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Before your action plan: 30 points to validate your new venture or project start-up A friend of mine, looking for some financial independence, asked me for some help to identify what kind of business she should get started. After a long discussion and to clarify things to get done, I put a checklist on paper so that she would have a clear mind and a few tools to limit her start-up risk. I thought you could take advantage of this checklist that I have slightly adjusted to be used in more projects. It fits perfectly with an existing business looking for expansion, too. By thinking out-of-the-box, you could also apply it to larger businesses or projects. Moreover, strategic planning is as valid for individuals as it is for small business owners, project managers and corporate managers. |
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→ Now, may I suggest you take pen and paper? Structure your answers. Follow the roadmap. Do this on Excel. One sheet per activity. This is NOT a typical, conventional business plan template, but truth is, that if you cannot document all 30 points, you won't get ready to fire off and succeed with an action plan. Here are the 30 points: |
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You see the picture of the Excel sheet? The cost of failure is too high to only scratch the surface. We all have to do our homework in tough situations. If you have to “sell” this to yourself or internally and need a hand, drop me a line here. |
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___________________________________ Another article on Strategies: Your goals for this year: have a greatly fulfilling 2010! Business cases: "What for" and "How to"?
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1. |
Why should you start a new activity / business / venture / project? |
2. |
How much money do you need approximately? |
3. |
If you get this money right now, is there a risk that you lose it by starting a new activity? |
4. |
What are your strong points? (zero blah blah) 1 to 10 |
5. |
Which ones are critical to succeed in a new activity? |
6. |
What are your weak points? 1 to 10 |
7. |
Which ones could make you fail in a new activity? |
8. |
List at least 10 potential activities available to you and describe them. |
9. |
Put next to each potential activity your strong points and weak points and weigh their relative importance. |
10. |
What geographical area are you looking at, and why? (for each activity, for all points below, too.) |
11. |
How long has competition been there, and what are the results? |
12. |
Is your selling proposition unique and why should you succeed? (again zero blah blah) |
13. |
What is the market history for the last 3 years and what are the trends? (get the figures, again and again) |
14. |
List full capital expenditure details, including time schedule, if any. In other words, how much money is needed, precisely, and by when? |
15. |
Do you need a simple home office, a garage, a shop floor, a shop in a mall, anything, to get started? |
16. |
Describe how and which parts of the business can be automated. |
17. |
If you think you need hiring an assistant from day 1, drop your project right away. |
18. |
Look carefully at freely available manpower, and think of creative rewards, so that it's a win-win exchange. |
19. |
What would be the payback time (max. 6 months), based on net margin (sales-direct costs-indirect costs)? |
20. |
How could you start with zero capital? (Think before saying: "That's impossible!") |
21. |
Provided your new activity really requires funding, how would you source capital? |
22. |
Specify, explain, analyze the risk factor (Low Medium High), and don't dream. |
23. |
How could you test-market each potential activity at zero cost? If you say for your 10 potential activities: "No way!" drop everything. |
24. |
Which potential activities should you erase from your list and why (weak points, market trends, competition, too high capital expenditures, high risk, no market test)? |
25. |
Which activity could be financed by a sort of "micro-credit" or cash available at the bank (max. $/€ 1 000, 5 000, 10 000)? |
26. |
Put down, document, demonstrate start-up sales day 1/2/3/4 - Total week 1/2/3/4 - Total month 1/2/3/4 - etc. |
27. |
List your top 20/50/100 hot prospects, ready to buy from you on day 1. Names + phone numbers. No hot prospects, no business start-up. |
28. |
For every $/€ sales, dedicate the same amount to expenses, starting with direct cost. |
29. |
Thoroughly prepare a full forecast cash-inflow, cash-outflow for 6 months. |
30. |
If your scenario shows up a net loss after 2, 3 or 6 months or requires more cash, reconsider your strategy. |
Action-Ready Tools / Strategies / Before your action plan: 30 points to validate your new venture or project start-up
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