There’s a misconception that the first thing you should do after you decide to start a business is to write a business plan. In my last post, I talked about why that’s not always true.
Let’s get into one specific time when you should NOT write a business plan: when you aren’t really sure about your idea or whether it will really work.
A lot of people think that the business planning process is the first feasibility test they should do, when actually, it’s more important to learn to think like a business owner first. Just making the shift from “guy with an idea” to “mindful entrepreneur” means you can look at your business idea more objectively, do away with self-limiting beliefs, and understand whether it’s ultimately a viable idea.
And if it is, then you can sign up for the totally FREE business plan video training series I’ve just released today, and get ready to rock your business plan – and your new career.
Before you write the plan. Before you hire a consultant. Before you start spending money.
I’ve turned quite a few clients away because they just aren’t ready to start planning. They haven’t adopted an entrepreneurial mindset. They just want the plan, and believe that everything else will fall into place once it’s complete.
And that alone is a limiting belief – a message inside your head that keeps you from achieving the transition from cubicle to confident entrepreneur. What are your limiting beliefs? I bet they have to do with at least one of:
- Time
- Money
- Fear
There’s a strong possibility that you’re worried you won’t have time to start your business or that you can’t work 60 hours a week (hint: you don’t have to). It’s possible that you won’t have enough money to launch and also to pay yourself what you deserve, at least for the first while. Maybe you’re worried people will judge you or your family won’t understand. Or that you’ll fail because you don’t know what you’re doing yet. There are a lot of things to be afraid of at the start of any business, but it’s important to use those risks and fears as motivators – drivers of your success – rather than factors that limit your growth.
Those same time, money and fear factors will prevent you from ever finishing your business plan.
Whatever you’re telling yourself about the business planning process – that it takes too long, that it’s too expensive, that it’s unnecessary or too hard – those limiting beliefs will follow you throughout your entrepreneurial journey and they will subconsciously place a cap on your earning potential and your happiness as an entrepreneur.
So before you sit down to write your business plan, take a few moments and consider whether you’re holding on to any beliefs that might limit your potential to succeed. Write them down, and choose one action you can take within the next day to eliminate those limiting beliefs, one at a time.
Doing away with the clutter inside your head will clear your mind to start working on your business plan and build your excitement about creating this essential guide for your company’s launch and growth. Because that’s what a business plan really should be – an invaluable vessel for all the information you’ll need to reference as you dive into this thing called entrepreneurship.
As I mentioned at the beginning of this post, I’ve just released a free 5-part business planner’s video training series where I discuss the concept of the planner’s mindset and give you access to my Super Simple Business Plan Template where you can start to piece together all of the big concepts that go into creating a business plan for a bank loan. You can get instant access to it here.
Prepare your business plan with an open mind, and you’ll be much better positioned to finish it in a reasonable amount of time, and ensure it doesn’t hold you back from your financing or your launch.
Now: who’s ready to share their limiting beliefs? Share what’s holding YOU back in the comments below!