Next week there is a grant application due. I believe SoJo has a pretty good shot at being considered for this grant, as we meet all of the criteria, and we have to start looking for external funding to take the venture to the next level.
I've known about this application for a few weeks now, but never thought the business plan would take so long, so I never bothered to look into it until now. Earlier today I proceeded to download the template provided on the grant-maker's website. The template is 47 pages. Although all sections don't apply to us, actual plans normally exceed their templates, as text can exceed the allotted space. Not feeling like working through a 47 page template, I emailed an advisor to get a second opinion. He thought a 50 page business plan is absurd, but assured me that it will take about a week to complete this business plan.
This email was my much-needed kick in the behind. For the past 3 hours, I was successful in hammering out the Problem, Solution, Product Execution, Marketing and Business Model sections. It's a start, but sadly still a long way to go. While in the flow of writing it felt like I was driving at 200km/hour speeding through the words. But when I took a step back, I actually felt like I was strolling at the speed of a turtle!
I don't think that a Business Plan can be created like an essay when you're in school with the arrogance of thinking it can be written in one night. Instead of feeling accomplished with the 2000 words of well written business plan content, I'm daunted and overwhelmed by the all of the blank sections that lie ahead and the unanswered question marks.
I'm not worried. If I'm committed to SoJo, then I'm committed to writing this business plan. Although its real-life application, beyond the grant application, is still questionable in my mind - it IS a great exercise to write out all the thoughts that have been in my head and will impose discipline as well.
The reason why I dislike business plans is because they are highly static and I honestly believe efforts should be focused on DOING rather than planning and saying what you will do. That being said, using this as an exercise to articulate different components of our venture, while not being limited exclusively to what is written will undoubtedly serve me well.
Wish me luck!