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A Framework for Early Stages Business Planning

Business ideas, when coupled with a strategic plan of attack, have an increased chance to become profitable. Here are five key points to be considered and incorporated strategically in the early stages of business planning.

1. Due Diligence.

Research, research, research. Try and compile as much information as possible. Is there a need for this product or service? Do I have a defined demographic that I am trying to serve? Is there something else offered currently out there? Do I have any direct competitors? These questions among many others should be asked and answered.

Proverbs 14:15 reads: “A wise man looks well into a matter.”

2. Solve Masterfully a Specific Problem.

Trying to be good at a lot of things can be hurtful to your business. Being very good at one certain thing can be beneficial. Find a way to disrupt the current market or look for a void that you can exploit. What is one problem in the marketplace that only you can solve best among your competitors?

Proverbs 22:29 reads: “Do you see someone skilled in their work? They will serve before kings; they will not serve before officials of low rank.”

3. Test Your Market.

You never know if your offering will have a great impact on your target market unless you test it out. Before going all in, it is necessary to know if your product or service will sell. Try a small population sample first. Test the waters first.

I Thessalonians 5:21 (Amplified): “But test and prove all things [until you can recognize] what is good; [to that] hold fast.”

4. Put Together the Right Team.

This is simple to understand. You can rarely do it all alone. There are people out there who can help design or program your product, and they can do it faster and better than you. Enlist them on your team. Working together is vital for all the members. This is called synergy: the sum if the whole is greater than the sun if the parts.

Ecclesiastes 4:9 reads: “Two are better than one; because they have a good reward for their labour.”

5. Find a Great Mentor.

Depending on the business you are hoping to start, a person with experience in a similar field could be an excellent resource. Go to networking events and meet people with similar passions. Surround yourself with several people wiser and more experienced. Find somebody or several people who are willing and able to teach and coach you. Glean from their wisdom.

Proverbs 24:6 reads: “Surely you need guidance to wage war, and victory is won through many advisers.”  Proverbs 15:22 reads: “Plans fail for lack of counsel, but with many advisers they succeed.”