The beginning of our co-working startup story starts with the meaning of perseverance in Brooklyn and I’ve set the example here in my first post.
The story picks up in 2016, that’s how long I stuck it out just to sign the lease on a space and begin build out! We are talking perseverance and patience. We are talking about landlords who had no idea what co-working or incubating was, asking about my idea and not believing. We are talking about broken promises, cancelled agreements, and stalled work. Crazy. But still I am determined and passionate about downtown Brooklyn.
So what do you do? How do you get there?
Now we are in the before Launch Party — before your opening day — and, to a very great degree, the after, and the quality you require for it; the perseverance, the stick-to-it-ness, the dogged determination, because this is not the exciting stuff you read about online. It’s not the exciting, shiny launch party with DJ’s and kegs. It’s the instinct and desire to be located in downtown Brooklyn, because no competitors are there, and downtown Brooklyn rocks! It’s the planning meetings (and more planning meetings), the models (the financial kind, not the short-dressed leggy kind), and business plans.
Let’s talk about the business plan.
I absolutely hate writing a business plan.
Why? Because writing is, as a wise man once said, rewriting, and business plans don’t write themselves. They require data and information — in other words, the “meat and bones” of what will become your business (not, however, the spirit of the thing — that is you, my friend). No, we are talking about numbers, plans, charts, graphs, examples, income, expense, gross income, net income, projections, break-even points, and the all-important ROI.
Sound exciting? I almost fell asleep in the middle of the word “projections,” but it is one of the most important documents you will produce. It’s the North Star that keeps your ship going, and it’s also a living document. As your startup becomes a business, you will need to bob and weave as market conditions and/or competitors throw punches. But remember you are Brooklyn, and you’re not afraid.
Perhaps a monster competitor enters the market eating up customers and changing expectations of the consumer. Perhaps the unemployment rate shoots up. How do you react? Before you do, you have a plan — a business plan to be exact. Look at it, and if you and your team prepared a solid document, you can use it to adjust your trajectory.
It’s not a magic pill; make no mistake, the magic pill is you. Still, the plans are important. They are tedious and maddening at times, but necessary.
Football players have a playbook, actors a script, dancers their choreography, and you the business plan.
To continue with me on my journey, click below! NOW!