CANNAINVESTOR Magazine October / November 2016 - Page 109

We can continue this list with tons of resources, but I think that it makes no sense: if you’re not satisfied with those which are provided above - simply ask your search engine for other variants. But keep in mind: templates, samples and software can help you with structuring and formulating information, nothing more. Your real business plan should be the product of your own research and understanding of your future business!

By the way, most of advisors will tell you that before answering the questions of your business plan you need to make investigations, study precisely your market, customers, competitors, etc. I would say the following: it’s obvious that before even thinking about writing business plan while developing your startup idea you should already think about value, customers, market and opportunities, so I presume that you already have some understanding of the answers on all these questions. And I advise you to note down answers to these questions before the detailed analysis.

And after having the first draft on paper, start the real detailed investigations. Surf the Internet to learn more about your market, speak directly with potential customers to understand their needs better, learn your competitors and their weaknesses, calculate precisely your expenses for execution and potential incomes for the first year.

And then, after doing all this homework, compare your first (partly intuitive) answers with the results of your investigations.

Do you have an impressive difference between the first and the second time answers? That’s normal, believe me ;)

For many newbies-entrepreneurs this is a rubicon where they give up and start seeking for a job (or a new business idea).

But if you are not one of them, if you are not scared of the revenues decrease (they were definitely overestimated in the first version), by competition (oh, you didn’t realise how tight it may be), by the volume of work to be done (yeah, billions will not appear in few months of work 8 hours per day), if you still see the great opportunities behind the details and numbers and want to reach them whatever it takes - congrats, you are probably one of those lucky entrepreneurial spirits who can handle the founder’s challenges.

Then you should update your business plan with new details after research, determine the first steps to be done for execution and come on - just do it! And I’ll cross all my fingers for your success.