Lack of Business Planning

Beware the temptation to jump into business before you’ve done the proper planning. And don’t underestimate that temptation. Once you have made up your mind to start a business, it is difficult to wait to get going. You want to start moving, making money, living the life you’ve dreamed of. But if you want your business to succeed, you must take the time to understand it, yourself, the industry, and the market.

It helps to consider how you would approach buying a house. Would you sign a check and move on in? Or would you research everything first to make sure you aren’t getting a lemon? Treat starting your own business the same way. Don’t invest your time, money, energy, and dreams in a business you don’t understand inside and out. More businesses fail for want of proper planning than do for want of money.

Business plans are perfect for taking you from ignorance to understanding. In order to produce a good business plan, you must learn all the ins and outs of your proposed business. And the process of preparing the plan will teach you much of what you need to know in order to run that business.

The main reasons people skip business plans are often the same as the reasons people avoid accounting: 1) many people don’t like to write and 2) the time it takes to prepare the plan takes away from the time to run the business. But those reasons – those excuses, really – are just as inapplicable here.

Just because you don’t like doing something doesn’t mean you don’t have to do it. Running your own business will mean sacrifices. Luxuries like vacation time, sick days, salaries – these are the first things to go out the window (at least in the beginning). Taxes must be paid, shipments must go out, decisions must be made, invoices must be sent, and bills must be paid – whether you like it or not. Same with accounting. Same with planning. And, as with accounting, you can always hire someone to prepare your business plan for you.

The second reason people often skip the business plan stage is because they want to spend the time it would take to plan their business to be in business instead. They see the planning stage as taking time with no reward. But not only is that not true, it is also supremely short-sighted. It may be true that taking time upfront to plan your business will increase the time until you can start making money. But it will also likely increase the amount of money you can make. Writing a business plan allows you to explore your business before you start. It allows you to make your mistakes on paper rather than in the real world.

Write a business plan. You’ll be better for it. It will save you hassles and make you money in the long term.

Heike Ziegler

HEIKE ZIEGLER – YOUR #1 MARKET MULTIPLIER & BRAND MAGNIFIER Heike Ziegler is Founder and CEO of HZH International Brandconsulting UG and CELEBRITY BRAND MOVEMENT a company of HZH INTERNATIONAL BRANDCONSULTING UG specializing in brand, market and business development of brands, retailers and technology service partners in the fashion & lifestyle industry. Heike´s goal is to help you achieve brand-performance and enter new markets faster and easier than you ever imagined. As a veteran fashion designer with an international background, Heike masters complex topics such as the organization of an Omni-channel platform from the ground up and the implementation of new technologies as a service. Future-oriented trading strategies are made possible through advanced automated marketing and the analysis of the difficulties of users (brands & retailers) with a focus on the development and expansion of their intensive B2B relationships. Heike Ziegler provides solutions to strengthen the business performance of hundreds of fashion brands and retailers across Europe, from support through dedicated service networks and data conversion from marketing to providing a complete retail platform for brands and retailers to bring about long-term results. HZH-IBC serves as a platform for e-commerce, web application services/professionals, and for the creation of automated online marketing for the development of Omni-channel e-commerce solutions and trade applications for brands and retailers in the fashion & lifestyle sector. To transform the HZH-IBC platform into a marketplace where fashion and lifestyle brands meet with the trade for the successful sale of products and the joint business development, existing co-operations are being expanded and new partnerships are being developed. If you have any questions about Heike Ziegler success strategies and services, please email or call +49-172-913-999-5 or skype heike.ziegler60.