Gloria Steinem once said, “Without leaps of imagination, or dreaming, we lose the excitement of possibilities. Dreaming, after all, is a form of planning.” If all that imagining and dreaming has taken shape in the form of a business idea, it’s time to turn those thoughts into actions. RSVP for today’s LIVE webinar with Brit + Co: 5 Easy Steps to Launch Your Side Hustle to get inspired to launch your passion project or side hustle and turn it into a successful business.
Step one? Writing a business plan—and don’t worry if the idea of doing so makes you sweat a little. Often times, the hardest part is simply starting, so we’ve created the The 10-Question Business Plan Starter Guide to get the ball rolling. Click here to download your copy.
And since it always helps to learn from people who’ve come before you, two successful entrepreneurs each shared three questions they asked themselves as they sat down to hash out their grand plans. Take note!
1. What’s my intention?
The “how” and the “what” of your business is going to change a million times, so possessing a clear understanding of of the“why” (that’s your intention!) will anchor your business.
2. Who do I have in my corner?
Think about the people who you want to help you (beyond financial help). How do you want them to help you? Who is your support system?
3. What validates this business?
How have you received feedback on your business idea? Have you created a prototype or hosted a focus group? If not, what’s stopping you?
1. What’s my burn rate?
How much cash am I going to burn in a month? How long is it sustainable?
2. What’s the length of my runway?
What is your timeframe for reevaluating your business if you’re not seeing the results you’d like to see?
3. Is growth feasible? If not, why? If so, when?
What is a realistic growth strategy? How can growth be sustainable?
Final words of wisdom from Cardoza: “Just do it. Don’t let the fear of never having written a business plan keep you from writing it.”
Photo: Alys Tomlinson / Getty Images