Plan B: Why Every Entrepreneur Should Have One (Or More)

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This story first appeared on Business2Community.com

If the COVID pandemic has taught us anything, it’s that there is always a need for “Plan B.”

Some people — even experts — will tell you if you want to succeed you need to always be in high gear, full throttle… and to a certain extent, this is true. However, even Ferraris come with brakes. There’s nothing more inspiring than full-on commitment and real passion, but you can achieve this all without being reckless. This is where having a plan B comes in very handy.

Why you need a plan B

It might seem obvious amid the Coronavirus disruption… but you need a plan B to deal with, well… the unexpected. Maybe it’s a supply chain issue; maybe it’s a lack of funding; maybe it’s an illness… or maybe it’s all of these at once. Yikes!!

If you didn’t have a plan B before February, you probably will have one (or more) from now on. For present-day entrepreneurs who don’t have a plan B, the only option is applying for government stimulus just to keep the lights on until you are on steady enough ground to move forward with your idea, innovation or startup.

To those who DID have a plan B, I tip my hat to you. You might still be seeking stimulus funding or an SBA loan, but it’s not to just survive, but to help you stay on track and come out of this endeavor with a solid plan for growth and success.

How to make a plan B

To be clear, “plan B” is not saying, “If my entrepreneurial idea doesn’t work, I’ll go find a job.” Rather, it is an essential part of your business plan that acts as an “audible” play you can call upon in a pinch if you are sideswiped by unforeseen obstacles, competitive market forces, consumer demand or natural disasters.

You can create a plan B that either augments or replaces plan A, depending on the circumstance. Here are some questions you can ask yourself to get started:

This list is far from complete, but it is a good start to understanding what options you’ll need to consider and how your plan B can be implemented in any situation.

Written by

Scott Hirsch is an internet marketing pioneer who is widely recognized as an expert in ecommerce, digital data and the online marketplace.

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