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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.

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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?
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  • 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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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?

  • Last Updated October 5, 2022

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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?

Learn what steps an entrepreneur must take after creating a business plan, including securing funding, hiring a team, and launching the business.

Craft Author: Craft Team

Creating a business plan is only one step to complete when it comes to running a successful business.

If you’re working on your business plan now or you’ve just completed it, you’re probably looking toward the future.

Read on to discover what an entrepreneur must do after creating a business plan so that you can make sure you have all of your essential bases covered.

The Foundation of Having a Business Plan and Its Importance

A well-constructed business plan organizes your business ideas and supports the process you have in mind through the research you conduct.

A typical business plan should cover the following points:

  • Executive Summary: A short summary listing the goals your business aims to achieve
  • Description of the Business: Details about your company, the industry in which you operate, and the service you plan to provide
  • Market Research: Research-backed information about your target audience or market
  • Market Analysis: Plans that cover how you plan to succeed as a company when it comes to approaching and converting customers in your target market
  • Marketing Plans: A description of the efforts you plan to take in order to promote your business to the right market (ex: PPC ads, social media content, blogging, etc.)
  • Sales Strategies: Business launch information, steps for conducting and promoting sales, how you plan to make profits, etc.
  • Management Information: A list of the key individuals in charge of managing your company, information about the structure of your business, the projected number of employees you’re going to need, salary information, and various department information
  • Financial Planning: Expenses and revenue information
  • Requests for Funding: Information about where you plan to seek funding and how you plan to secure it

Now That I Have a Business Plan, What’s Next?

Creating a business plan that works can take a significant amount of time to accomplish, so don’t rush through it in an effort to get to the more exciting elements of running your business.

Take your time, review your work, and have an experienced mentor take a look at your plan as well. This way, you’ll have a fresh set of eyes on your project and if you’ve missed any important details, you’ll be able to remedy the situation before you launch.

If you’ve completed the construction of your plan, there are a few things you need to do in order to get the ball rolling and ensure your success.

File Necessary Legal Documents to Make It Official

Start your business journey on the right foot by ensuring that you’re compliant with state and federal business laws.

File your business forms with the IRS and any local government bodies you need to register with. When constructing your business plan, you should have planned out how you’re going to structure your business, which will make filing legal documents a lot easier. Whether you’re operating as a nonprofit, an LLC, or something else, you’ll want to make sure you’re legally protecting yourself and your company through proper legal filings. This might include trademarking, copywriting, or patenting your intellectual property.

Start Looking for Funding / Budget the Funding You Have

If you need funding during the start-up phase, this is the time to look for it. Seek out investors, crowdsourcing options, and any avenue that might be available to you. With a complete business plan, you’ll have a greater chance of securing funding.

Furthermore, if you already have funding and you want to make sure you’re putting it to its best use, create a strict budget to follow .

Start Advertising and Marketing Your Business

Once you’ve legally established your company, you need to start promoting your brand and making sure that people are aware of your presence. Marketing efforts can take place before your official launch, during, and afterward.

Again, your business plan should have an outline you can use to begin planning your marketing campaigns. Your strategy may not be perfect at first, but as you find ways to get the word out about your services and products, you’ll discover what works best for you.

Create a Team of Professionals

Running a successful business is rarely something that one person can or should do alone. If you’re by yourself at this point, it’s about time to form a team of professionals. When you hire the right people, you can delegate tasks to teammates with the most experience and free up your own time in order to focus on entrepreneurial tasks.

Review Business Performance Regularly and Improve Processes

After you’ve officially launched your business, it’s hardly the time to take a step back. As a business owner and team leader, you’ll want to keep track of your production schedule, sales records, and marketing analytics. This way, you can build momentum, make adjustments to your procedures, and play an active role in fostering your company’s growth.

It’s also important to review your current operations from time to time, especially during the first year or two of running your business. Some business owners review their data monthly while others do it quarterly. By reviewing your business performance on a regular basis, you’ll be able to create snapshots that you can use to compare with other time periods. Doing so allows you to discover how well you’re reaching your goals, any metrics you need to improve, and much more.

Building, launching, and growing a business is far from easy, which is why so many budding companies never make it off the ground. Take your time during the planning phase and take every possible step you can when it comes to organizing your ideas and resources. Take advantage of online business templates , educational webinars, and mentorship opportunities so that you can expand your knowledge while you bring your ideas to life.

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What Must an Entrepreneur Do After Creating a Business Plan?

Team kolleqtive.

Congratulations! You’ve taken the monumental first step in your entrepreneurial journey by crafting a comprehensive business plan. This to-do list represents the culmination of your dreams, strategies, and aspirations. It’s a roadmap to guide you through the labyrinth of the business world. But, as you stand on the precipice of this exciting endeavor, What’s the next chapter for a dynamic entrepreneur like you? What must an entrepreneur do after creating a business plan?

 In this article, we’ll explore the critical steps an entrepreneur must follow to bring that plan to life and turn their vision into a thriving reality.

what must an entrepreneur do after creating a business plan

Table of Contents

The entrepreneur’s roadmap after crafting a business plan.

After creating a business plan, entrepreneurs must execute it, secure funding, acquire resources, file necessary legal documents, engage in advertising and marketing, and continually monitor progress to adapt to changing circumstances. They should also prioritize goals, manage finances, build mental resilience, and celebrate milestones to achieve success.

1- Execute the Plan

Securing Funding : The initial step after creating a business plan is to secure the necessary funding. Your business plan likely outlines the financial resources required to kickstart and sustain your venture. Whether you seek funding through loans, investments, grants, or crowdfunding, this is the time to put your financial strategy into action.

Acquiring Resources : Once you have secured the funds, it’s essential to acquire the resources outlined in your business plan. This could include physical assets such as equipment, real estate, or technology. Ensure that you have everything in place to launch your business successfully.

Infrastructure Setup : The infrastructure of your business, whether it’s a physical office or a digital platform, needs to be established according to your plan. A well-organized infrastructure is the backbone of your operations and supports your growth.

2- Advertising and Marketing

Develop a Marketing Strategy: An effective marketing strategy is essential to reach your target audience. Identify your unique selling propositions, select appropriate marketing channels, and create compelling campaigns. When it comes to promoting your business, consider leveraging Kolleqtive’s Advertising and Marketing services.

Engage in Advertising: Execute your marketing strategy through advertising campaigns, whether online, print, or broadcast. Effective advertising can build brand awareness and attract customers.

Leverage Digital Marketing: In today’s digital age, online marketing is vital. Utilize social media, email marketing, content marketing, and SEO to expand your online presence and connect with a broader audience.

3-Monitor Progress and Adapt

Stay on Course : With your plan in motion, it’s vital to continuously assess whether you are moving in the right direction per your business plan. Monitor your progress by tracking your goals and milestones and comparing them against your actual achievements.

Adjust Strategies : Business landscapes are dynamic, and entrepreneurs must be agile. Be open to changing your strategies if market conditions or new opportunities arise. Adaptability is a key trait that can make your business more resilient.

4-Manage Finances

Budgeting : Effective financial management is fundamental for the sustainability of your business. Create a budget that outlines your projected income and expenses. Regularly revisit and adjust your budget as needed to manage your finances effectively, recognizing that a new business should be based on an entrepreneur’s sound financial principles.

Cash Flow : A healthy cash flow is the lifeblood of any business. Monitor and manage your cash flow to ensure the business remains financially stable. Keep an eye on your receivables and payables to avoid cash flow hiccups.

5-Build Mental Resilience

Challenges and setbacks are part of the journey, and an entrepreneur must build mental resilience to navigate them with grace.

Set Realistic Expectations : Entrepreneurship is a rollercoaster ride with ups and downs. Understand that challenges and setbacks are part of the journey. Setting realistic expectations can help you handle these situations with grace.

Seek Support : Running a business can be mentally challenging, and seeking support is vital. Connect with mentors, advisors, and fellow entrepreneurs who can offer guidance and emotional support. Having a supportive network can provide valuable insights and encouragement . 

Learn from Failure : Failure is not the end; it’s a stepping stone to success. Embrace failures as opportunities for growth and learning. Analyze what went wrong and use these insights to improve your strategies. Remember, an entrepreneur must learn from failure, treating it as an opportunity for growth.

Practice Self-Care : Mental resilience is closely tied to self-care. Entrepreneurs often work tirelessly, but neglecting self-care can lead to burnout. Make time for relaxation, exercise, and activities that contribute to your well-being.

6-Goal Achievement and Productivity

Prioritize Goals : Not all goals are created equal. Determine which objectives are critical to your business’s success and focus your efforts on them. Identify key performance indicators (KPIs) that can measure progress.

Create a Plan of Action : Each goal requires a detailed plan of action. Break down large, daunting objectives into smaller, manageable tasks. Assign responsibilities and set deadlines to keep everyone on track.

Stay Organized : Use tools and resources that help you stay organized. Whether it’s project management software, calendars, or task lists, staying organized is crucial for productivity .

Measure Progress : Regularly review your progress toward your goals. Analyze data and feedback to understand what’s working and where adjustments are needed. This analytical approach allows for informed decision-making.

Celebrate Milestones : Remember to celebrate your achievements along the way. Recognizing your progress can boost motivation and keep your team engaged. Kolleqtive offers a range of resources and support to help you stay on track, reach your objectives, and celebrate your successes. These services include interactive tools, a supportive community, and opportunities for personal and professional growth.

In conclusion, creating a business plan is the foundational step in entrepreneurship, but it’s only the beginning. An entrepreneur would most likely be visionary, risk-takers, and an innovator, but they must also be an executor, a financial manager, and resilient problem-solvers. What an entrepreneur must do after creating a business plan is to execute it with dedication, adapt to change, manage finances effectively, build mental resilience, and focus on achieving their goals. By following these steps, entrepreneurs can bring their business plans to life and work toward success.

The business plan does not solely define the journey of entrepreneurship; the actions, adaptability, and determination of the entrepreneur shape it. Embrace the path, stay open to change, and with the right mindset and continuous learning, you can achieve the positive change and success you aspire to in entrepreneurship.

Unlock your full entrepreneurial potential with Kolleqtive . Join our community of like-minded individuals and embark on a journey towards success and positive change. Take the first step today!

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What Must An Entrepreneur Do After Creating a Business Plan

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.  

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What must an entrepreneur do after creating a business plan? We have you covered.

From experience, reading an overcomplicated blog on what to do after creating a business plan is one of many ways to stop you in your tracks with information overload. I also know reading a randomly put-together blog with no structure about the same topic is another way to confuse and slow you down.

So, this will be a simple-to-understand and easy-to-follow process on how to implement your business plan and create your dream business. The blueprint for creating your business after writing your business plan doesn’t have to be complicated, I have created 2-million-dollar businesses by 25 years old. I have followed this process both times and it has served me well. I’m sure it will do the same for you.

Why do Business Owners Need A Marketing Plan? 

A marketing plan is an essential tool for business owners because it helps them develop a strategy to reach their target audience and achieve their business goals.

There are several reasons why a marketing plan is essential:

Firstly, a marketing plan helps business owners identify their target audience and understand their needs, preferences, and behavior. By understanding their target audience, business owners can create targeted marketing campaigns that resonate with potential customers and increase their chances of driving sales.

Secondly, a marketing plan sets clear goals and objectives for the business. It allows business owners to identify key performance indicators (KPIs) such as sales, website traffic, and customer engagement and set specific targets for each. This helps business owners stay focused on their goals and measure the success of their marketing efforts.

Thirdly, a marketing plan helps business owners allocate their resources effectively. By outlining the marketing budget and identifying the most effective marketing channels, business owners can ensure that their marketing efforts are cost-effective and deliver the best return on investment.

A marketing plan also helps business owners stay competitive in their industry. By analyzing their competitors and understanding their strengths and weaknesses, business owners can develop a marketing strategy that sets them apart from their competitors and positions them as a leader in their industry.

Finally, a marketing plan is a living document that can be adapted and updated as the business evolves. By regularly reviewing and updating the marketing plan, business owners can ensure that their marketing efforts stay relevant and effective.

1 – Evaluate and Refine the Business Plan

After an entrepreneur creates a business plan, it is crucial to evaluate and refine it to ensure that the project is feasible and effective in achieving the business goals.

The evaluation process involves assessing the assumptions, risks, and opportunities identified in the plan. This evaluation process helps entrepreneurs identify the gaps in their programs and refine them accordingly.

One way to evaluate the business plan is to gather feedback from experienced entrepreneurs or business professionals. This feedback can help entrepreneurs identify weaknesses in the plan and make necessary changes.

Another approach is to conduct market research to determine if the business idea is viable and to gain insights into the target market’s needs and preferences.

Once the entrepreneur has evaluated the plan, they should refine it by making changes and adjustments based on the feedback received. This refinement process may include modifying the marketing strategy, adjusting financial projections, or tweaking the product or service offerings. The goal of this process is to make the plan more realistic, achievable, and effective.

It is essential to note that the refinement process is ongoing. As the business progresses and evolves, the plan should be reviewed and updated accordingly.

The entrepreneur should remain flexible and be willing to make changes to the plan as needed to keep up with the market demands and to change business environment.

2 – Create your business dream team

  • Speak with lawyers, accountants, and whoever you need to in your specific field to make sure you are starting off legally and on the right foot
  • If you are going to outsource your marketing. Find and interview many to find the right fit for you- preferably someone who has had success helping someone in your industry before. Digital marketing is ripe with companies over promising and under-delivering. Choose wisely!
  • Find and document the correct process for hiring in your industry. This is very important, if you leave process for later you may find yourself rushing to find employees and hiring the wrong people. Take it from me, this can be very expensive. This doesn’t mean hire yet, You may have the capital to pay employees and need them now, but for many smaller start-ups, this is something you will do down the track when needed.

TIP: If you are creating a new product , that you don’t have a track record with, you don’t need to engage all the previously listed professionals yet. But gather the info you need and find your team so when your product is ready so are you!

3 – Secure Funding and Resources

Once an entrepreneur has created a solid business plan, the next crucial step is to secure funding and the necessary resources to bring their plan to fruition. 

There are several ways that entrepreneurs can obtain the funding they need, including:

  • Personal Savings: One of the most common ways entrepreneurs fund their businesses is through personal savings. This method allows the entrepreneur to have complete control over their business without taking on any debt.
  • Bank Loans: Entrepreneurs can also obtain funding from banks and other financial institutions. They must have a solid business plan, good credit, and a detailed financial plan to secure a loan.
  • Crowdfunding: Crowdfunding venues such as Kickstarter (one of the most popular), Indiegogo, and GoFundMe allow entrepreneurs to raise money by soliciting individual contributions.
  • Angel Investors: Angel investors are affluent individuals who invest in businesses in exchange for equity or ownership. Entrepreneurs can locate angel investors through networking events, online platforms, or business incubators.
  • Venture Capitalists: Venture capitalists are investors who provide funding for startups in exchange for equity or ownership. Entrepreneurs must have a solid business plan, a prototype or proof of concept, and a clear path to profitability to attract venture capital.

In addition to securing funding, entrepreneurs must also obtain the necessary resources to operate their businesses. This may include equipment, supplies, office space, and technology. 

Entrepreneurs can obtain these resources through leasing, purchasing, or renting. Entrepreneurs need to identify the resources they need and create a plan to get them efficiently and cost-effectively.

4 – Develop Your Product/Gather Everything You Need To Complete Your Service

  • Find the best and most cost-effective manufacturer for your product. You will have to do some product development if you haven’t already, this will usually come off your first purchase. Don’t be afraid to try a few manufacturers and find the best one. The better your product the easier the marketing will be.
  • Make sure you have all the tools and equipment to complete your service. Find a location if that what your business requires.

what must an entrepreneur do after creating a business plan brainly

5 – Get Your Business Branding on Point

  • Register your business name and have your logo designed; this can be a very important piece of the puzzle as this is often the first thing people will see about you. A bad name and logo can turn someone away very quick! So be patient, get feedback, and find the best name and logo for you.
  • Create your website and social accounts to get your business everywhere possible.

TIP: Depending on your location, you will need to register your business/Company name and domain name to advertise online. Check with your accountant, as you may need others.

6 – Implement Your Marketing Plan

what must an entrepreneur do after creating a business plan brainly

  • Next, you need to find your target customer, where they spend their time, and ensure you are right there in front of them. I will list some examples:
  • Trade business: Facebook, Instagram, Trade shows, LinkedIn, Google search & ads, Local authority website (Local Building association).
  • Beauty Business: Instagram, Facebook, Work with Influencers, Google search & ads, Create relationships with businesses in the same industry but different niche.
  • Professional Service business: LinkedIn, Facebook, Industry specific trade shows, Google search & Ads, create relationships with businesses in the same industry but different niche.
  • Ecommerce products: Offering affiliate programs, Facebook, Instagram, Google search & ads, Influencer marketing, Email marketing, I left this one last, but for this industry this can be an absolute goldmine. You can spend money on marketing and hopefully make your money back on the front end, but serious wealth is created on the back end. Your email list for ecommerce, is full of previous buyers of one of your products and you can make another sale off just an email. Some people in the industry can seriously overlook this, don’t be one of them and make the most of your email list and cheap way to reach your hot customers.

TIP: For B2C businesses, LinkedIn can yield some amazing results. These previously listed ways are just a few but there is so many ways to reach your ideal customers, brainstorm, think outside the box a& get to work!

7 – Build a Team

Building a strong team is crucial for the success of any business. Here are some tips on how to build a team:

  • Define roles and responsibilities: Before hiring anyone, define the roles and responsibilities of each position to identify the skills required for each role.
  • Attract the right talent: Create a compelling job description and offer competitive compensation and benefits packages.
  • Foster a positive work culture: Encourage teamwork, open communication, and celebrate successes to create a positive work environment.
  • Encourage personal and professional growth: Encourage team members to pursue personal and professional development opportunities.
  • Hire for diversity: Hiring people from diverse backgrounds and with different perspectives can lead to greater creativity and innovation.
  • Communicate effectively: Regularly communicate with team members to ensure alignment and encourage open and honest feedback.

By following these tips, you can build a strong team that will support the growth and success of your business. Building a team is an ongoing process that requires time, effort, and patience.

8 – Launch and Grow the Business

After creating a business plan, an entrepreneur has completed all the necessary steps, such as conducting market research, creating a business plan, securing funding, and establishing a legal structure, it’s time to bring the business to life.

Legal considerations are also important when launching a business. Entrepreneurs should ensure they have registered the business and obtained any necessary licenses or permits. They should also ensure that they comply with all relevant laws and regulations.

Launching a business requires a combination of planning, preparation, and execution. Entrepreneurs can increase their chances of launching a successful business by focusing on branding, marketing, systems and processes, financing, legal considerations, and hiring and training.

what must an entrepreneur do after creating a business plan brainly

What Must an Entrepreneur Do After Creating a Business Plan?

10 Minute Read

what must an entrepreneur do after creating a business plan brainly

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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Your friendly neighborhood customer experience specialist and startup enthusiast, making the digital world a better place one blog post at a time.

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What must an entrepreneur do after creating a business plan?

Small business owners or entrepreneurs of an established enterprise do everything to make their business booming star of the industry. A well-written business plan helps the entrepreneurs to lay out their business goals. It assists the business owner in decision making and crisis management. Let’s discuss the job of an entrepreneur after creating a business plan. However, before this, you must know about the entrepreneur and his qualities.

What is an entrepreneur?

It is not easy to define the entrepreneur as the profiles are so diverse. By understanding what he does, his motivations, his modes of thought, decision, and action, we can sketch a portrayal of it.

The idea of entrepreneurship appeals to you. But do you really know what it means? Working as a freelance, creating a startup, becoming a self-employed or micro-entrepreneur, getting into franchising, being legally “supported” … is all of this really undertaking?

Cut to the chase. An entrepreneur is a person who originates new value, often embodied by the creation of his own business. He was the one who had the idea, who germinated it and created it, unlike a business leader or businessman. An entrepreneur invests himself personally and financially in the creation of his project. He thus creates economic activity in an area close to his heart.

What are the qualities necessary for an entrepreneur?

The essential qualities for success as an entrepreneur are knowledge of marketing, business development, and customer service. Moreover, he also knows about leadership, recruitment, and project management. But being an entrepreneur also requires tenacity, focus, determination, and an insatiable desire to learn. And of course, the ability to constantly reinvent yourself!

Responsibility of Entrepreneur

The entrepreneur is the captain of the ship. He is responsible for keeping everything floating. That’s why entrepreneurs have to wear several hats. No project is big or small when it is your business.

Business owners have to recruit and hire an experienced team to operate the business. Training and development of existing staff are also included in their responsibility. They are accountable for establishing the budget, sale forecast, and fiscal health of the Company.

Planning and strategy

Setting strategy and establishing a business plan is crucial for running a business. Good entrepreneurs keep themselves updated with the latest market trends, competitors, and customer needs. It allows them to deliver the market according to its necessity.

What does an entrepreneur do after creating a business plan?

A business plan is a road map that helps the business owners to decide when they should start the business. Besides, it also describes the short term and long term goals of their business. It also helps to estimate the number of product units require and their cost and other expenses that need to start a business.

After creating a business plan, an entrepreneur must have to finance the business. Besides, he should hire a reliable staff to manage their projects properly. Let’s understand the job of an entrepreneur after creating a business plan with the help of examples.

The Restaurant Owner

A business plan helps the Restaurant entrepreneur looking for capital investment or an established market leader looking to grow. After arranging finance, a restaurant owner has to go to the market to purchase furniture, lights, decoration items, utensils, and food ingredients.  He or she may to prep some food because sometimes the restaurant owner is also the head chef.

The owner of a restaurant also has to interview the candidates for open vacancies. For example, he has to hire the manager, waiter, and kitchen staff. The restaurant owner is also responsible for the training of their staff.

Web publishing business owner

Web publishing business owners may have to write articles or content for the site. Most of the owners hire content writers for this purpose. The owner cooperates with writers and other staff. He provides them feedback on content topics or input on structure, features, or improvements of new websites.

The business plan helps the web publishing business owner assess and monitor your business’s current development and its future development. For this, the owner also has to stay updated with the latest Google and social media trends. Moreover, he should even know what other publishers are doing. Some owners prefer to hire the staff to post on social media accounts, while some post themselves.

The owner of a Plumbing Business

The plumbing business plan provides the latest tactic to the owner to reach potential customers. The plumber goes on plumbing calls to customers’ venue. At a customer’s site, the plumber may send a photo of a broken part that needs to be replaced to an employee back at the office to look it up and order it. Some plumber does this by himself. They drive to the parts supplier to pick up a part and replace it immediately. 

A plumbing entrepreneur who wants to flourish their business may hire other experienced plumbers to work in his Company. He also spends some time may to train them or communicate with them.

How business plan help you?

A business plan helps the entrepreneur to manage organizational needs and employees better. It allows you to determine who in your organization has what roles. Whether you can benefit from a larger or smaller workforce, and how you will recruit new employees. A business plan is a valuable part of how you start and run your business. By evaluating your present and planning your future, you will be on the right path to a clearer vision and increased success chances.

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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?

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Surabhi Guleria

  • June 4, 2023

What Must an Entrepreneur Do After Creating a Business Plan?

Creating a business plan is an essential step in the process of starting a new business . A business plan serves as a roadmap that outlines the goals, strategies, and financial projections for the business.

However, it’s important to remember that creating a business plan is just the beginning of the journey. Once the plan is in place, entrepreneurs must take action to turn their vision into a reality.

After creating a business plan, entrepreneurs must focus on taking the necessary steps to launch and grow their businesses. This involves securing funding, choosing a business structure, obtaining necessary licenses and permits, building a team , establishing a brand , launching the business, and monitoring and adjusting as necessary.

Each of these steps is critical to the success of the business, and it’s essential for entrepreneurs to approach each one with care and attention to detail.

In this article, we will explore the key steps that entrepreneurs must take after creating a business plan to set themselves up for success. We will examine each step in detail, providing practical tips and advice for entrepreneurs looking to turn their business dreams into reality.

Whether you are a seasoned entrepreneur or a first-time business owner, the information in this article will help you navigate the challenges and opportunities that come with launching and growing a successful business . Here are the things an entrepreneur must do after creating a business plan.

Secure Funding

One of the first things an entrepreneur must do after creating a business plan is to secure funding. Whether you plan to self-fund your business or seek outside investors, you will need to have the necessary capital to get your business off the ground. This may involve seeking out loans , grants , or other forms of financing.

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Choose a Business Structure

Once you have secured funding, you will need to choose a business structure. This may involve registering your business as a sole proprietorship , partnership, corporation, or LLC. Each structure has its own advantages and disadvantages, so it’s important to do your research and choose the structure that best fits your needs.

Obtain Necessary Licenses and Permits

Obtain Necessary Licenses and Permits

Depending on the type of business you plan to start, you may need to obtain various licenses and permits to operate legally. This may include a business license, tax ID number, zoning permit, health permit, and more. Be sure to research the specific requirements for your industry and location to ensure that you are compliant with all regulations.

Build a Team

Building a strong team is essential to the success of any business. As an entrepreneur, you will need to identify the key roles and responsibilities necessary for your business and start hiring the right people to fill them. This may involve recruiting employees , contractors, or freelancers. Be sure to create a strong company culture and offer competitive compensation to attract top talent.

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Establish your brand.

Your brand is the face of your business and plays a crucial role in attracting and retaining customers. After creating a business plan, you will need to start building your brand by creating a logo, developing a brand voice, and establishing a strong online and offline presence. This may involve creating a website, social media accounts , and other marketing materials to promote your business.

Launch Your Business

Launch Your Business

Once you have secured funding, chosen a business structure, obtained necessary licenses and permits, built a team, and established your brand, it’s time to launch your business. This may involve a soft launch to test your products or services, followed by a grand opening or launch event to generate buzz and attract customers.

Monitor and Adjust

After launching your business, it’s important to monitor your progress and make adjustments as necessary. This may involve tracking sales data , customer feedback , and other metrics to identify areas for improvement. Be prepared to pivot your strategy and make changes as needed to keep your business on track.

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The many features of Lio would help you with your retail business as you would be able to maintain all data on a track that you can use at any time. If you want to upload a document, then you can do that. Know the money transactions, cash inflow, profit and loss you are making, Udhaar, list of product s, services, and even the teammates and clients that you have all in one place. 

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Creating a business plan is just the first step in starting a new business. After the plan is in place, entrepreneurs must take action to turn their vision into a reality.

This may involve securing funding, choosing a business structure, obtaining necessary licenses and permits, building a team, establishing a brand, launching the business, and monitoring and adjusting as necessary. By following these steps, entrepreneurs can set themselves up for success and turn their business dreams into reality.

Frequently Asked Questions(FAQs)

How long does it take to launch a new business after creating a business plan.

The timeline for launching a new business can vary widely depending on the industry, location, and other factors. Some businesses may be able to launch within a few months, while others may take a year or more to fully launch.

How can entrepreneurs attract investors after creating a business plan?

To attract investors, entrepreneurs should have a clear and detailed business plan that outlines the potential of the business and its financial projections. They should also be prepared to pitch their business idea to potential investors and explain why their business is unique and has the potential for success.

What are some common mistakes entrepreneurs make after creating a business plan?

Some common mistakes include not doing enough market research, underestimating the amount of funding needed, not having a clear marketing strategy, and not establishing a strong team. It’s important for entrepreneurs to thoroughly research their industry and market, create realistic financial projections, and surround themselves with a team of talented and dedicated individuals.

Is it necessary to obtain professional help after creating a business plan?

While it’s not necessary to obtain professional help, it can be beneficial for entrepreneurs to seek out advice from experienced professionals such as business coaches, lawyers, and accountants. These individuals can offer valuable insights and guidance on various aspects of starting and running a business.

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COMMENTS

  1. What must an entrepreneur do after creating a business plan?

    Final answer: After creating a business plan, an entrepreneur must open the business, finance it, and file the right paperwork. Explanation: After creating a business plan, an entrepreneur must take several steps to start their business successfully. These steps include:

  2. What must an entrepreneur do after creating a business plan?

    Here are four important actions an entrepreneur should consider: 1. Open the business: Once the business plan is in place, the entrepreneur needs to put their plan into action by establishing the physical or online presence of the business. This could involve finding a suitable location, setting up a website, or creating an online store. 2.

  3. I'm an Entrepreneur, and I Have a Business Plan: Now What?

    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.

  4. What Must an Entrepreneur Do After Creating a Business Plan?

    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.

  5. What must an entrepreneur do after creating a business plan?

    Learn what steps an entrepreneur must take after creating a business plan, including securing funding, hiring a team, and launching the business. File your business forms with the IRS and any local government bodies you need to register with.

  6. What Must an Entrepreneur Do After Creating a Business Plan?

    After creating a business plan, entrepreneurs must execute it, secure funding, acquire resources, file necessary legal documents, engage in advertising and marketing, and continually monitor progress to adapt to changing circumstances.

  7. What Must An Entrepreneur Do After Creating a Business Plan

    After creating a business plan, entrepreneurs must actively seek feedback from customers, employees, and stakeholders to understand their needs and preferences. Adapting the business strategy based on feedback and market trends ensures that the business remains relevant and continues to meet evolving customer demands.

  8. What must an entrepreneur do after creating a business plan?

    8 - Launch and Grow the Business. After creating a business plan, an entrepreneur has completed all the necessary steps, such as conducting market research, creating a business plan, securing funding, and establishing a legal structure, it's time to bring the business to life. Legal considerations are also important when launching a business.

  9. What Must an Entrepreneur Do After Creating a Business Plan?

    Secure Funding. One of the first things an entrepreneur must do after creating a business plan is to secure funding. Whether you plan to self-fund your business or seek outside investors, you will need to have the necessary capital to get your business off the ground. This may involve seeking out loans, grants, or other forms of financing.

  10. What Must an Entrepreneur Do After Creating a Business Plan?

    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.

  11. What Must an Entrepreneur Do After Creating a Business Plan?

    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.

  12. What must an entrepreneur do after creating a business plan?

    What does an entrepreneur do after creating a business plan? A business plan is a road map that helps the business owners to decide when they should start the business. Besides, it also describes the short term and long term goals of their business. It also helps to estimate the number of product units require and their cost and other expenses ...

  13. 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.

  14. Entrepreneurship Flashcards

    What must an entrepreneur do after creating a business plan? finance the business. What is one way for an entrepreneur to decrease risk? ... An entrepreneur would most likely be interested in. personal fulfillment. What is one purpose of writing a business plan before entering the market? to differentiate the new company from the competition ...

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    What must an entrepreneur do after creating a business plan? open the business finance the business file the right paperwork identify an opportunity b Because many successful business owners fail on their first attempts, the reader should assume that they learned from their mistakes. their business plans were incomplete. their products or ...

  16. Entrepreneurship Quiz Flashcards

    What must an entrepreneur do after creating a business plan? Open the business Finance the business File the right paperwork Identify an opportunity. Finance the business. An entrepreneur is someone who Starts and runs a business Is an employee of a business Invest products for other businesses Works for multiple developing businesses.

  17. What must an entrepreneur do after creating a business plan? open the

    What must an entrepreneur do after creating a business plan? open the business finance the business file the right paperwork identify an opportunity Advertisement Expert-Verified Answer question 293 people found it helpful Greenleafable After creating a business plan, an entrepreneur must finance the business.

  18. What Must an Entrepreneur Do After Creating a Business Plan?

    After creating a business plan, entrepreneurs must focus on taking the necessary steps to launch and grow their businesses. This involves securing funding, choosing a business structure, obtaining necessary licenses and permits, building a team , establishing a brand , launching the business, and monitoring and adjusting as necessary.

  19. Entrepreneurship Flashcards

    What must an entrepreneur do after creating a business plan? finance the business An entrepreneur would most likely be a C. person who works well alone.

  20. What must an entrepreneur do after creating a business plan?

    Answer: b Explanation: he has to fund the business after creating a business plan in order to put the plan to work Advertisement Answer 1 person found it helpful jromines90 report flag outlined Answer: Finace the business Explanation: This is the right thing because if you dont your business will fail and you g=can go into finacel problems

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    What must an entrepreneur do after creating a business plan? Advertisement samdillard25 is waiting for your help. Add your answer and earn points. AI-generated answer Advertisement Answer 1 person found it helpful singlechick1 Answer: finance the business Explanation: Advertisement Still have questions? Find more answers plus Ask your question