After the Business Plan: 7 Next Steps for Success

1. Validate Your Business Plan With Real Feedback

Your business plan is essentially a hypothesis about your business. Before diving headfirst into execution, it's critical to test whether those hypotheses hold water.

Seek Expert Feedback

The first step is to share your business plan with people who can provide valuable insights:

• Industry experts: Professionals who understand your market can identify blindspots
• Potential customers: Validate your value proposition with actual buyers
• Mentors and advisors: Experienced entrepreneurs can identify potential pitfalls
• Financial advisors: Get a second opinion on your financial projections

When I shared my first business plan with a former professor who had launched three successful startups, his feedback completely changed my approach to customer acquisition. He pointed out that my marketing budget was woefully inadequate for the competitive landscape I was entering—feedback that likely saved me from an early business failure.

Conduct a SWOT Analysis Review

Now that you have external feedback, revisit your SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats):

• Are there new weaknesses identified by your advisors?
• Did customer feedback reveal unexpected opportunities?
• Have industry experts pointed out threats you hadn't considered?

Use this feedback to refine your plan. Remember, a business plan is a living document that should evolve as you gather more information.

2. Secure the Necessary Funding

With a validated business plan in hand, you're now positioned to seek funding. According to a CB Insights study, 38% of startups fail because they run out of cash or fail to raise new capital. Your approach to funding should align with your business model and goals.

Determine Your Funding Strategy

Review the financing section of your business plan and decide which funding options are most appropriate:

• Bootstrapping: Using personal savings and revenue to grow
• Friends and family: Seeking investments from your personal network
• Angel investors: Individual investors who provide capital for startups
• Venture capital: Institutional funding for high-growth businesses
• Small business loans: Traditional financing through banks or the SBA
• Crowdfunding: Raising small amounts from many people, typically online
• Grants: Non-dilutive funding from government or private organizations

Prepare Your Pitch

Different funding sources require different approaches. Prepare the following based on your funding strategy:

• Pitch deck: A concise presentation highlighting key aspects of your business
• Loan application documents: Financial statements, credit history, and collateral information
• Grant proposals: Detailed applications addressing specific requirements of grant programs

Quote: "The business plan is your internal roadmap, but your pitch is how you sell that vision to others," explains Daymond John, entrepreneur and Shark Tank investor. "They're different documents with different purposes."

3. Handle Legal and Administrative Requirements

Before launching your business, you need to address legal and administrative requirements to protect yourself and operate legally.

Register Your Business

Choose and register your business structure:

• Sole proprietorship: Simplest form, but offers no personal liability protection
• Partnership: Shared ownership between two or more people
• Limited Liability Company (LLC): Combines liability protection with tax flexibility
• Corporation: Separate legal entity offering the strongest liability protection

According to the National Small Business Association, 44% of small business owners spend at least 40 hours per year dealing with federal regulations alone. Getting your legal structure right from the beginning can save significant time and resources later.

Obtain Necessary Licenses and Permits

Depending on your industry and location, you may need various licenses and permits:

• Business license
• Professional licenses
• Health department permits
• Zoning permits
• Sales tax permits
• Employer Identification Number (EIN)

I once consulted for a restaurant owner who opened his doors without proper health department permits. Three weeks after his grand opening, he was shut down and faced hefty fines—an expensive lesson that proper planning could have prevented.

Protect Your Intellectual Property

If applicable, take steps to protect your intellectual property:

• Trademarks: For your business name, logo, and slogans
• Patents: For inventions and innovative products
• Copyrights: For original creative works
• Trade secrets: For confidential business information

4. Build Your Team

Your business plan likely included a management structure. Now it's time to bring that team to life.

Determine Initial Hiring Needs

Based on your business plan, identify:

• Which roles are essential for launch
• Which functions can be outsourced
• Which roles can be filled later as the business grows

"The secret to successful hiring is this: look for people who want to change the world," advises Marc Benioff, founder of Salesforce. This mentality is particularly important for startups, where passion and adaptability often outweigh experience.

Create Job Descriptions and Hiring Processes

For each position you need to fill:

• Write detailed job descriptions
• Develop a structured interview process
• Create onboarding materials
• Establish compensation and benefits packages

Consider Alternative Team Structures

If full-time employees aren't feasible initially, consider:

• Contractors and freelancers: For specialized, part-time needs
• Strategic partnerships: To access skills or resources without hiring
• Advisory board: Industry experts who can provide guidance without being employees

5. Develop Your Product or Service

With your business foundation in place, focus on developing your product or service for market.

Create a Minimum Viable Product (MVP)

Instead of building the complete vision immediately, start with an MVP that:

• Includes only core features
• Satisfies early adopters
• Allows for customer feedback
• Minimizes development time and costs

According to a study by Startup Genome, startups that pivot at least once raise 2.5 times more money and have 3.6 times better user growth than those that don't. Beginning with an MVP allows you to adapt based on real market feedback.

Establish Quality Control Processes

Create processes to ensure consistent quality:

• Define quality standards
• Develop testing protocols
• Create customer feedback mechanisms
• Implement continuous improvement systems

Set Up Your Supply Chain

If your business involves physical products:

• Identify reliable suppliers
• Negotiate terms and prices
• Develop inventory management systems
• Create fulfillment and shipping processes

6. Launch Your Marketing Strategy

Your business plan should include a marketing strategy. Now it's time to implement it.

Build Your Brand Identity

Develop the visual and messaging elements of your brand:

• Logo and visual identity
• Brand voice and messaging
• Website and social media presence
• Marketing materials

Implement Your Marketing Plan

Based on your business plan, start executing your marketing strategy:

• Set up digital marketing channels (social media, email, content marketing)
• Prepare for traditional marketing if applicable (print, radio, TV)
• Develop promotional campaigns for your launch
• Create a content calendar for ongoing marketing efforts

"Marketing is no longer about the stuff that you make, but about the stories you tell," says Seth Godin, marketing expert. Your marketing should communicate not just what you do, but why it matters.

Establish Metrics for Success

Determine how you'll measure marketing effectiveness:

• Website traffic and conversion rates
• Social media engagement and follower growth
• Lead generation metrics
• Customer acquisition cost
• Return on marketing investment

I've worked with startups that spent thousands on flashy marketing campaigns without proper tracking systems. Without clear metrics, they couldn't tell which efforts were working—essentially throwing money into a black hole.

7. Create Systems for Financial Management

Your business plan includes financial projections. Now you need systems to track actual performance against those projections.

Set Up Accounting Systems

Establish fundamental financial infrastructure:

• Accounting software
• Business bank accounts
• Merchant accounts for accepting payments
• Expense tracking systems
• Payroll processes (if applicable)

Develop Financial Monitoring Processes

Create processes for regular financial review:

• Monthly financial statement review
• Cash flow monitoring
• Budget-to-actual comparison
• Key performance indicator (KPI) tracking

According to a U.S. Bank study, 82% of business failures are due to poor cash flow management. Regular financial monitoring is crucial to avoid becoming part of this statistic.

Prepare for Tax Compliance

Set up systems for tax compliance:

• Sales tax collection and reporting
• Payroll tax management
• Income tax preparation
• Tax deadlines calendar

Final Thoughts

Finishing your business plan isn't the end — it's the starting line.

Too many promising ideas die right after the planning stage. I've seen passionate entrepreneurs stall because they didn't know what to do next — or were too afraid to act. Don't let that be you.

Now you know the path forward: validate, legalize, fund, build, market, and manage. Every great company started with the same blank page — the difference is, they followed through.

You've put your vision on paper. Now prove it in the real world. Take one step today. Then the next. Momentum builds businesses, not perfection.

Your plan lit the spark — now it's up to you to keep the fire burning.

FAQs

What if my business plan projections prove to be unrealistic after I start operations?

This is actually common and not a failure! Business plans are based on assumptions that may change when faced with market realities. If your projections prove unrealistic, document what you're learning, revise your forecasts, and adjust your strategy accordingly. Successful entrepreneurs are adaptable—they use their business plan as a guide, not a rigid script.

Should I share my complete business plan with potential investors, or create a separate pitch deck?

While your business plan is comprehensive, most investors initially prefer a concise pitch deck (10-15 slides) that highlights key information. Consider your complete business plan as supporting documentation to provide after generating interest. For first meetings, focus on communicating your value proposition, market opportunity, and financial potential in a digestible format.

What if I can't afford to implement all aspects of my business plan immediately?

Prioritization is key. Break your business plan into phases, focusing first on elements that drive revenue or prove your concept. Many successful businesses start with a lean approach, adding infrastructure and team members as revenue allows. Identify what's truly essential for launch versus what can be developed as you grow, and create a phased implementation plan within your financial constraints.

How rigidly should I follow my business plan timeline?

Your business plan timeline should be a guide, not a strict schedule. Market conditions, customer feedback, and operational realities may require adjustments. Rather than viewing timeline changes as failures, see them as strategic adaptation. The most important thing is to establish key milestones, track progress, and understand why deviations occur—whether they indicate problems to solve or opportunities to pursue.

What if competitor analysis reveals stronger competition than anticipated?

Strong competition doesn't mean failure—it often validates market demand. If you discover stronger competition than expected, look deeper at how you can differentiate. This might mean targeting a more specific niche, adjusting your pricing strategy, or highlighting unique aspects of your offering. Some of today's most successful companies entered seemingly crowded markets but found unique positions that competitors weren't serving well.