Whether you consider the writing of a business plan an accomplishment is up to you, but to many, it is seen as a positive step forward. I remember my own personal experience. It was about 2:00 a.m. as I closed my laptop after finishing my plan. My coffee had gone cold, and I remember thinking to myself, “Now what?”
This article intends to answer that question.
In case you didn’t guess, the question I just referred to is, “What should an entrepreneur do once a business plan is complete?” It is clear you do not seek the answers to a theorem of some sort; rather you seek answers that require meaningful step(s) to be taken to help you get from ideas that you have captured on paper, to a functioning business that will sell that to the marketplace.
From this point, I will lead you through this experience step by step and in a manner most U.S. entrepreneurs experience it.
Why a Business Plan Is Only the Beginning
Before we jump into next steps, let’s pause for one important question:
What do you think is the objective of the business plan you have just created?
To be clear, finishing a business plan is not the end of the journey. It is simply the start of a new one.
I made a mistake when writing my first business plan by thinking it would be a final document. In reality, a business plan should be treated as a hypothesis, and an entrepreneur’s best guess on market, customers, pricing, and growth.
Once it’s written, the real work begins: testing, adjusting, and executing.
Step 1: Reality Check and Idea Validation
This is where smart entrepreneurs slow just enough to avoid expensive mistakes.
Test Your Assumptions Early
One of the most underrated answers to what is one way If you are an entrepreneur to reduce risk?
Simple: Validate before scaling.
Instead of assuming people want your product:
- Conduct surveys
- Create a landing page
- Engage prospective customers directly
I recall spending a lot of time perfecting a product only to discover the users didn’t care about it. That was an expensive lesson to learn.
Create a Minimum Viable Product
An MVP is a product or service stripped of most features. It’s an educational tool more than anything else.
At this stage feedback is very important so treat it just like consulting.
Step 2: Conduct Competitor Research (Before You Launch)
The practice is known as competitive analysis and it is not illegal anywhere.
Why Competitor Research Matters
When it comes to spotting competitors, it helps to answer the following questions
- Do I have any competitors?
- Is there an opportunity to more effectively serve the target market?
- Is there a gap in services or products offered and my target market?
- Is there a gap in the assumptions made by my target market?
- Is there a gap in approaches used to reach my target market?
Before I launched my second business, I spent a week conducting competitive analysis. That analysis shaped my entire offer.
Consider the following:
- What are the strengths of your competitors?
- Where do customers express dissatisfaction?
- What is the most unique and valuable way you can differentiate?
This step directly strengthens your business growth plan, helping you move from strategy on paper to real market traction.
Step 3: Setting Up Legal and Financial Protections
This part is not as fun, but just as important.
Business Registration
Pick the right one (LLC, Corporation, etc.) depending on:
- Liability
- Taxes
- Future plans
Most entrepreneurs in the U.S. go with an LLC for flexibility and simplicity.
Licenses, Permits, and Compliance
Research federal, state, and local requirements carefully. And make sure you have the right ones to avoid being shut down before you start.
Set Up Finances Early
- Open a business bank account.
- Choose business accounting software (QuickBooks, Wave).
- Don’t mix personal and business finances.
Trust me, future-you will be grateful.
Step 4: Getting Money with a Well Thought Out Periodic Plan
Once the plan is complete, funding becomes a real and tangible question as opposed to a mere hypothetical question.
Typical Funding Sources
- Bootstrapping
- SBA loans
- Angel investors
- Venture capital
- Grants
An entrepreneur is likely to focus on funding alternatives that suit his/her scope of control and desire for expansion. Not every business requires outside investors. Some businesses simply need to maintain a good cash flow.
Step 5: Develop a Brand Beyond a Logo
Branding goes beyond picking certain colors and fonts. It’s a promise.
5 Fundamental Aspects of a Strong Brand
- Identity
This is your name, your logo, your website, and your visual style. This is your first impression.
- Purpose, Mission, and Values
This is why you exist. Customers connect with a mission beyond the features of a product or service.
- Messaging
The tone of your website, social media, and emails is important and should be consistent and human.
- Differentiation
What differentiates you from your competitors?
- Experience
This includes all interactions, both online and offline, with your support and delivery.
Your brand should be a quiet one, a brand people resonate with.
Step 6: Build the Right Team (Not the Biggest One)
Early-stage entrepreneurs do not need armies; they need alignment.
Hire for Complementary Skills
Seek individuals who:
- Address your weak spots,
- Align with your mission and values,
- Are flexible and adaptable as the business scales.
My first hire didn’t have much experience, but they were invested in the mission and that meant a lot.
Step 7: Establish Core Operations
Let’s get things going!
Systems you can set up early:
- Customer Support Workflows
- Sales Processes
- Inventory Systems or Service Delivery
Even simple systems are better than the alternative, systems create consistency, consistency builds trust.
Step 8: Launch, Learn, and Listen
Product and service launches are best when they are simple. What they really need is feedback.
Track Key Metrics
Monitor:
- Sales
- Customer acquisition
- Engagement
- Retention
These are the numbers that tell you if your plan is working or if it needs to be revised.
Keep the Feedback Loop Open
Improvements and changes that need to be made should come from customer feedback, not from your ego or your own assumptions.
Step 9: Review, Iterate, and Scale
Your business plan is going to need to be redone. This is what happens with a growing business, as each phase brings new challenges that align with different business life cycle stages.
Update Your Plan Regularly
If things are changing rapidly, or if it has been a while, make time to review the strategy and make adjustments. This will make sure your plan for the growth of the business is still achievable and not outdated.
Network Relentlessly
These relationships will help you get insight and will help you get things done.
Some of my best insights came from casual conversations, not boardrooms.
Final Checklist: What Must an Entrepreneur Do After Creating a Business Plan?
✔ Validate the idea
✔ Research competitors
✔ Register the business
✔ Secure funding
✔ Build a brand strategy
✔ Assemble a capable team
✔ Set up operations
✔ Launch and measure
✔ Adapt and grow
Closing Thoughts
If you’ve been wondering what needs to be done after creating a business plan, here’s the simple truth:
While the plan is good, it’s time to stop hiding from the world and learn.
Execution will teach you, even the admired entrepreneurs had to figure it out one step at a time.
Additional Resources
- U.S. Small Business Administration (SBA) – Startup guides, funding, compliance
- Score.org – Free mentoring for entrepreneurs
- HubSpot Academy – Free marketing and branding courses
