Starting a Business: Always have a backup plan

By Pachi | Aug 1, 2008

How much ever we plan, things do go wrong, and we get unexpected results. Remember the Murphy’s law - “If anything can go wrong, it will!“?

Having a backup plan helps you to come out of the situation without hurting yourself too much. Backup plan helps you to be up and running before you loose it all.

First of all, we need to avoid getting into these kind of situations. A proper market research will go a long way. I had stressed how crucial research is in one of my previous posts - “Starting a Business: Research before jumping in“.

Even if you did research thoroughly, sometimes things do go wrong due to various uncertainties.

Always keep a check on activities. If things are not working as expected, make adjustments to the plan and try it out, before thinking of making a radical change. Most of the time this should work.

Many a times we face situation where we have to choose between, high risk-high paying or not so high risk-paying. Have tracking points with the minimum return you expect by that time, evaluate yourself and if things are not working as expected by that time, then think over of making adjustments to your initial plan.

One more advantage of having a backup plan is the thought process that goes to create it itself. It prepares you well for the times ahead.

1 Comment so far

Nicholas August 29, 2008 5:59 pm

It’s so easy to be optimistic when planning ahead! The most important backup plan, I think, is to have cash tucked away in case of a rainy day. When your income starts dwindling you’ll regain your edge and get your head back in the game for sure.

Nicholass last blog post..Creating a Business Partnership Agreement Contract

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