When it comes to business planning, there aren’t many more qualified than Paul Morgan of Plan2Profit.
Paul is a long-time serial entrepreneur turned successful plan consultant. Paul’s business ownership career started in the early 1990’s with the launch of a successful clothing store and restaurant and throughout the decades to follow Paul has been involved with hundreds of businesses at an advisory level.
Even now he’s involved with 6 different businesses, including Plan2Profit which we’ll be talking about today.
Topics discussed during this podcast episode include;
- Why do most people, when starting a business, don’t plan?
- Is it true that 85% of business startups fail within the first 5 years?
- What are some key things you need to have in place before spending any money on your business and making any leasing commitments, etc
- And much more!
You can play this podcast episode here:
Websites referenced during the podcast:
Here’s a timeline of the topics discussed during the podcast:
0:00 – Short bio and intro
1:20 – Paul Morgan’s growing up years
2:15 – Experience in the real estate and hospitality industries
3:45 – Starting his own first businesses and his consulting business
5:15 – Why don’t people do business planning?
7:30 – Is it true that 85% of startups fail?
9:25 – What is a fully developed business concept?
10:45 – What key things do you need to have in your business planning?
14:00 – What are some of the most common business mistakes that you see?
16:40 – Paul’s client success stories
20:40 – Paul’s final thoughts
What I got out of this interview about Business Planning with Paul Morgan:
1. You Know Nothing
Just because you have an idea for a business doesn’t mean you know anything about running a successful business. If you haven’t done it before, you know nothing.
2. A Fully Developed Business Plan
A fully developed business plan has four must-have parts:
i) Business concept
ii) Financial forecast
iii) Marketing plan
iv) Good team of professionals supporting you
Like this podcast?
If you’re enjoying the podcast, it’s safe to assume there are others out there like you who would also enjoy the podcast.
Help them find it!
I’ve created a short video below that will show you how to quickly and easily rate and review the podcast in iTunes and/or Stitcher. Those people will appreciate it, and you’ll feel great about yourself…