25 Key Points: Key Point 4 – You Need A Business Plan

Key Point 4: You Need a Business Plan – While I have failed to cover business plans, I am adamant about the importance of organization. The reason I made the mistakes I made with my first business is because I failed to analyze my market and understand terminology and create projections that would enable me to generate a better path through the wilderness of small business. When I began developing my sneaker business, the second time around I took one year to develop contacts and the ideas to establish ARCH. I included in that plan the fact that I would have to grow slowly because I did not want to create debt. I also added an expanded plan which included creating a sneakershop that carried more than just my brand. My business plan is over 40 pages in length and it includes, Purchase Forecast, Sales Forecast, Marketing Strategies, and of course Mission Statements and my personal story (developed after reading Primal Branding). If you are talking to someone about business and you ask them if they have a business plan, and they don’t…Get the hell away from them as quickly and nicely as you can. Oh, run away also if the person tells you that they don’t revise and add to their plan every now and then. I would like to add that spending too much time on a biz plan can prevent you from ever actually starting your biz.

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