I like this post. Compensation Plan? Business Plan? Marketing Plan? Which is it? It makes sense. I don’t know the site — realnetworkmarketing.com — but I couldn’t resist reproducing the business plan and marketing plan art, with links back to the original post, of course, because this isn’t my work. Nice touch, though. This is the business plan:
And, following that, this is the marketing plan:
The compensation plan, by the way, is completely different. Like a stock plan or retirement plan, it’s about how to pay people with a combination of wages and salaries, bonuses, and benefits. It’s a completely different animal.
hello. as i i was searching for funding i came across you article about 10 reasons one should not start with having investors in the business. i find it very sensible and best not to have but my question is what if you have an idea which you are guaranteed and positive that will work but it requires much capital that you the situation shows you can not raise it. Help
Richard you answered your own question. If it requires a lot of capital and you can’t raise it, then welcome to the real world. I’m sorry. Revise your plan, choose a subset, find a way to launch a part of it, find people who believe in you and will work with your for free, or give it up. You write “can not.” At least it’s you and millions, maybe billions, of others. I was not able to raise capital for my company until years after I launched.
I recommend to my QuickBooks and Quicken clients in always sunny Seattle that they prepare a business plan before buying any accounting and bookkeeping software through me at cost with an no monthly fee or minimum approved merchant account, getting their licenses, or business cards.
To me, operating a business without a business plan is like going on a hike without a map.
Very interesting, Tim lol. If anything this illustration will inspire a host of new MBA grads lol. I’ll also consider sharing with my small business marketing audience on my blog.