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The 4 “P’s” of a Business Plan

July 27, 2021
Southern CA Video Crew on Business Planning

So you want to start a business? That’s great. Here are 4 things to get in order so you can be truly successful in the endeavor.

Passion

The first thing you need to make sure you have up front is passion for what you are going to do or offer. There are tons of ideas you may have or things you could do. But you don’t want to do one you don’t really love or find any enjoyment in. Life is too short to not enjoy our work. Work can be hard but it is also a gift! A gift to produce. Do something you love.

Proficiency

Skill. You need it. Whether or not you are still developing skill or already have it (or a little of both), proficiency in what you do and offer is a must. You actually don’t have to be the best in the world at it either. Your skill needs to be at a high standard that is further along (let’s say at least 10% further minimum?) than your customer’s ability to do it.

Purpose

Why are you doing this? Is there a reason other than making money. Of course, money is ok and necessary, but all things being equal, it’s not the only thing you want to be working for. Can you succinctly state your purpose. For instance, our purpose at Waves Media is to create meaningful, emotive, and quality video content for brands making a positive impact in the world today.

Profits

You need to know you can make money at whatever it is you’re doing. Your business will not last if you don’t have profit. It’s really that simple. Is there a plan to create more than you consume. Don’t simply take on unrecoverable debt. And if you do take on debt, do it to produce and NOT TO CONSUME. There is a big difference.

(*Huge credit to David and Jason Benham on the ideas presented in this article)

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