You have invested a lot of time in identifying your target market, assessing your competitors, and estimating costs as well as preparing what might look like the most appropriate business plan. Good job–as developing a business plan is a significant move. However, what is interesting is that the above plan is only the beginning. What activities are required to be done once you have developed business plan? The short answer is three words: execute, adapt, and lead. The long answer? This insightful article provides you with the key practical steps that convert ideas into successful ventures.
Table of Contents
1. Validate the Idea with Real Feedback
While the objective of or a business plan may seem clear on paper, the market never ceases to be the decider. Once your business plan is complete:
- Talk to potential customers. Collect genuine feedback from your target audience. See if your solution really solves their problem.
- Run a pilot test. This could be a small launch of your product or service to test functionality, demand, and interest.
- Use surveys or landing pages. Measure interest and intent before scaling.
This step ensures you’re not investing heavily into a product or service nobody wants.
2. Register Your Business and Handle Legalities
Now that your plan is ready and your idea validated, it’s time to make things official:
- Choose a business structure (sole proprietorship, LLC, partnership, etc.).
- Register the business name with your local or national authority.
- Apply for necessary licenses or permits based on your industry and location.
- Get a Tax ID (like EIN in the U.S.) for financial operations.
- Open a business bank account to separate personal and company finances.
Skipping legal groundwork can lead to major problems later. Handle it early and professionally.
3. Secure Funding (If Needed)
Some businesses are bootstrapped. Others need capital upfront. If your business plan includes financial projections and funding needs, now’s the time to act:
- Pitch to investors. Use your business plan to explain the opportunity, ROI, and growth trajectory.
- Apply for loans or grants. Small business loans, government grants, and startup accelerators are good options.
- Crowdfunding. Platforms like Kickstarter, Indiegogo, or equity crowdfunding sites can help validate and fund simultaneously.
The key is to align your funding efforts with your business’s short- and long-term needs.
4. Build a Minimum Viable Product (MVP)
Rather than building your entire product right away, focus on creating a minimal version that delivers core value. This MVP allows you to:
- Launch faster
- Test functionality and usability
- Gather user feedback
- Adapt quickly
For example, if you’re starting a software business, develop just the most essential features first. If it’s a café, start with a pop-up booth before launching a full-fledged store.
5. Assemble Your Team
Most entrepreneurs don’t go far alone. A strong team is a startup’s greatest asset. Depending on your business model, you might need:
- Co-founders with complementary skills
- Technical developers or engineers
- Marketing and sales professionals
- Operations and administrative support
Recruit wisely. Hire people who believe in the vision and bring strengths you don’t possess.
6. Set Up the Business Infrastructure
You can’t run a business without structure. Think systems, tools, and workflows:
- Accounting & bookkeeping software (like QuickBooks, Zoho Books, or FreshBooks)
- Customer Relationship Management (CRM) tools to track leads and sales
- Email & project management tools like Slack, Trello, or Asana
- Inventory systems, if you’re selling physical products
- A professional website, complete with social media profiles
Having the right tools in place streamlines your daily operations.
7. Develop a Marketing Strategy
No matter how good your product is, if no one knows about it, your business won’t grow. After creating a business plan, entrepreneurs must focus on marketing:
- Identify your target audience and where they hang out (online and offline)
- Create a brand identity—logo, tagline, tone of voice
- Build an online presence with a website and social media profiles
- Plan your launch strategy (ads, content, PR, events)
- Use SEO, PPC, email marketing, and other digital marketing channels
Marketing isn’t a one-time thing. It’s an ongoing process of testing, measuring, and optimizing.
8. Launch Your Business
Launch day is exciting, but it’s also a crucial testing point. Here’s how to make it successful:
- Set a launch date and prepare your channels and communications
- Leverage your network—friends, family, social media followers
- Run a special campaign or offer to attract early adopters
- Be ready for feedback, both good and bad
Track how people are responding and what needs improvement.
9. Monitor Progress and Pivot if Needed
Even the best business plans may not survive first contact with the real market. Be ready to:
- Analyze performance metrics like sales, web traffic, or user engagement
- Review your financials monthly to manage burn rate and cash flow
- Listen to your customers—their feedback is gold
- Pivot when needed. Sometimes a slight change in direction leads to a big breakthrough
Adaptability is a superpower in the entrepreneurial world.
10. Focus on Building Relationships
Businesses thrive on relationships—customers, partners, suppliers, and even competitors. After launching:
- Build customer loyalty through excellent service and engagement
- Network with other entrepreneurs to learn and collaborate
- Look for mentors or advisors who can offer guidance
Relationship-building helps in marketing, sales, funding, and future growth.
11. Work on Brand Reputation and Customer Experience
A strong brand and satisfied customers are long-term assets. Start building them early:
- Respond to every review and message
- Offer more than what you promise
- Create referral programs to encourage word-of-mouth
- Share your story and mission consistently
Your reputation becomes your marketing. Build it carefully
12. Keep Innovating
Once your business is running, don’t get too comfortable. Markets evolve, customer expectations change, and new competitors emerge.
- Stay updated on industry trends
- Keep improving your product or service
- Try new marketing ideas
- Listen to your team and customers for inspiration
Innovation keeps your business relevant and competitive.
13. Establish Systems for Scaling
As your business grows, you need to scale operations. This means:
- Hiring more people and creating processes
- Automating repetitive tasks
- Outsourcing non-core functions
- Expanding into new markets
But don’t rush. Scale only when your foundation is strong.
14. Review and Update Your Business Plan
Your original business plan was a starting point. Now that you’re operational:
- Review your goals, assumptions, and projections
- Update your strategies based on actual data
- Use the revised plan to guide the next phase
Think of your business plan as a living document—not a fixed rulebook.
Conclusion
So, what must an entrepreneur do after creating a business plan? The answer lies in execution. A business plan is just the map—the real journey begins when you start walking the path. From validating your idea and handling legal steps, to building a team, launching your product, and adapting based on real feedback—these next steps define whether your business survives or thrives.
Being an entrepreneur is about action, resilience, and constant learning. Use your business plan as a launchpad—but remember, the true adventure begins once you start bringing it to life.