JLDC 0118: Paul Morgan – Business Planning

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:

Business Planning - Paul Morgan

Websites referenced during the podcast:

Plan2Profit.ca
Plan2ProfitGroup.com

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

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