It’s pretty common this time of year to lose focus and put everything off until next year. It’s the holidays, right? It’s time to relax.
Sure, you can take that approach if you want to fall behind. As an entrepreneur myself, I take a different route. It takes significant time to build a good business plan. Here are the top 4 reasons why you shouldn’t wait until the new year to get started on your new business with a business plan.
- Investors Move Fast in January – The top reason is based on the investment needs of your business. Most people put together a business plan to seek investors and/or bank funding. This time of year is notorious for investors sitting on their money. Sure, they may review a business plan here and there, but clean year-end breaks are good for their minds and their accountants. Therefore, you don’t see much investment taking place in the month of December. What does it all mean? It means that there is always a really good investment push in January, with investors getting back into the game. This is why we typically see angel investment at its highest in the first quarter of each year. 2015 is expected to be no different.
- First Mover Advantage – The First Mover Advantage is well-known in business circles and is more true in entrepreneurship than anywhere else. If you think that your idea is completely unique and no one else has thought of anything close to it, you’re likely living in a fantasy land. The difference is whether you move forward with it before someone else does. Do you want to be the one running the successful business empire or in your current position thinking about how that could have been you if you only took the initiative early?
- Take Advantage of the Downtime – The holidays are filled with more leisurely periods than any other time in the year. And frankly, we all need it to a certain extent. Time with friends, family, children, parents, etc. that we don’t get enough of. But, remember that while you may be spending time sitting around and chatting, others are moving forward on their ideas. Should you scrap all holiday downtime? Absolutely not. But using a portion of that downtime to get ahead and start on your business plan will be in your best interest. In January, you’ll be happy you did.
- Move Before You Lose the Passion – I hear about great business ideas every day; it’s one of the great things about being in this industry. But what I also see is individuals who can’t or won’t move forward quickly on their idea and they lose a passion for it. Think about things that you are passionate about in life; those things that really truly enjoy. You nurture those things, and you do them as often as you can. If you have a love for running, but don’t run for several months, you’re likely to lose that passion and drive to get out for a run to start your day. A business idea is the same. If you have an idea, and put it aside for a while, you’re likely never to actually do it, regardless of how great the idea actually is.
Do you have other reasons that we missed? Feel free to share them here.