SHOULD YOUR BUSINESS HAVE A PLAN B?
Having a plan B is always going to be an advantage as opposed to a detriment to your business. It is how you formulate that Plan B that is important.
When starting out in business, you need to ensure you have a clear directive. What is your business going to be? What are you offering? Who are you offering it to and at what price point?
This is where the true benefit of having a sound business plan comes into play. Putting all your business projections down on paper gives you an opportunity to see where additional secondary markets may lay. Or perhaps a secondary product or service offering your business can offer in phase two.
We would like to think more of your Plan B as future planning – as this allows you to give 100% focus and dedication into building your existing business, and provides additional income streams and growth opportunities to consider once you are up and running.
So, at the end of the day, start that business plan, get all of your ideas down on paper – then start to build.