What Must an Entrepreneur Do After Creating a Business Plan?

An entrepreneur is always able to make self-motivated decisions about the roadmap of his startup. But what when he has a business plan but what goes next? Entrepreneurship is about having a mindset!

Many aspiring entrepreneurs assume that once the plan is done, the business will magically fall into place. Spoiler alert: it won’t. Because a business plan is about basics – endless, you have to put up your sleeves and validate your idea, secure funding, handle legal formalities, build a brand, set up operations, and create a marketing strategy – all while staying flexible and ready to adapt.

During my first startup that labeled me as an entrepreneur, I went into multiple critical phases that went into the exploration of solutions. The guide about the steps that I found as a solution to knowing what must an entrepreneur do after creating a business plan.

1. Validate Your Business Idea

Your business plan outlines your idea, but have you tested it thoroughly? Before investing time and money in executing it, you must certify there’s a real market demand for your product or service.

a) Conduct Market Research Again

You probably did market research while creating your plan, but now it’s time to go deeper about the startup:

• Are there new competitors? The market changes rapidly – stay updated.
• Has customer behavior shifted? Trends grow, and consumer preferences change.
• Are pricing and demand still the same? Validate that your financial projections are realistic.

Use surveys, industry reports, and competitor analysis tools like Google Trends, and SEMrush to refine your understanding of the market. A knowledgeable entrepreneur is a successful entrepreneur.

b) Test Your Product or Service

You have already performed research about the search of the product and now it’s time to conduct a small-scale test before launching.

• Offer free trials or beta versions.
• Gather feedback from potential customers.
• Make necessary improvements before a full rollout.

Would you rather discover a major flaw before or after you launch? The testing will aid in avoiding the costly mistakes.

2. Secure Funding

Even if your business plan outlines funding sources, now is the time to actually secure the money you need to get started. Different funding options are essential to consider for good decision-making. Some of the important funding options that you can consider are given below in detail.

• Bootstrapping: Using your savings to fund the business.
• Loans: Bank loans, SBA loans, or online lenders.
• Investors: Angel investors, venture capitalists, or private equity.
• Crowdfunding: Platforms like Kickstarter or Indiegogo.

Each option has pros and cons – choose what lines up with your business model. Not all funding is good funding. Venture capital can be attractive for you, but it often comes with the pressure of express growth. Choose wisely.

Further, if you’re seeking investors, you need a persuasive pitch that grabs someone to directly invest in your startup. Focus on:

• The problem your business solves.
• Your unique value proposition.
• Revenue potential and scalability.
• Data-driven projections to back your claims.

Investors don’t just invest in ideas – they invest in people and execution plans. Investors are highly motivated by their own decisions, so if your venture can’t generate enough revenue, they’ll not blame you.

3. Register Your Business and Handle Legal Requirements

Before launching, being an entrepreneur you must handle legal and operational aspects to ensure smooth business operations and compliance with regulations. Legal compliance is non-negotiable – confirm your business is properly registered.

For example, a new fashion brand should register its business, secure a trademark for its logo, and set up tax records before launching.

a) Choose the Right Business Structure

Each business structure has different tax implications. For example, sole proprietorships and partnerships pass through taxation as only profits are taxed as personal income. Corporations, on the other hand, face double taxation – once at the corporate level and again on dividends. The structure you choose impacts taxes, liability, and legal obligations.

• Sole Proprietorship – Simple but offers no liability protection.
• LLC (Limited Liability Company) – Protects personal assets and offers tax benefits.
• Corporation (C-Corp or S-Corp) – Best for businesses seeking investors.
• Partnership – Suitable for businesses with multiple owners.

b) Obtain Licenses and Permits

Without the licenses, you could face fines, penalties, or even closure by regulatory authorities. If we talk about the lenders and investors – they too require proof of proper licensing and permits before providing funding. It shows that your business is legitimate and compliant with regulations. As per your business category, you need specific business licenses like,

• General business licenses.
• Health and safety permits.
• Industry-specific certifications.

c) Protect Your Intellectual Property

If you have a unique product, brand name, or invention, protect it legally. If you are offering products or services in a specific region, you only need to register it there, otherwise you have to register it in multiple regions where you have plans to sell your services o products.

• Trademark: Protects your business name, logo, and brand identity.
• Patent: Safeguards inventions and unique processes.
• Copyright: Covers creative works like designs, writings, or software.

Protecting intellectual property prevents competitors from copying your hard work. Example: Coca-Cola’s secret formula is one of the most protected trade secrets in the world.

4. Build Your Brand Identity

Your brand is how customers perceive your business. A strong brand creates trust and makes you memorable. Further, a strong brand identity formation is essential for several strategic reasons.

• A strong and easy to pronounce name with a professional logo helps to maintain a consistent brand.
• Consistent use of logos, typography, and tones promotes a constant image of the brand.
• In a saturated market, a strong brand identity ensures the visibility to attract and stand out a brand.
• In the online landscape, you should build a professional website optimized for SEO.Set up and actively manage social media profiles.
• Perform multiple actions to engage with customers through content marketing and blogs.

A strong online identity is multifaceted and drives differentiation, brand recognition, and the smooth running of business operations.

5. Set up Your Business Operations

Setting up structured business operations is crucial for converting a business idea into a sustainable, scalable, and competitive enterprise. Now, it’s time to set up the infrastructure to run your business smoothly.

a) Find the Right Location (If Needed)

If you need a physical store or office, consider:

• Foot traffic and accessibility.
• Rent and operational costs.
• Nearby competition.

If you’re running an online business, focus on making an efficient digital workspace.

b) Invest in Technology and Tools

Effective tools are the backbone of streamlined business operations. These tools help organizations to automate tasks, enhance collaboration, and maintain visibility across workflows. Efficiency is key to success. Use tools like:

• CRM software to manage customers.
• Accounting tools for finances.
• Project management platforms to stay organized.

Efficient operations enable better pricing, faster turnaround, or superior quality. The right tech helps streamline operations and save money.

7. Test or Execute Your Marketing and Sales Strategy

Marketing isn’t an afterthought – it’s how you attract and retain customers. If you’ve already developed a Marketing and Sales Strategy in your business plan, that’s great! However, having a plan and implementing it successfully are two different things.

It is best to start by launching small-scale campaigns to see what works best. You can also change and update your marketing strategy after tracking the results of your campaigns.

Business conditions change. If needed, adjust your business strategy to stay competitive. Many successful businesses pivoted to adapt to market demands.

Final Verdict

This was all about “What must an Entrepreneur do after creating a business plan.” All these steps are a blend of experience, described in a general way to help your actions after finalizing a business plan.

All these actions validate the idea through research and testing, secure adequate funding, and navigate legalities such as business registration and intellectual property protection. Entrepreneurship isn’t a linear path; it’s a dynamic journey of resilience, learning, and relentless execution.