Here’s Why You Should STOP Worrying About Your Business Plan
Updated: Dec 17, 2019
So you’re worrying about your business plan, huh?
Think it could potentially make or break your gym business?
Are you ready for a secret?
Having a great business plan has zero effect on your business. What matters is putting that plan into action. Doing something about it. You could have the best business plan in the world, but if you don’t follow it, might as well not have one at all.
You gotta do stuff if you want stuff to happen.
If you don’t have a business plan, are you doomed to failure? Nah. In his book, How to Write a Great Business Plan, William Sahlman says “in my experience with hundreds of entrepreneurial start-ups, business plans rank no higher than 2 – on a scale from 1 to 10 – as a predictor of a new venture’s success.”
But, if you do have a great business plan that you actually follow, it can really help you. Sahlman says that he thinks of a great business plan “as a snapshot of an event in the future.” It’s a picture of what you want your business to be like in the future…and how you’re going to get there.
Here’s the four essential things you need to cover in your business plan, according to Sahlman:
The People – What do they know? Who do they know? And how well are they known? Look for people with execution skills. People that will get it done.
The Opportunity – Is the market large and growing? How long does it take to get customers? Who are the competitors? Can you expand in the future?
The Context – What is the economy like? How will the current situation change? And what will you do about it?
Risk and Reward – What are the potential payoffs? What happens if the competition responds badly? What will you do if things go downhill?
Sahlman talks more about these 4 keys in the book, which you can get right here (super short, easy read that’ll teach you everything you need to know about business plans).
If your business plan addresses these 4 keys, you’ll have a solid map to get to your desired destination – a successful gym business.
If you don’t have these in your business plan – don’t worry. Just add them.
Most importantly, do something about it. It’s a business PLAN after all. Get to it.
P.S. To really put your business plan into action and take it to the next level, email me today at firstname.lastname@example.org. I can help you double, triple, and even 10X your business with effective, results-driven marketing and copywriting. Email me today to get started.