Must You First Create a Business or a Business Plan?

If you are selling items on eBay from home or something on a grander scale, creating a business plan is necessary. But, is it the first thing you should do when creating and setting up your new business? This question will be implemented as you read along.

So many of us who are self-employed and freelancers seldom create a business plan.

From the beginning of creating a business we are told to immediately create our road map. We list our goals and spell out our objectives. All of that is fine and good. It must be done.

BUT… to answer the question above, I suggest that no business plan will be worth anything until you’ve done your homework, period.

There are several reasons why a business plan should not be the first thing you take on when creating your business.

First, you must think about what service you want to provide. What product(s) if any and what steps must you begin taking. If you decide to sell products, conduct a product research and find out if your products or services are in high enough demand to generate a profitable income.

How do you conduct a product research? There are countless of ways, but here are just a few of the common ones:

eBay:

On the main page, scroll down to see their daily best sellers.

eBay Pulse lists popular searches and the most watched items.

Seller Central lists the top hot and high demand items by category.

Google:

Do a search for the type of product or service you plan to offer. Click on the top 5 sites listed and check out their comments section. If there are a lot of posts, your product or service sparks a lot of interest and proves to be a popular one.
Amazon:

Choose the category of your interest on the left of the site to see best-selling items and what customers are currently observing. This will give you a good idea of what people are buying on the internet.

PayPal:

Type in the word “Shops” in the search box. When you click on a category, a list of shops will appear. The top-selling stores are listed first. Reputation or ranking numbers are listed beside each store listing. Most stores show their top viewed and or top rated items.

There are other ways to do research before diving into your business plan… Seek out and talk to other people who provide services similar to yours. Talk to at least 5 or 6 people to get a range of views and objectives. Since they are already in business, you will get great tips and pointers that can save you lots of time.

Locate them through reputable trade associations or word-of-mouth. Keep in mind that some locals may see you as competition and be reluctant to share ideas. That’s okay because you can still reach out to similar people in other locals and you always have other options available.

Once you see what your best product or service is, it’s time to put it all together and begin testing. You must test market just like the big organizations do.

Packaging your services, pricing and types of marketing should be tested. You will notice that certain approaches work better than others. Start slowly by putting one toe in the water. This is called trial and error. Observe and continue to test until you get your desired results. Once everything works to your liking, you can begin to plunge into creating your business plan.

Note: If you are reading this and already have a body of knowledge, good for you! You have done your ground work and some of these steps you may not have to implement. Go right ahead and tap into creating your business plan.

As you can see, before the business plan comes into play, a lot of research and planning needs to be done. But once you put all the pieces together, little by little you will begin to see your hard work pay off. Keep in mind when building any business, costs will occur. Start off early writing down and calculating all necessary expenses.

Remember, you are creating not just a business, but a lifestyle that will reward you a thousand times plus over and over again. To learn more about creating a business plan, read my article.

Grand Business Plan.

To the top,

Glenda Coker

Network Marketing Professional

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