What must an entrepreneur do after creating a business plan?
As an Entrepreneur creating a business plan feels like a monumental achievement—and it definitely is. It’s the first step in transforming your vision into a tangible strategy. But as any seasoned entrepreneur will tell you, a business plan is just the beginning of the journey. The real work starts once the plan is put into action. The hoops that you’ll jump through after this level define whether your business thrives or fizzles out.
Having worked with hundreds of startups in the last 15 years, I’ve seen firsthand that too many entrepreneurs get stuck in “planning mode” and keep refining and tweaking their plans instead of taking the next big leap of actions - implementing what you’ve decided and see the magic in happening.
1. Reality Check: Testing assumptions before taking the leap
Creating a business plan is like mapping out a road trip—it’s exciting and full of promise. But even the best maps don’t predict every detour, roadblock, or flat tire. That’s where the reality check comes in.
According to the latest reports, 90% of new startups fail. Additionally, many entrepreneurs become overly attached to their business plans without critically evaluating the underlying assumptions, leading to potential pitfalls.
That’s why, launching without validating your assumptions can lead to wasted resources or even business failure. So, first, run a reality check.
How to run a reality check on your business plan
A. Start Small: Run a Pilot Test: Instead of a full-scale launch, begin with a pilot project. If you’re opening a coffee shop, host a weekend pop-up in a busy area. If you’re creating an app, release a minimum viable product (MVP) to a small user base.
B. Use Pre-Launch Validation Tools: Crowdfunding platforms like Kickstarter or Indiegogo are not just for raising money—they’re a goldmine for market validation. A successful campaign proves demand before you commit to full production.
Even if you don’t crowdfund, social media platforms like Instagram and LinkedIn can be used to create surveys or pre-launch buzz.
C. Talk to Your Potential Customers: Nothing beats direct conversations with your target audience. So, identify them among your family or friends and ask them:
Would they pay for your product or service?
What features matter most to them?
What alternatives are they currently using?
If every aspect is under your domain or you can handle it, the next step is to…
2. Define your sales system, selected marketing channels, and possible funds
A great business plan is incomplete without a well-defined sales system and marketing strategy. So, now let’s see how you can build a roadmap to secure your first sales and manage your finances effectively.
Designing Your Sales Pipeline
A sales pipeline outlines the stages your prospects go through before becoming customers. Start simple:
1. Lead Generation: Attract potential buyers through inbound (content, SEO) or outbound (cold calling, email campaigns) methods.
2. Qualification: Understand if leads align with your ideal customer profile.
3. Proposal: Share tailored offers or demos.
4. Closing: Finalize deals with compelling offers or limited-time discounts.
For example, Atlassian (creators of Jira) relied on a direct-sales pipeline early on, focusing on self-service demos and trials, which lowered their cost of acquisition and attracted enterprise clients organically.
Choosing Marketing Channels That Fit
After setting up the sales system, it’s time to think about your customers: where they are, and what they love. Yes, I am talking about marketing channels that must align with your target audience and budget. Common choices include:
Social Media: Platforms like Instagram and LinkedIn are cost-effective but must align with your niche. For example, if your business is B2C and focuses on services or products in the beauty or travel industries, platforms like Instagram, Facebook, and TikTok are great options. But, if your business is B2B, LinkedIn and Twitter (now X) are the best choices.
Content Marketing: Blogs, videos, or podcasts help build long-term trust with your audience. This approach allows you to target individuals who are already customers of your competitors or have a keen interest in your niche, significantly increasing the chances of conversion.
Performance Ads: Use Google Ads or Meta Ads for targeted outreach but monitor ROI carefully.
For example, Warby Parker, a direct-to-consumer eyewear brand, launched with content-driven campaigns and grassroots events, avoiding hefty ad costs until they built traction.
3. Design and set up After-sales Service
According to a Bain & Company study, a 5% increase in customer retention can boost profits by 25% to 95%. Offering excellent after-sales service demonstrates your commitment beyond the transaction, ensuring customer satisfaction and long-term business success.
By designing a robust after-sales service strategy, you’re not just closing sales—you’re opening doors to lasting relationships.
What Should After-Sales Service Include?
A. Onboarding and Training: Help customers use your product effectively. Provide guides, tutorials, or personalized onboarding calls.
Example: When HubSpot sells its CRM software, it offers free onboarding sessions and an extensive knowledge base to ensure users can maximize its potential.
B. Warranty and Maintenance: Offer guarantees for repairs or replacements within a specified period. Clear terms build trust and reduce friction.
C. Customer Support Channels: Set up multiple channels—live chat, email, phone, or social media—for quick resolutions.
D. Feedback Mechanisms: Post-sale surveys or review requests not only show customers you care but also provide insights for product improvements.
E. Loyalty Programs and Upsell Opportunities: A CNN report states that by October 2022, Starbucks had 28.7 million active reward members, reflecting a 16% year-over-year growth in its loyalty program. So, try to use reward programs to repeat customers with discounts, points, and exclusive offers.
Conclusion: From planning to action, One step at a time
In summary, entrepreneurship isn’t just about reaching the destination—it’s about the growth and transformation that happens along the way. From aligning your purpose with execution to learning from setbacks, these steps are your foundation for long-term success. It’s a process of continuous refinement, learning, and building momentum.
So, take it one step at a time. Your business doesn’t need to be perfect from the get-go. It just needs to be aligned with your purpose, driven by data, and flexible enough to adapt.
Sources: https://www.agicent.com/blog/steps-after-business-plan/
