Despite having a great idea for a new product or cutting edge service, many aspiring small business owners find themselves asking, “Am I ready?” Considering just how much there is to accomplish when launching any business—protecting your idea, figuring out the proper compliance and licensing, getting the right office space, structuring, etc.—it’s a perfectly logical question. Before you get overwhelmed, take a step back and remember, “These questions are what a business plan is for.” A well-crafted business plan is the blueprint that guides your actions and prepares you for unforeseen contingencies. When done thoroughly, it will save you a lot of hassle as you work to make your dreams a reality.
As Luxelab founder David Abrams explains below, none of his LA-based specialty hair salons would exist if it weren’t for his meticulous approach to business planning. His latest venture with his partner, Jason Lara, is the Chroma Color Bar, a fusion of an express color bar and a high concept, specialized full service salon. When it came to Chroma’s conception, David explains that he was as specific as possible when crafting their plan, and advises other small business owners to do the same. Calculating details such as your interest rates, budget amounts and projected revenue, David says, are essential building blocks to any solid plan.