interest rates on these loans are often high, and a large sum of cash may be required at once.

Finally, you can also find funding in government grants for small businesses. These grants are a great way to get started, and they don’t require repayment.

It’s time to make sales.

After receiving funding, entrepreneurs must consider how they will market their product or service. Many entrepreneurs do this by creating an advertising campaign spread over the internet – there are no limits!

To appeal to your audience, you must offer a unique marketing style reflective of your business and its target customer.

Due to the uncertainty of the future, entrepreneurs must react to problems and challenges that may arise. Adaptability is an essential trait for an entrepreneur, and it’s one that many people aren’t born with – but with some guidance, anyone can learn it.

For example, you will likely get feedback when you first start marketing campaigns for your product or service. Don’t immediately remove your product or change the price until you have had a chance to analyze this feedback. This type of reaction to change is what makes or breaks a business.

Always remember…

Finally, you must make sure that your business plan is constantly evolving.

If you’re pursuing a business as a career, you will be working for many years.

Your business plan needs to be dynamic and open to change.

You should include information on the needs of your project and potential customers, marketing strategies, target market, business models, competitive advantage, cash flow projection, financial projections, the potential for business growth, and any other relevant factors that could affect your business.

However, don’t forget to include information on how you will profit from the project and how you will grow.

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What Must An Entrepreneur Do After Creating a Business Plan

What Are the Steps to Take After the Business Plan?

Evaluate and refine the business plan:, establish clear objectives and milestones:, allocate resources effectively:, finish your business plan today, build a competent team:, develop a robust marketing strategy:, monitor and adjust financial plans:, cultivate a culture of innovation:, establish strong partnerships and networks:, embrace technology and automation:, seek feedback and adapt:.

In conclusion, the creation of a business plan marks the beginning of an entrepreneurial journey. However, the success of a business depends on the effective execution and implementation of the plan. By evaluating and refining the business plan, setting clear objectives, allocating resources effectively, building a competent team, and embracing innovation and technology, entrepreneurs can position their businesses for sustainable growth and success in the dynamic and competitive business landscape. It is the continued commitment to these actions that sets the foundation for a thriving and resilient business.  

How to Finish Your Business Plan in 1 Day!

Don’t you wish there was a faster, easier way to finish your business plan?

With Growthink’s Ultimate Business Plan Template you can finish your plan in just 8 hours or less!

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What Must an Entrepreneur Do After Creating a Business Plan?

10 Minute Read

Starting a new business is an exciting journey filled with possibilities and challenges. One of the first significant steps in this journey is creating a business plan. But what happens after that? What are the next steps to turn that plan into a successful business? This article will guide you through the necessary steps to take after creating your business plan, from validating your business idea to launching your product or service.

How to Validate Your Business Idea?

The first step after creating your business plan is to evaluate whether or not your business idea has a market. This could involve conducting market research, validating your idea using a simple website (you can create one with Mixo), building a minimum viable product (MVP) for testing, or gathering feedback from targeted potential customers. This step is crucial to ensure that there is a demand for your product or service before investing more time and resources into it.

How to Secure Funding for Your Business?

Securing funding is often the next step. This can come from personal savings, loans, investors, or other sources. It's important to have a clear understanding of how much money you need to start and run your business, and where that money will come from. This is often a challenging step, but it's essential for the success of your business.

How to Set Up the Operations of Your Business?

Once you've validated your business idea and secured funding, it's time to set up the operations. This involves obtaining the necessary equipment, setting up a production process, and building relationships with vendors and partners. This step can be complex and time-consuming, but it's crucial for the smooth running of your business.

How to Establish a Brand and Marketing Strategy?

Establishing a brand and marketing strategy is another crucial step. This involves creating a unique identity for your business, defining your target audience, and deciding how you will reach and communicate with them. A strong brand and marketing strategy can help make potential customers aware of your business and what it offers.

How to Launch Your Product or Service?

Once everything else is in place, you can officially unveil your product or service to the public, and begin selling. This is a big moment for any entrepreneur, and it's important to plan it carefully to make the most impact. This could involve a launch event, a marketing campaign, or other promotional activities.

Starting a business is a journey that requires careful planning and execution. After creating your business plan, it's important to validate your business idea, secure funding, set up operations, establish a brand and marketing strategy, and finally, launch your product or service. Each of these steps is crucial for the success of your business, and by following them, you can turn your business plan into a thriving business.

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• I’m an Entrepreneur, and I Have a Business Plan: Now What?

Creating a business plan is crucial for anyone wishing to start a business. For an entrepreneur, the business plan is the first major hurdle to clear. But the job isn’t finished once the business plan is complete. It’s not uncommon for entrepreneurs to say to themselves, “I have a business plan; now what?”

So, what must an entrepreneur do after creating a business plan? If you’re uncertain about the next steps in starting a business, this entrepreneur planning guide is for you.

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Entrepreneur Business Plan Overview

First, let’s briefly review what should be included in a business plan. Read our guide to  writing a business plan for a more detailed breakdown of this document. The fundamental elements to include in a business plan include:

• Summary of the company’s structures and goals
• Market research, customer profiles, etc.
• Marketing strategies
• Financial overview and budget

The business plan should serve as the roadmap to keep you and your company focused daily. But knowing which steps to take after writing the business plan is also crucial. Here are some of the most important things to do after creating your business plan.

What Must an Entrepreneur Do After Creating a Business Plan

File any necessary legal documents.

Let’s start with the basic housekeeping tasks. Filing all necessary legal documents (business license, any  trademarks , contracts, etc.) is a prudent thing to do once your business plan is complete. This step formalizes your business structure and protects any products or brand images.

Identifying your business structure (LLC, corporation, etc.) should be part of your business plan. However, filing the necessary paperwork to classify your business accordingly is often the first step afterward.

Conduct more market research

Your business plan should include some market research and  initial marketing strategies . But the market, and your competitors, don’t stop changing the instant your business plan is complete.

One of the essential steps to set your business up for success is to continue conducting market research at all times. This enables you to stay on top of the latest trends and identify the strengths and weaknesses of your competitors. Doing this can help you find your niche or strengthen your areas of weakness.

Conducting additional research is also crucial for the evolution and growth of your brand. You will need more research to devise your post-launch marketing plan and advertising campaigns.

Fill out your team

You may have had a few critical positions within the company filled while writing your business plan. But there are likely other roles that need to be filled. Identify which areas require the most help, then search for the ideal candidates to fill those roles .

Assembling a team with diverse perspectives and backgrounds can be very helpful. If you are not experienced with any aspects of running your business, hiring experienced team members in those positions is also a good idea. This allows you to focus on your strengths while receiving guidance from those who have done it before.

Produce marketing content

Your business plan should outline branding and marketing strategies. Once that step is out of the way, it’s time to execute those strategies. Ecommerce has drastically changed how companies reach and connect with their target audiences.

Traditional marketing streams are far from the only options these days. Modern companies can use social media to interact with customers directly. Content marketing and SEO are also great ways to attract organic traffic to your website.

Whatever your marketing plan is, focusing on  creating engaging content for your brand is an excellent thing to focus on after creating your business plan. This keeps you focused and engaged while actively helping to grow the business early on.

Relationships and connections with other professionals will be a big part of your company’s success. It’s never too soon to  get into the networking habit to build new relationships and encounter new ideas.

Connecting with partners like retailers, distributors, and manufacturers can also build trust, which will be crucial later on. Networking is simply a good habit to get into for entrepreneurs.

Gather tools

Do you have everything you need to run your business successfully? The answer to that question is usually “no.” Once your business plan is complete, you should take some time to identify all the tools and resources you’ll need. This could be anything from marketing analytics and  website-building tools to basic office supplies and business cards.

On the technical side, one of the most essential tools you can choose from is your ecommerce platform . An ecommerce platform can help you build your online store, manage your business, and facilitate good customer relationships . For ecommerce entrepreneurs, ecommerce platforms are a central hub for everything related to your business.

Launch your business

The most significant step to take after creating a business plan is launching your business. Having a good launch day checklist is vital. But every entrepreneur should have a clear launch schedule and work hard to stick to it. This is the most exciting day for any entrepreneur, as it’s the first opportunity to put ideas into practice.

While launch day can be a day of celebration, it’s also the beginning of a long journey. This is your first chance to begin assessing your business plan and make necessary adjustments.

Continue to refine marketing plans, merchandising, etc.

As mentioned, launching your business is the first step in a long, difficult progress. Creating a business plan and launching a business is hard work. But running your business successfully is even more demanding. Remember that this long process requires focus, concentration, and consistency.

Stay focused on your company’s goals while assessing the market and your strengths and weaknesses. All of your entrepreneur planning steps should have prepared you for a successful launch. But maintaining success requires careful execution of your business strategies.

Want to Reach Customers Online?

Need help to create a website for your business and reach customers online? Ecwid can help. Ecwid is an accessible, easy-to-use ecommerce platform built to empower entrepreneurs in the ecommerce marketplace. Get started today!

Ready to become an ecommerce entrepreneur? Ecwid makes selling online easy for new and serial entrepreneurs alike. Learn more

• What Is an Entrepreneur?
• How to Become an Entrepreneur: Ecwid Merchants Share Their Advice
• How to Become an Ecommerce Entrepreneur
• Where to Start As an Entrepreneur
• Must-Have Software for Entrepreneurs
• Entrepreneur Quotes to Motivate You to Keep Moving Forward
• Examples of the Most Successful Entrepreneurs
• Best Entrepreneur Books
• The Best Way for an Entrepreneur to Decrease Business Risks
• Why Are Entrepreneurs Important To The Economy
• What Is the Industrial Entrepreneur Memorandum (IEM)
• Female Entrepreneurs: The Challenges Women Meet Pursuing Their Passion

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About the author

Max has been working in the ecommerce industry for the last six years helping brands to establish and level-up content marketing and SEO. Despite that, he has experience with entrepreneurship. He is a fiction writer in his free time.

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What Must an Entrepreneur Do After Creating a Business Plan?

• October 5, 2022 May 1, 2024

Many successful entrepreneurs started with a solid business plan detailing factors of their business such as marketing, funding, legal considerations, and operations. But then what must an entrepreneur do to turn their vision into reality?

What’s Included in a Business Plan?

A business plan is a formal document that justifies the idea with research, defines the steps to starting the business, and details the growth and management of the business after launch. A strong business plan typically includes:

• Executive Summary and Company Description: Key terms and summary of the business and its goals.
• Market Research and Analysis: The findings of market research and projection of success in the target market.
• Marketing and Sales: A strategy to optimize the business for the market, based on market research analysis: Who is the target audience? What products and strategies should be the focus for sales? The likely includes the go-to-market strategy for pre-launch and launch as well as sales operations and infrastructure.
• Organization and Management: A plan for the organization of departments and management, as well as the number of employees needed. Includes budgeting for salaries and benefits, as applicable.
• Financial Projections and Funding Requests: The projected revenue of the company versus costs, as well as any plans for necessary funding like investments.

What Are the Steps to Take After the Business Plan?

1. Build the Initial Team

Few entrepreneurs can manage every aspect of a new business alone. They should focus on what they can do well and delegate other tasks to a strong team. For example, that might mean hiring a web designer or financial consultant.

2. File Necessary Legal Documents

To legally protect a business and make sure taxes are in order, it’s necessary to file proper forms with the IRS and other applicable governing bodies. Some business owners may choose to form a limited liability company (LLC) , while others may incorporate their business. Choosing the right business structure requires quite a bit of thought and should be completed in the business plan.

3. Protect Intellectual Property

Without proper legal protection, business owners have no formal recourse if someone else uses their designs or branding. Understanding the differences between trademarking, copyrighting , and patenting is critical, as each protects different types of intellectual property . For example, trademarking can protect branding assets, copyrighting can protect creative content such as books, and patents can protect product design. Ideally, this step would be completed prior to any launch.

4. Advertising and Marketing

Part of the business plan is a go-to-market strategy, which includes pre-launch, launch, and, often, post-launch marketing plans. Once the business is legally established and the initial intellectual property has been protected, it’s time to implement the pre-launch marketing. This may include social media marketing, the establishment of a blog, or more traditional print marketing such as fliers. The goal? Get the word out to your prospective customers so they can buy at launch.

5. Official Business Launch

This is an exciting time for any entrepreneur—the moment their hard work takes center stage and their product goes public for purchase. Ideally, the necessary production and marketing stay on the launch schedule established in the business plan. Many business owners start tracking marketing and sales data immediately so they can pivot quickly if something isn’t working properly.

6. Review Business Performance and Progress

Many business owners benefit from frequent reviews of their sales and marketing data. For a younger business, it’s common to conduct monthly or quarterly reviews to adjust quickly. As the business matures, frequency may decrease to annual reviews with smaller quarterly reports. Either way, setting goals and metrics based on the business plan keeps a business on track and focused.

The Next Step: Scaling the Business

With the initial business plan implemented successfully, business owners often ask themselves what comes next. Plans for growth and scaling the business may have been outlined in the initial plan, but have the plans changed? Possibly, which is why consistently measuring performance and aligning goals is critical.

Often, the end of the initial business plan is just the beginning of an entrepreneur’s journey. Understanding how to legally protect the business you’re building is key to keeping momentum and stability as you grow from launch to scaling.

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What Must an Entrepreneur Do After Creating a Business Plan?

The first step in any entrepreneur’s journey is creating a solid business plan . However, the real work begins after drafting the business plan. After creating a business plan, entrepreneurs must pay close attention to emerging opportunities while managing risks effectively.

Here are six things entrepreneurs must do after creating their business plan:

1. Refine and Validate the Business Plan

Business plan is not a done-and-dusted thing. It requires continuous updates as new information comes to light. After drafting the initial version, entrepreneurs must thoroughly review the business plan to identify any gaps or flawed assumptions. Conduct additional market research , competitive analysis , and financial modeling to validate key aspects of the plan. Also, consider bringing in financial advisors or mentors to provide an objective perspective.

2. Build the Right Team

No entrepreneur can do everything alone. Identify key roles and responsibilities for launching and managing the business. Then start building a team with the right skill sets and experience. Leverage your personal and professional networks to find talented people you can trust. Don’t just hire people ; inspire them to share your entrepreneurial vision and values. Foster a collaborative culture focused on solving problems creatively.

3. Fundraise and Manage Finances

Implement your fundraising strategy to secure the necessary capital as outlined in your business plan. Many entrepreneurs bootstrap in the early days through personal savings, loans , credit cards, or grants. You may also need to pitch your business to angel investors or VCs. Manage finances meticulously, track burn rate, and develop contingency plans. Build relationships with legal, tax and accounting partners.

4. Handle Legal and Administrative Tasks

Take care of licensing, permits, registrations, trademarks, insurance policies, leases, and other legal formalities to establish the proper business structure. Choose the right business name and register your brand identity. Set up business banking accounts, accounting systems , HR policies, etc. Document everything diligently right from the start.

5. Develop Products or Services

Create a minimum viable product (MVP) that encapsulates the core value proposition of your offerings. Refine this constantly based on customer feedback. Build partnerships and supply chains to source quality materials or components. Focus on delighting early adopters, who can become brand advocates. Invest in R&D for future product pipelines.

6. Market and Sell Effectively

Create marketing assets and sales collateral aligned with your brand identity. Develop data-driven digital marketing campaigns on relevant platforms. Build partnerships and a distribution network. Personally connect with early customers to understand their pain points. Offer promotions and discounts to incentivize sales. Keep iterating until you find the right product-market fit.

The key is to maintain a relentless focus on flawless execution across all of these fronts in a coordinated manner. Pay close attention to emerging opportunities while managing risks effectively. With robust planning and agile adaptation, you can make your business vision a success.

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What Must an Entrepreneur Do After Creating a Business Plan?

By steve smith.

The information presented here is true and accurate as of the date of publication. DeVry’s programmatic offerings and their accreditations are subject to change. Please refer to the current academic catalog for details. November 15, 2023

The business plan for your new venture is finally complete. The buttoned-down plan includes all the necessary components like the company description, market research and analysis, marketing and sales, organization and management, and financial projections and funding considerations. Now the real work begins. But what must an entrepreneur do after creating a business plan ?

In this article, we will reiterate the importance of a business plan and go over some of the steps entrepreneurs must take to transform their plans for viable and scalable business into reality.

The Importance of a Business Plan

What is a business plan ? It’s commonly described as a road map that defines goals, objectives and specifies the strategies that will be used to achieve them. Although you may think of a business plan strictly as something visionary entrepreneurs build to map out their plans for innovative start-ups, a good business plan is useful in areas like operations, growth, feasibility and strategy for established businesses as well. It’s also a living document, which means it can grow and change over time as your vision for your business does. 

Situations that typically require creating a business plan include testing your business idea, laying out how your start-up will work, applying for business financing, attracting new partners or investors, or making significant changes in the core products or services your business offers. 

While no two are alike, most business plans include these key elements:

Executive summary : Briefly outlines the company, its mission statement, location, leadership and operations.

Products and services : Outlines the company’s offerings, which may include information about pricing and consumer benefits, manufacturing processes or proprietary technologies or patents the company may have.

Market analysis : Details the company’s position in the market – who it is competing with and how it will differentiate itself against the competition and take market share away from competitors.

Marketing strategy : Outlines how the company attends to attract and retain customers, and how it will reach them. It may include details of how advertising and marketing campaigns will be used.

Financial planning : For established businesses, this section will include financial statements, balance sheets and other financial information. For startups, revenue targets and estimates may be included for the first couple of years of operation, along with a description of potential investors.

Budget: The budget section will include details about the company’s costs related to staffing, development, production, marketing and any other expenses.

Next Steps After Creating a Business Plan

What must an entrepreneur do after creating a business plan ? Once the plan is completed, additional questions need to be answered: How will you secure the funding your new venture? How will you make your company or service stand out among the competition? What can you do to create an engaging brand and build the team needed to carry your plan forward? 

Competitor research

Entrepreneurs have to continually gain greater insights into several important areas that impact the growth of their businesses. One of these areas is competitive research. This is an important first step toward knowing how your product or service is different from the competition, their promotions and pricing. Doing this before you launch yourself into the market can help you get a lay of the land that will help inform your decisions and give you an idea of what parts of your company need strengthening.

Creating your brand

Branding runs deeper than components like your company’s name and logo. Entrepreneurs should work carefully to develop a brand strategy that goes beyond creating awareness and recognition, making a clear promise to the consumer and having the strength to stand the test of time. Your strong brand strategy should include these 5 key elements:

Identity : The most visible, consumer-facing aspect of your brand, including your company name, logo, graphic identity system, website and other elements that contribute to the look and feel of your brand.

Purpose, mission and values : These 3 elements should work together to convey a strong narrative about who you are, what your brand stands for and what you hope to achieve.

Messaging : Closely linked with your brand identity, your messaging is the voice you will use in social media posts, on your website and in conversations with consumers. 

Differentiation : Offer a unique value or feature that consumers can’t get elsewhere and your competitors can’t easily imitate. 

Experience: Any consumer interaction with your brand – online, in person, on social media or in other ways – contributes to their overall experience. If your brand goes above and beyond for the customer, it will activate positive reviews and help inspire brand loyalty.

Marketing strategy and personas

A strong marketing plan is essential in any venture, establishing the tactics and approaches that will be used to sell into consumer or business markets. Here’s where you need to draw the most attention to your product(s) while working within financial and operational constraints. Some basic marketing strategies will include developing a strong online presence, determining the best methods to reach your target audience and what messages will resonate best with them. 

Another aspect of a good marketing plan is additional research to understand consumer behavior. Establishing buyer personas can provide a template of the different customer types you want to target your business toward, and help refine marketing methods and content strategies in order to better resonate with and serve your base.

Securing funding

Funding the new business venture can be a major challenge for small business owners. First-time entrepreneurs, after creating a business plan, can follow several steps to be sure their new ventures have access to the cash they need for growth. This includes understanding how small business loans work or tapping into some alternative and somewhat lesser-known financing options. Here are 5 such realistic funding sources for your new business:

Start-up loans : Specifically intended to cover the startup costs of a new business, start-up loans can fund things like working capital, furnishings, inventory and supplies, or to buy real estate for a small business. The nonprofit Accion and the Small Business Administration (SBA) are two excellent sources of start-up loans. The SBA guarantees microloans of up to $50,000 and federally guaranteed term loans called Community Advantage Loans . The specific qualifications for these depend on the lender you choose to work with.

Business credit cards : Used wisely, business credit cards can be an effective financing strategy, especially if you qualify for a low introductory rate. They provide fraud protection and can be used for a variety of business expenses, freeing up cash flow for expenses that can’t be paid for with a card, such as your payroll.

Crowdfunding : Major crowdfunding platforms like Kickstarter, GoFundMe and Kiva can be used as funding sources, but with a considerable amount of work beforehand. If you have an outstanding new product or idea and build a loyal following through email marketing and social media prior to launching your crowdfunding campaign, this can be a viable funding source.

Friends and family : Asking friends and relations for financial backing by offering shares in the new company or a return on their investment can be a good strategy. Approaching a larger number of people for a small amount not only minimizes each person’s risk, but may make the ask easier.

Using your 401k : There are 3 ways you can use the money in your 401(k) account to fund your new business. A procedure called Rollover for Business Startups (ROBS) allows you to incorporate your new business and open a 401(k) under it. You can cash out all or some of the funds in your 401(k) to start a business, but if you’re under 59.5 years of age, you will pay income tax and a 10% fee. Another option is to borrow from your 401(k) or IRA. You can borrow up to $50,000 tax-free and pay back the loan within 5 years.

Building your team

Successful entrepreneurs recognize the importance of working with other professionals, building in-house and outsource teams of players that will understand, embrace and work to accomplish the goals outlined in their business plans. This requires talent with the skills, knowledge and experience to get the job done with minimal supervision. Hiring people who have skills that you don’t have can help unleash the full collective potential of your team.

Another consideration at this stage is to select professionals to help out in two crucial areas – accounting and legal services. You may choose to work with outsourced talent in these areas on an as-needed basis, then create in-house positions later.

Whether starting up a new business or running a well-established enterprise, business owners know the importance of relationships. Smart entrepreneurs initiate and nurture important relationships across the spectrum of their business. This includes employees, customers, operational partners, suppliers, lenders and others. Relationships built on trust and maintained with integrity often begin with networking and are likely to last longer and be more beneficial over the long haul. 

Regarding customer relationships specifically, entrepreneurs recognize and cherish their relationships with existing customers, knowing that investing in repeat customers is easier than cultivating new ones. 

Start Running Your Business

What’s left to do after taking these steps? Launch and start running your business. As simple as that sounds, entrepreneurs know that running a new business can bring new challenges every day. During this exciting time, it’s important to stay on the course established in your business plan. Track sales and marketing data right away and be sure to have the agility to make changes quickly if things aren’t going as planned. Remain focused with frequent reviews of your sales and marketing data, which may be monthly or quarterly to start, then less frequent as things become more well established. 

The key to growing, or scaling, your business will be to look at how things have changed since the initial plan was carved out, and how they have aligned with your initial projections. 

Have the Heart of an Entrepreneur?

If you thrive in an environment where each day brings new challenges in developing creative, results-oriented solutions, a career in entrepreneurship might be for you. 

At DeVry, we offer an MBA with a Specialization in Entrepreneurship that can help you build a foundation in many of the business and leadership skills you need to help get your new venture off the ground, or explore our Graduate Certificate in Entrepreneurship to complement the skills you already have as you work to advance your ambition as a small business owner. 

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What Must an Entrepreneur Do After Creating a Business Plan?

Back to Business Plans

Written by: Carolyn Young

Carolyn Young is a business writer who focuses on entrepreneurial concepts and the business formation. She has over 25 years of experience in business roles, and has authored several entrepreneurship textbooks.

Edited by: David Lepeska

David has been writing and learning about business, finance and globalization for a quarter-century, starting with a small New York consulting firm in the 1990s.

Published on January 10, 2023

So, you’ve a great idea for the next big thing and crafted a brilliant business plan around it. But what’s the next step? Do you start marketing your product? Go straight to selling? Do you first set up a website and get the required licenses ? 

Before launch, a business plan is little more than smoke and mirrors based on assumptions. To make it real and start putting your plan into action, it’s wise to take a step back, assess the situation, and start putting your assumptions to the test. 

This handy guide will help you do just that, and hopefully put you on the road to serious success.  

• Get Some Advice

Many entrepreneurs think of their business idea as their baby; because they created it, they know everything about it. This can make them hesitant to get advice. But it’s best to put emotions on the back burner and allow an experienced entrepreneur or industry expert review your business plan. 

A different perspective can be of huge value. An outside observer is likely to raise new questions and ideas that help shape and refine your business plan. 

To find an expert to review your plan, you might start with your local small business incubator or development center. These places often have access to mentors or people on staff who are happy to offer guidance and advice. You can also reach out to successful entrepreneurs in your area and online. Some of them might be willing to share their expertise. 

Whoever you choose to advise you, just be sure to be open to their feedback and don’t take any criticism personally. Remember that making adjustments to your plan before you start putting it into action is likely to save you a lot of time and money down the road. 

• Determine Your KPIs

Every business has certain critical key performance indicators (KPIs) that offer invaluable insight into the company’s health. For startups, a key KPIs is customer acquisition cost, so it’s helpful to measure how much you spend to acquire each customer. 

Generally, this is calculated by taking your total marketing and sales spend for a given period and dividing it by the number of customers acquired during that period. You could break this down even further to find your customer acquisition cost per marketing channel. 

Say, for example, you’re spending money on Facebook ads and also on search engine optimization. You’ll want to measure how much your customer acquisition cost is from both methods. That way, you’ll know which is working best and where to put your money going forward.

Other KPIs that may be important for your business are website traffic and conversions. Say, for example, you’re getting a lot of website visitors, but few are making purchases. This means it might be a good idea to analyze your site and products to figure out the issue.

The expert who reviewed your business plan may be a resource that can help you determine your KPIs, or you could speak with a business advisor. Knowing the numbers that could determine your business’s health and success is an absolute must. 

• Test the Market

An early way to test the market is with online surveys. You’ll want to know what people think of your product, its price, why they choose to buy it and if there’s anything they would change about it. 

This is valuable information you can use to adapt your product or plan as well as your marketing. Your marketing should address a specific customer need that your customers have, so knowing why and how people will use your product is invaluable.

Your survey should also collect demographic and psychographic information, including a person’s wants, needs, values, and behaviors, such as where and how they shop. The goal is to build a complete profile of your likeliest customers. 

You could also organize focus groups to test your product and deliver more direct and detailed feedback. Often, people will participate if you offer a gift card or free product.

• Build-Measure-Learn

Now it’s a good idea to really test the market with the build-measure-learn loop. Whether you’re manufacturing a product, buying products wholesale to resell, or offering a service, a limited launch is often the best way to get the ball rolling.  

The goal is to test your assumptions by selling some products and tracking the results. Guided by this data, you’ll make the necessary adjustments to your product or your plan and start the loop over again.

The build-measure-learn process is continuous – selling and measuring results will almost always lead to learning and new tweaks and refinements.

• Adjust Your Business Plan

By now you’ve acquired a massive amount of information from your testing and measuring, so it’s time to go back to your business plan. You’ve likely proven or disproven most of your original assumptions, so you can update your plan with real information. 

You may find that you need to make small changes, or do a complete change of strategy. Either is fine. The important thing is to accept and embrace the information you’ve acquired. Ignoring it and continuing on the same path because you like your original plan will inevitably result in failure.

• Put Your Plan into Action

Finally, your business plan is based in reality and sound business sense, so you’re ready to start executing the plan. Go ahead with your sales and marketing full force, start hiring people, and do whatever else you need to do to launch and build. 

Just be sure to continue to measure your results. Now your KPIs really come into play, so be sure to track them and get regular customer feedback. A business plan is never static; it’s a dynamic vision that you’ll adjust and adapt as you go along. 

If you’re in a business that has high-growth potential and you plan to seek capital from investors, now is the time to start talking to them. You have real market information, so you may be able to garner some interest and financial support, even though you’re still at an early stage.

You might love your original business plan, but it’s crucial not to marry yourself to it because it’s based on countless assumptions and is likely to change a great deal before your business succeeds.

Only by testing your ideas will you know how they work in the real world. Tracking results and using what you’ve learned to shape your plan and vision will sharply reduce risk and put you and your business on the fast track to success. 

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What must an entrepreneur do after creating a business plan?

An entrepreneur must find a way to fund their business after creating a business plan. Your business plan should have given you an idea of the amount of capital you need to launch your business, and now it's time to find that money.

The two ways to find the money for your business are to find investors who will invest significant sums of capital in your business to get it off the ground or borrow the money in the form of a business loan from a bank.

Once you have the money to launch your business, you must then pick a location for it. This can be one of the most important decisions you will make when starting a business. It can take the form of a brick-and-mortar store, an online store, or some other creative option.

This is such a critical component because the choices you make here could have a consequential effect on how your business is taxed, the legal requirements you may need to meet, and the revenue you ultimately want to generate.

Next, you have to choose a legal structure for your business. This will also impact registration requirements, how much your business pays in taxes, and your personal liability.

Then you have to pick a name for your business. You may have already completed this step; however, it is important to give this a lot of consideration and thought. You want a name that embodies your business's brand, tone, and spirit. You also must make sure that your business's name is not already being used by another business.

Now that you have a business name, it is time to register your business. Registering your business protects your brand legally. For most small businesses, this is as easy as registering your business name with state and local governments.

If you choose not to register your business, you may miss out on important protections and benefits, like personal liability protection, tax benefits, and legal benefits.

The next step is to get federal and state tax IDs. Your employer identification number (EIN) is critical to starting and growing your business. It helps with matters like opening a business bank account and paying taxes.

Essentially it is like a social security number, but for your business. In certain states, you may also have to get a tax ID as well.

You now should apply for the proper licenses and permits for your business. This guarantees that the business stays legally compliant. The licenses and permits you may need for your business vary depending on what industry your business is in, what state, the specific location of your business, and other factors as well.

The final step in setting up your business is to open a business bank account. This will ensure that you can handle legal, tax, and other daily business issues. If you have the proper registrations and paperwork ready, this is a fairly simple process.

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