Once you have decided that you have a viable business idea, the next step is planning how you will build it. Planning gives you a more detailed understanding of what is involved in starting your business. A clear picture of the market you will be entering, who your customers are, who your competition is, and how much it will all cost are only a few of the details that will be illuminated in the planning process. Here we will outline two of the most popular ways in which entrepreneurs plan their businesses: the Business Model Canvas and the Business Plan.
It is important to remember, however, that the planning process is an ongoing activity. You will soon find that the way you imagine your business now will be different as you get deeper into the planning process. The idea will evolve and change as it becomes something more tangible. Change is an inherent aspect of business no matter if the business is just being launched or has been around for several years. Your ability to adjust accordingly can mean the difference between success and failure. A periodic review of your plan is recommended as many dynamic factors are at play in the business environment.
The process of starting a business is a personal and emotional experience. For this reason, it is sometimes difficult to objectively make decisions and projections. Below is a list of common mistakes entrepreneurs make when writing or talking about their business. These can also happen when you are concerned that your business does not look attractive on paper.