A client of mine told me a very interesting story. Apparently, one of her family members had purchased a whole bunch of butterfly wings and was storing them in their attic.
Butterfly wings? Really?
(No, I do not make these things up.)
She told me that she has spent hours trying to convince them that they needed to figure out how they were going to sell the wings because they were starting to fill up the attic! Her frustration was clearly evident as she vented about it to me. I gave her some suggestions and we moved onto another topic.
Listen, if you are planning on starting a business, you really need a plan of action befo1re you leap into something. Just like you need to know where you are going before you get into the car so you don’t get lost. Once you know where you are going, then you can move forward.
It doesn’t have to be fancy and complicated. A simple plan of action will do just fine as it will help you figure out:
- Who your target market is
- How you are going to get their attention (so that they’ll buy the product).
- How are you going to do this? In a store? Online?
- Do you have any competition?
- What price will you sell them for?
- How much profit will you make on each sale?
You need to know these things before you start spending all kinds of money. It’s like going out and renting a store without first knowing what you are going to sell in it.
Your action plan should clearly define the who, what, where, how and why’s. This way you have a direction to go in. Then, once you’ve figured out the basic questions, you can put your new plan of action into a simple business plan.
So please look before you leap into something and spend a bunch of money. You really need to think it through first.