Welcome to this week’s Premier Business Operations newsletter…

Hopefully everyone has been safe and had fun in their holiday shopping so far.  Can you believe that Christmas is less than 3 weeks away?  For this week’s newsletter, I thought I would take a break from the continuing discussion of the 4Ps and my friend Annie. 

I had the privilege this past week to meet with several aspiring entrepreneurs and spent a little time discussing some ideas they had for a “cool new innovative product”.  One of the most intriguing to me was mentioned by James.  It was simple, but caught my attention mostly because of my sarcastic sense of humor.  Imagine a line of clothing (mostly t-shirts and hats) that were printed with the simple phrase, “What would _________ do?”  In this case, the blank space is meant to be a celebrity or public figure name.  in a matter of a few minutes, we came up with several attention-getting slogans: 

  • “What would W do?”
  • “What would Tiger do?”
  • “What would Paris do?”
  • “What would Butkus do?”

You get the idea.  I have to admit, I was very intrigued and excited.  Of course, James was feeding on my excitement and ready to go.  He was ready to set-up a website, along with ecommerce, etc.  I felt like the true bad guy when I had to bring him back to reality and ask some hard questions:

  • How are you going to advertise it beyond a website?  Are you planning on selling online only?
  • Do you have the financial resources to start this and operate it?  Businesses need access to cash.
  • Do you know any companies to do the t-shirt production?  A second source may be good as well.
  • Who is going to ensure the product is fresh (latest celebs, etc.)?
  • How many people would really be interested in purchasing this apparel?  What is the market?
  • How do you price these?  What is the true product and overhead costs?
  • How are you going to handle distributing the apparel?

These were just my initial questions and reactions.  As you can imagine, there were many others.  After looking James squarely in the eyes I asked him how serious he was about this venture.  Since James has been out of work, with the exception of delivering pizzas to make ends meet, he was desperately looking for an opportunity to get back to his previous upper 5 figure income level and replenish his depleted savings.  So this seemed like a risk worth taking.  I told James, that the most effective way to increase his chances of success was to develop a business plan. 

James and I most of the next day developing a draft of a business plan.  Of course, the mere existence of a plan doesn’t guarantee success, but spending the time critically researching the expected contents of a business plan can go a long way toward achieving that success.

So this week’s message from Premier Business Operations is make sure that you spend the time to research your business idea before jumping into the deep end of the pool without a life guard.  The most effective tool for this is researching and drafting a business plan.  It’s always a good idea to have a second, independent party review your plan.

Whether you’re currently a business owner or aspire to be, it’s never too late to draft a business plan.  As one of my former professors used to say, “don’t have a plan, then get one – FAST!”  To find out more about Premier Business Operations can help you develop your business plan, please visit our website at www.premier-business-operations.com or contact us at information@premier-business-operations.com

Have a great week…  and don’t forget to have a plan.