When Should You Write Your Social Enterprise Business Plan

When Should You Write Your Social Enterprise Business Plan? Click through to find out!

I've been hearing recently that entrepreneurs, including social entrepreneurs, don't see the value in writing a business plan.

Well, studies from the Harvard Business Review are saying that writing a business plan makes your venture more likely to succeed.

But does it need to be 40 pages? Heck no. 20 pages? Nope.

That's why I recommend a 5 page plan, like the one created in our Social Enterprise Feasibility Study course, as a quick assessment of your idea, so you can start testing it with real customers early on, and start creating the impact you want to see.

A recent HBR article highlights the timing of WHEN to write your business plan, to be most viable for your venture:

  • Entrepreneurs who plan are more likely to succeedSource. 
  • "...the most successful entrepreneurs were those that wrote their business plan between six and 12 months after deciding to start a business. Writing a plan in this timeframe increased the probability of venture viability success by 8%." Source. 
  • "...the optimal time to spend on the plan was three months. This increased the chances of creating a viable venture by 12%." Source. 
  • "We found that the sweet spot for writing a plan was around the time when the entrepreneur was actually talking to customers, getting their product ready for market, and thinking through their promotional and marketing activities. Committing a plan to paper alongside these activities increases a start-up’s chance of venture viability by 27%." Source. 

Read the full article here.

If you're ready to take the next step in developing your social enterprise idea into a plan, let's talk!

The Social Enterprise Feasibility Study course may be right for you, or one of our new templates may do the trick. If you're not sure which is right for your stage of planning, let's chat!


ABOUT THE AUTHOR: BETH PALM, MBA

Hi there! I'm Beth. I'm here to equip social entrepreneurs and change makers like you with the tools to change the world. As a jack-of-all-trades nonprofiteer and recognized social enterprise expert, I've walked the talk in this emerging industry. With over a decade of experience launching and managing social enterprises, I want to share my best tools, resources and knowledge with you.

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