What Must an Entrepreneur Do After Creating a Business Plan? Top Tips

An entrepreneur journey does not start by creating a business plan, but you will need to take some practical steps to put your plans into action. It is important to know what is required for your business to stand out in the market.

After drafting your business plan, it’s time to take practical actions to lay the foundation, secure legal standing, build a team, develop marketing strategies, and bring your vision to life.

Let’s talk in detail about what must an entrepreneur do after creating a business plan. 

Different people uses different approaches to do after creating a business plan. In the next section there are steps as per my experience, for you to follow for better results.

1. Build a Strong Foundation

You know, every organization is based on a foundation; if the foundation is not strong, then there are fewer chances of growth in the market.

• Registering your business name with relevant authorities
• Choosing a legal structure (e.g., sole proprietorship, LLC, partnership, corporation)
• Obtaining permits, licenses, and tax IDs
• Creating legal contracts (vendor agreements, client contracts, employment agreements)
• Setting up a business bank account for financial transparency
• Purchasing insurance (general liability, professional liability, etc.)
• Establishing basic IT infrastructure and cybersecurity protocols

This gives your business legal credibility, protects your personal assets, and positions you to scale without legal hiccups.

2. Research Market and Competitors

As much as you research your business competitors and marketing trends, it will help you stand out. Research will give insights into meeting the requirements of customers and your target audience. So keep in mind that research will help you to grow your business accordingly.

Use surveys, focus groups, Google Trends, competitor websites, and industry reports. Create customer personas and a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) for strategic insight.

3. Manage Finance

As an entrepreneur, you must know that a finance management system is important for the business. At this stage, you must:

1. Determine your startup capital requirements (rent, salaries, inventory, marketing)

2. Explore funding options like:

• Bootstrapping (self-funding)
• Angel investors or venture capital
• Crowdfunding (Kickstarter, Indiegogo)
• Bank loans or government grants

3. Open a dedicated business account

4. Use money management apps or accounting software (like QuickBooks or Wave) or hire an accountant to:

• Track income and expenses
• Generate profit and loss reports
• Manage payroll and taxes

5. Create a financial forecast for at least 12 months, including:

• Cash flow analysis
• Projected sales
• Expected expenses
• Breakeven point

However, you can also open a sperate business account to deposit or withdraw money, and you can also track the profit or loss easily. It is better to create a sheet to track your records and manage your expenses accordingly. 

4. Work on Branding

Not all businesses become brands, so becoming a brand requires dedication and hard work. When you start your own business, keep in mind that you want to win your customers’ trust and make them loyal customers. How can you achieve this?

Sell original products or services to your clients and give feedback to improve the mistakes. It is important to add an emotional and engaging description that meets your audience’s emotions.

Further, make a unique logo that represents your business, and your customers easily find you and return to you. 

Fact: A strong brand evokes trust, distinguishes you from competitors, and builds an emotional connection with your audience.

5. Hire Team 

A dedicated team with expertise and skills has the capability to make the dreams come true. Handling a business without a team is the toughest job, but if you make and hire a passionate team, you can achieve your goals in time.

Steps to take:

• Define job roles and required qualifications
• Write detailed job descriptions
• Use job boards, LinkedIn, or recruitment firms to source talent
• Interview and evaluate candidates based on skills, attitude, and culture fit
• Onboard new hires with clarity on responsibilities and KPIs
• Build an inclusive and collaborative work environment
• Set up communication tools (Slack, Zoom, Asana, Trello)

However, go through research and approach the highly skilled and experienced who can easily handle all the tasks. Hiring the right people for the right job provides peace of mind, and the work burden will be divided between you and your team members. 

6. Marketing Strategies

Marketing is essential for the business to let others know about your services, products, and business. It is the source to draw customers to your business. Marketing serves as a magnet to draw customers and let them about your business.

As discussed earlier, do proper research about your business niche and target audience, then implement marketing strategies to reach your target audience and connect with them.

You can use social platforms, emails, content marketing, advertisement campaigns, and others. It is important to know that your marketing efforts align with your business goals. 

7. Expand Your Networking

Whether you are running a small business or starting a new one, networking is essential for what must an entrepreneur do after creating a business plan. You should:

• Attend industry events and expos
• Join startup incubators or coworking spaces
• Connect with mentors, peers, and investors on LinkedIn
• Join local chambers of commerce or business groups
• Participate in online communities or forums

Also, build trust-based relationships with:

• Potential collaborators
• Suppliers
• Distributors
• Service providers

As a beginner, you can also partner with others to invest and grow your business. Also, make a strong bond with your customers and suppliers.

Relationships often open doors faster than cold outreach. Your network can be a source of opportunities, referrals, and insights.

8. Seek Guidance from Expert

If you are new to the market and just starting your journey towards entrepreneurship, then you must seek guidance from experts in your field. Whether you have hired an experienced team member or not, you can learn from them.

You must know about your relevant field experts and connect with them to learn about niche and business. A good mentor can save you from costly mistakes and guide your decision-making in unfamiliar areas.

9. Monitor Your Progress

When you have done everything from building brands to, it’s time to monitor your business performance. It allows you to make changes, adopt new strategies, and identify areas for improvement.

Use key performance indicators (KPIs) to measure:

• Sales and revenue
• Customer acquisition cost (CAC)
• Conversion rates
• Customer lifetime value (CLV)
• Website traffic and engagement
• Social media growth
• Employee productivity

Adopt tools such as:

• Google Analytics
• CRM Software (like HubSpot or Zoho)
• Project management tools (Asana, ClickUp)

Use your findings to:

• Improve weak areas
• Capitalise on strengths
• Update your strategy based on real results
• Stay agile with market shifts and customer feedback

It helps you stay focused and set your new goals for the business and achieve them. If your customer behavior is changing, it does not mean you are failing. But it means market trends are changing and should be adapted to meet your target audience’s requirements.

10. Test Your Product or Service Before Full-Scale Launch

Before going all in, it’s crucial to validate your product or service in the real world. Many startups fail because they skip testing and rush into a full launch without understanding how customers will respond.

Steps to test effectively:

• Launch a Minimum Viable Product (MVP) to test core functionality
• Run pilot programs or beta versions for a limited group of users
• Collect customer feedback through surveys, user interviews, and reviews
• Monitor usage patterns, retention, and pain points
• Refine your offering based on real user data

You can also run A/B tests on product features, pricing, or marketing messages to see what performs better.

Well, I have shared tips about what must an entrepreneur do after creating a business plan. However, as a beginner in the business field, you must take some necessary steps to be successful.

So, when you have created a business plan, now you can research your niche and market trends to remain up to date. You can build a strong foundation for your business and complete legal requirements.

Marketing is an effective way to showcase your business and let others know about your services or products. You can seek guidance from the industry expert to grow your business.