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. But what must an entrepreneur do after creating a business plan? A business plan is 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.

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.

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.

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.

4. Secure the right legal structures

20% of small businesses fail within the first year, 50% within five years, and approximately 65% within ten years (U.S. Small Business Administration), often due to inadequate legal structures and poor risk management. That’s why after designing after-sales service, the next crucial step is to secure the legal structure of your business.

The essential legal documents every entrepreneur needs

A. Business Structure Agreement: The first decision you’ll make is what legal structure to adopt. Whether it’s a sole proprietorship, partnership, limited liability company (LLC), or corporation, your business structure will dictate everything from taxation to personal liability. Make sure you choose the right structure that aligns with your goals and risk tolerance.

LLCs are often preferred by entrepreneurs for their flexibility and limited liability protection, but each structure has its own set of benefits depending on your industry and growth plans.

Source: https://www.agicent.com/blog/what-must-an-entrepreneur-do-after-creating-a-business-plan/