Careful planning of business before launching it is not restricted to preparing a business plan. Preparing a business plan is an important exercise. Bachenheimer recommends the following three planning methods for a business plan −
● The Apprentice Model − Earning from direct work experience in the industry.
● The Hired-Gun Approach − Partnering or sharing with experts who are more knowledgeable and have more experience.
● The Ultra-Lean School of Hard Knocks Tactic − Finding out a way to frequently test and refine the model at a very reasonable cost.
While documenting a business plan is precisely helpful, the real value is not in having the finished good in hand, but instead in the process of researching and thinking in a systematic approach. It assists in thinking things through in depth, to study and research if the facts provided are completely accurate. Starting a new business without the commitment of thorough preparation, can be a very expensive lesson in the value of planning.