Challenges of making a business plan (alone, this time)
I did a business plan for final project of my diploma. It was awarded the best marketing proposal (out of three) and it gave me so much pride as it did high expectations from myself.
This semester, I had to come up with a business plan on my own (well, I chose business plan while some others chose creative plan) . I based it on my hometown as I knew I would get actual information relevant to my future should I want to create a business of similar kind in the future. I was ready to call for help from my dad as he is the knowledgeable person to go to, but I was surprised by hoe much my fashion designer cousin helped me for this module.
It turns out, it was hard to find prices of properties and or service cost in my hometown on the internet. It would have also been hard to find the cost of fabric and manufacturing without the help of my cousin.
There are less resource available then when I was researching for Singapore market. and I had to alter some of my ideas from the original plan after primary and secondary research. These changes made me very anxious as first, but i’m glad i found a way to make it work.
My original idea was to create an offline ready to wear fashion brand with strong online presence as well as engaging offline activities, targeting people in my hometown.
In the process, I was struck by the different level of knowledge I have when it comes to online and offline business. The previous being the high and the latter the opposite. Offline businesses needed strategies that I had not studied so much off, while online strategies would require me to ride off the wave I already had going. So, I changed my plan, ten days before submission, and somehow it became easier for me to do.
Last time when I was doing the business plan with a group, I had the luxury of focusing on the things that I felt I was good at, but this time around, I had to face my weaknesses and work with them for some parts of the report.
I still have a lot of difficulties in managing my time. It was always either because I felt scared to start or I was so obsessed with one thing that it was hard to move on. Compared to the class, it seemed like I was not the only one though.
Learning from this, I hope I can work on my time management and my idea and create something that will give me more satisfaction next term.
The business plan I made might be made by myself, but I was not alone in the process of making it. I was always accompanied by my friends, we went through the late night starbucks typing, and espresso shots, to the frantic texting before the submission together and I admire their hardwork. Let’s push each other to be better guys!