How to do – revise plan
After you get the information from others, revise you business plan accordingly.
I mention it again to clarify and remember the reason to have your own business through this process. All new ideas will sometimes confuse and mislead you. When you are overwhelmed, lost or hyper in the circumstances, having your own solid guideline or not makes a big difference. Dr. Covey calls this principle-centered paradigm. Have your own principle, the backbone of your activity.
Here is the assessment of my initial plan after I had more input from people.
- Marketing – positive; potential market certainly exists
- Product distribution – manageable; found out who provides reliable service to a small business like me, what I would be able to carry, cons and pros of each suppliers
- Workshop – workable; start small but hold off large investment (rental space, local artists’ tableware, new utensils) until my business is established
- Advertisement and publication – workable/improvement required; overcome my tendency to hide, seek the opportunity to expose the business
- Legal fees – manageable
- Office setup – workable; start small, improve as the business grow (e.g. new computer)
When I was reviewing the plan, I went back and forth about making quick money many times. No doubt I need to make money (otherwise why do I have a business?). If I import fancy items from Japan or China, if I source out cheaper products and sell cheaper, I will be able to sell more and faster. But, I went back to my business principle, the reason why I have my own business. Do I want to encourage the cheaper, faster, mindless shopping attitude? No! If I don’t want to, what should I do? I should be very thoughtful to introduce such imported, typically less expensive products for some reasons that are often not ethical. I don’t want to become just another retailer who sells whatever to make money. I want to distribute the products and services that make people, including myself, happier in a deeper level. So I decided to stick with my initial direction, choosing the best I could get here in the balance of practical, emotional and spiritual elements.
After all, I concluded it is the best to focus to establish retail first. The products I deal with are staples, so the business should be less risky as far as I setup everything reasonable for the market. Once I start making profit, I can invest it for farther development. In the meantime start workshop advertisement and see how it goes.
Summary:
After you do a certain amount of research and trial, revise the initial plan.
Go back to your business principle when you become unsure.