I currently run five different businesses and I’ve never written a single business plan. I know I’m going to get comments from people who swear you absolutely have to have one. But here’s one thing I’ve learned from running a small business. There is no definitive rulebook.
In looking back on each small business I would have to say that even if I had written a business plan, within a few months it would have completely changed anyway. No matter what I do there seems to be a certain learning curve every time I try something new.
With a brand new invention I thought I knew exactly who my target market was. After all, I invented it for that market. But no matter how many times I knocked on the door, it wouldn’t open. It was only after I experimented with different markets that I finally found the one where the product sold the most and sold almost effortlessly. This would never have been in my business plan because I didn’t even know about it. [Read more…]