From the course: Creating a Business Plan

Launching the business

From the course: Creating a Business Plan

Launching the business

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- Once you've gone through all the steps of business planning, your next steps are reasonably clear. Define your product and how you're going to compete. Clearly spell out what the market is. What's the service, and why are your customers interested in it? Explain your go-to-market strategy. How are you going to sell? How are you going to build your brand? Build the operating plan, and refine your assumptions that go into it. Understand the people requirements and the operating requirements to get your product into the market, and then support it after it's out there. Determine how you're going to manage your people and your administration. How are you going to pay people? How are you going to reward them? Build that solid financial plan. I can't overemphasize how critical that financial forecast is for having a viable business. Your financial plan is going to drive your financial results. And last, document that business plan, package it, make it clear and simple, and then share it with advisors to get their feedback. Pursue building the business and getting the required investments. And if you've invested the time in putting together a solid plan, your likelihood of launching a solid business goes up dramatically.

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