What Must an Entrepreneur Do After Creating a Business Plan

Starting a business is an exciting journey, but turning that dream into a reality requires more than just a great idea. The business plan you’ve created is the foundation upon which your company will be built. It’s your roadmap to success, detailing how you’ll get from point A to point B. But after you’ve finished writing your business plan, what comes next? The work has only just begun.

1. Validate Your Business Idea

One of the first things you should do after completing your business plan is to validate your business idea. Even if you have a clear vision and a well-thought-out plan, it’s crucial to ensure that there is a market for your product or service. Validation is about confirming that there is a real demand for what you’re offering and that customers will actually pay for it.

You can validate your business idea by revisiting your market research and gathering more information by reaching out directly to potential customers. This could be through surveys, focus groups, or informal interviews. Another way to validate your idea is by creating a Minimum Viable Product (MVP), which is a basic version of your product or service that allows you to test it with real customers. This feedback can help you make improvements before fully launching. You could also try test marketing by launching a small-scale marketing campaign to see how well your target audience responds to your business.

Validating your business idea is crucial to avoid wasting time and money on a product that no one wants. It ensures that you’re headed in the right direction, and if you learn that your business concept isn’t viable, you can pivot or make necessary adjustments before you move forward.

2. Secure Funding for Your Business

Once your idea is validated, the next major step is securing the funds necessary to start and grow your business. Your business plan is a key tool in this process. Investors and lenders will want to see a solid plan that outlines how you intend to use the funds and how you plan to achieve profitability.

To secure funding, you’ll need to prepare a compelling pitch when presenting your business plan to investors or lenders. Make sure you can clearly explain why your business will succeed. Highlight your unique selling proposition, market research, financial projections, and growth strategies. There are different funding options available depending on your needs. For example, you could approach traditional bank loans from credit unions or financial institutions. Alternatively, you might consider angel investors or venture capitalists—individuals or firms that invest in startups in exchange for equity. Crowdfunding is another option, where you can raise small amounts of money from a large number of people through platforms like Kickstarter or GoFundMe. Some businesses qualify for government grants or business plan competitions, which offer funding without requiring equity or repayment.

Funding can be one of the most challenging parts of starting a business, but having a well-prepared business plan that clearly outlines your financial needs and potential for growth will help you make a strong case to investors.

3. Register Your Business and Handle Legalities

Before you can officially open your doors for business, you need to take care of legal and administrative tasks. This includes registering your business, obtaining necessary permits, and protecting your intellectual property.

The first step is to choose your business structure, such as a sole proprietorship, partnership, LLC, or corporation. Each structure has different implications for taxes, liability, and operations, so it’s important to select the one that best suits your goals. You will also need to register your business name and ensure that it’s available before submitting the necessary paperwork to the appropriate government agency. Depending on your business type and location, you may need various licenses or permits to operate legally. It’s important to research and apply for these before launching your business.

In addition to registering your business, you should also take steps to protect your intellectual property. This could include registering trademarks, patents, or copyrights, which can help safeguard your brand and products. Finally, setting up a business bank account is crucial to separating your personal and business finances. This makes it easier to manage taxes, track expenses, and handle financial reporting.

These legal and administrative tasks can feel overwhelming, but they’re necessary to ensure your business operates within the law and is protected from potential liabilities.

4. Build Your Brand Identity

Your business plan has outlined the vision and strategy for your company, but now it’s time to start creating your brand. Building a strong brand identity will help set you apart from competitors and create a lasting impression with your customers.

Start by creating a logo and visual identity. You can work with a graphic designer or use online tools to develop a professional logo that aligns with your brand values. Choose colors, fonts, and imagery that reflect your business’s mission and appeal to your target audience. Along with your logo, developing a brand voice is equally important. The way you communicate with your customers—whether through your website, social media, or customer service—should reflect your brand personality. Decide whether your tone will be formal, casual, fun, or professional, and ensure that it’s consistent across all channels.

Building a website is essential for any modern business. A website serves as the face of your company online and allows potential customers to learn about your products or services, read reviews, and make purchases. Creating a strong online presence with social media is another key aspect of building your brand. Platforms like Instagram, Facebook, and LinkedIn are great tools for increasing brand awareness and engaging with your audience. By sharing valuable content and interacting with your followers, you can foster a sense of community around your brand.

A strong brand identity helps you build credibility and trust with customers, making them more likely to choose your business over competitors.

5. Set Up Your Operations and Processes

A business plan outlines your goals and strategies, but turning those into actionable steps requires creating efficient systems and processes. Whether you're offering a product or service, you need to establish smooth operations that allow you to deliver value to your customers consistently.

Start by setting up your location, whether it's a physical store, office space, or online shop. The space you choose should align with your business needs and budget. Then, procure the necessary equipment and supplies. This could include computers, machinery, office furniture, or raw materials, depending on your business model. If you plan to hire employees, develop job descriptions, post ads, and conduct interviews to ensure you hire the right team. Once hired, invest in training to ensure everyone understands your business goals and how to perform their tasks.

Creating Standard Operating Procedures (SOPs) is another key aspect of setting up your operations. SOPs are clear, step-by-step instructions for completing tasks consistently and efficiently. These could cover everything from customer service protocols to how inventory should be managed, or how orders are processed. Clear SOPs ensure that your business runs smoothly, even as you scale.

Setting up your operations correctly from the start will help your business run more efficiently and reduce mistakes or delays in delivering your product or service.

6. Launch Your Business

Once all the preparatory work is done, it’s time to launch your business. A well-planned launch can create buzz and attract initial customers, setting the stage for long-term success.

One way to ensure a successful launch is by planning a launch event or promotion. Whether it's an online event, in-store celebration, or a special discount offer, creating excitement around your launch can help generate interest and attention. Use social media and email marketing to announce your business launch and encourage people to check out your products or services. Sharing behind-the-scenes content, customer testimonials, or sneak peeks of your product can build anticipation.

Reaching out to influencers, bloggers, or local businesses to help spread the word about your launch is another effective strategy. Influencers or bloggers with a strong following in your niche can provide exposure to your business and help build trust with potential customers.

The launch is an opportunity to make a great first impression, so plan carefully and make sure you have everything in place before opening your doors (virtual or physical).

7. Monitor, Evaluate, and Adjust Your Business Plan

Launching a business doesn’t mean you can stop referring to your business plan. In fact, your business plan is a living document that should be regularly updated to reflect changes in the market, customer feedback, and your business's growth.

You should review and update your business plan at least once a year to account for any changes in the market or your business direction. In addition to annual reviews, if major changes occur—such as launching a new product, entering a new market, or pivoting your strategy—be sure to update your business plan to reflect these changes.

There are several tools available to help you implement and track the progress of your business plan. Project management software like Trello, Asana, or Monday.com can help you organize tasks, track deadlines, and ensure your team stays on track. Financial software like QuickBooks or Xero makes it easier to manage expenses, track income, and create financial reports, while marketing platforms like HubSpot, Mailchimp, or Google Ads can help you manage campaigns and automate customer outreach.

Monitoring and adjusting your business plan ensures that you stay focused on your goals and adapt to new challenges as they arise.

FAQs

What Must an Entrepreneur Do After Creating a Business Plan?

After creating a business plan, an entrepreneur should validate their business idea, secure funding, register the business, build their brand, set up operations, and launch the business. Ongoing monitoring and updating of the business plan are also necessary to keep the business on track.

Why is a business plan important after launch?

A business plan is important after launch because it acts as a roadmap that provides clarity on goals, strategies, and financial expectations. It helps entrepreneurs stay focused and make informed decisions as their business grows and faces challenges.

How do I secure funding with a business plan?

To secure funding, present your business plan to investors or lenders, focusing on market research, revenue projections, and growth strategies. A clear, well-researched plan will demonstrate your business’s potential and increase your chances of securing funding.

When should I update my business plan?

You should update your business plan at least once a year or when significant changes occur, such as launching a new product, entering a new market, or changing your business strategy. Regular updates will ensure your plan remains relevant and aligned with your current goals and circumstances.

What tools can help implement a business plan?

There are many tools that can help you execute and track the progress of your business plan, such as project management software, financial software, and marketing platforms.

How long does it take to execute a business plan?

The time it takes to execute a business plan depends on the size and complexity of the business. For a small startup, the execution could take anywhere from a few weeks to a few months as you secure funding, set up operations, and launch your product or service. Larger businesses, or businesses that require more intricate planning, may need several months to a year to fully execute their plan.

What should I prioritize after creating a business plan?

After creating your business plan, your top priorities should be validating your business idea, securing funding, building a strong brand, and establishing operations to ensure the success of your business.

Creating a Business Plan

Creating a business plan is a critical first step in starting a business, but it’s just the beginning. After crafting your business plan, it’s time to move into action. The next steps—validating your idea, securing funding, registering your business, building your brand, setting up operations, and launching—are all part of the process of turning your vision into a successful business.

Remember that your business plan is not a static document. It should evolve and adapt as your business grows. Regularly review and update your plan to stay on track and make informed decisions as new challenges and opportunities arise.

Starting and running a business is a dynamic and sometimes unpredictable journey, but with the right planning and execution, you can create a strong foundation for long-term success. Keep your focus, adapt when needed, and always prioritize what matters most: delivering value to your customers and staying true to your entrepreneurial goals.

By following these steps and using your business plan as a guide, you’ll be well on your way to turning your business dreams into reality. Good luck, and remember, the hard work doesn’t end with the plan—it’s just the beginning!

The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Any opinions are those of Wilmarth Private Wealth Management and not necessarily those of Raymond James.