Why three plans?
Almost everyone knows that before investing in a new business idea it’s not only a good idea to make a plan, in most cases it’s required. But many don’t realize how important it is to have not one but three plans. Instead of “Good, Better and Best” think “Good, Bad and Fantastic."
Good Plan. This is where most planners stop. It lays down the way you believe things can go. It represents the reason you’re considering the idea. You need the Good Plan to decide if your going to risk your money or maybe persuade others to risk theirs. Then as you move ahead, your plan and its accompanying goals become a guiding star to measure progress and maintain focus.
Bad Plan. All of life involves risk. How about a Bad Plan for things going wrong — a worst case plan? “Why," you ask, "would I plan for failure?” Because you need a Bad Plan to answer the vital question, “Can I stand the loss?” If not, walk away. How much loss is too much is a decision only you can make — but make it an informed one.
Fantastic Plan. Is it possible to have too much success? No. But if the best you can hope for isn’t wonderful, it’s foolish take the risk — and any venture involves risk.
So when that brilliant idea comes to you, think Good, Bad and Fantastic.
And good luck.