At some point you need to STOP working on your business plan, and START building your business. Here are some tell-tale signs it’s time to move on:
1. You haven’t pitched it in three weeks. One of the key benefits of a business plan is that it helps you share your ideas. If you’re the only one who has seen your plan for the past three weeks or more, step away from the plan. Set up meetings, and pitch it. Use the plan to get advice, feedback, partners, capital, or all of the above. Most importantly, just get it out there.
2. Nobody but your Dad will read it. Some first-time founders spend months writing 40+ page term-paper style plans, and then they’re shocked when nobody wants to read them. People are busy. Tell them your elevator pitch in 15 seconds. Send them a 1-pager to line up a meeting. Then pitch them in 20 minutes or less.
3. You’ve spent more time on your plan than your business. The first word in startup is “start”. Once you’ve organized your ideas and gotten positive feedback, focus on getting a basic product into the market. Until customers like and pay for your product, it’s all just theoretical.