Creating An Agile Business Plan

The FI Planner

What's the secret to a successful start-up business? Take action! “Some people dream of success while other people get up every morning and make it happen.”

Success won't wait for you; you must take the plunge. Despite not knowing all the details, don't let that hold you back from trying.

In this episode, listen for

• Although your business may incur calculated and expected expenses from day 1, keep in mind unexpected expenses may arise, and you need a business “emergency fund” in place
• No matter the business type, be aware of your upfront costs, how money will be generated, and how quickly (or slowly) you can expect to see cash flow.
• It's important to not be too dedicated to following your business plan. Flexibility and agility in finances, decision making, and is essential for adapting and making changes as needed.

When you have a background in or some experience in the business you’re launching, the foundations of acquiring equipment, providing a service, or coordinating logistics come easier.

In any business launch, focus on starting small. At first, you'll have a general idea of how your company will function, but as you gain experience, you can fine-tune your strategy. Much of business is trial by fire. You learn an existential amount through experience - things almost no one can teach you.

As we say multiple times throughout the episode, learn by doing!

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