Faye McDonough

Ever stared at a blank document titled “Business Plan” and felt your stomach drop?

I’ve been there – especially when launching new financial products to unknown markets.

I’ve noticed many of my friends getting stuck at this same hurdle as they launch their businesses. I can’t tell you how often I hear “I’m terrible with numbers,” or “How am I supposed to predict what this will look like in three years?”

But I do think we’re making this way harder than it needs to be.

The Business Plan Paralysis

There’s something uniquely intimidating about the phrase “business plan.” It conjures images of complex spreadsheets, detailed market analysis, and predictions that somehow need to be both ambitious and realistic.

The truth is that this intimidation often stops brilliant ideas from ever getting off the ground. People get so caught up in creating the “perfect” plan that they never start creating anything at all.

Here’s what I tell my friends and what I wish someone had told me to get started:

1. Your First Business Plan Isn’t Your Last

It’s a starting point. Start with the story you want to tell:

• What problem are you solving? Be specific about the pain point your business addresses
• Who’s suffering because this solution doesn’t exist yet? Understand your target audience’s current struggles
• Why are you the right person to build this? What unique perspective or experience do you bring?

Focus on clarity and substance over length. A compelling two-page plan that clearly articulates your vision is infinitely more valuable than a 50-page document that nobody understands.

You won’t be able to predict the future perfectly but you can demonstrate that you’ve thought deeply about what you’re building and why it matters.

2. Start Simple with the Numbers

If numbers are intimidating, start with simple maths:

Basic questions to answer:

• How many customers could you help in a month?
• What might they pay?
• What will it cost you?
• What are the best case, worst case and most likely outcomes?

That’s your foundation.

You don’t need complex financial models to begin. You need realistic estimates based on simple logic. From there, you can build complexity as your understanding grows.

A practical example: Instead of: “We project £2.3 million revenue in year three based on market penetration rates…” Try: “If we help 20 customers per month at £200 each, that’s £4,000 monthly revenue. Our costs would be approximately £2,500, leaving £1,500 profit to reinvest.”

Simple, clear, and much easier to evaluate and adjust.

3. Embrace Imperfection

As a finance professional, I’ll tell you the numbers are important, but they don’t need to be perfect.

You’re not looking to create the perfect forecast but you can show that you’ve thought deeply about your business and are ready to adapt as you learn.

No one predicts the future perfectly. Banks and investors understand this.

What they want to see is:

• Logical thinking: Your assumptions make sense
• Awareness of risks: You’ve considered what could go wrong
• Adaptability: You’re prepared to adjust as you learn
• Passion and commitment: You believe in what you’re building

Your first business plan won’t be perfect and that’s completely ok. Each iteration will make you more confident and your plan more refined.

A Quick Clarity Exercise

💡 Quick tip: Grab your phone, hit record, and explain your business to yourself like you’re telling a friend over coffee.

You’ll be amazed at how much clarity this brings to your plan and how much you know already.

When we try to write formally, we often lose the natural flow of our thinking. Speaking your ideas aloud helps you:

• Identify gaps in your logic
• Find your authentic voice
• Discover what you’re most excited about
• Simplify complex concepts

Insights from Fellow Entrepreneurs

When I shared this advice, friends added valuable perspectives:

Do a personal viability check first: What’s the minimum amount of money you need to pay yourself? What does that mean in terms of customer numbers? Simple and a good way to just get started – the most important thing.

Enjoy the iterative process: Use conversations with trusted friends and mentors to shape your ideas. Business plans improve through discussion and feedback.

Craft a compelling vision and why statement: People need to understand not just what you’re doing, but why it matters to you and to the world.

Moving Past the Blank Page

The hardest part of any business plan is often putting pen to paper. Here’s how to get unstuck:

Start with what you know: Write down the problem you’re solving and why you care about it.

Talk before you write: Explain your idea to three different people and notice which explanations resonate.

Set a timer: Give yourself 30 minutes to write one page covering the basics. Don’t edit, just write.

Remember your audience: You’re not writing for Harvard Business School professors – you’re communicating your vision clearly and always thing about your customers.

Questions for Getting Started

To move from blank page to first draft:

• What problem keeps you awake at night because you know there’s a better way?
• Who else shares this frustration?
• What’s the simplest version of your solution?
• How would you explain this business to your best friend?
• What’s the smallest step you could take to test your idea?

For My Fellow Finance Professionals

What else would you add to this list? What do the best business plans you see have in common?

In my experience, the strongest plans combine financial literacy with storytelling clarity. They show the numbers make sense while helping readers understand why this business needs to exist.

What’s Really Holding You Back?

What about you? What’s holding you back from getting a business plan on paper? And what helps you get started?

Often, the barriers aren’t as technical as we imagine. They’re about confidence, perfectionism, and fear of judgment.

Remember: every successful business started with someone staring at a blank page, feeling exactly the way you do right now. The difference is they started writing anyway.

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Photo of that scary blank piece of paper by Marissa Grootes on Unsplash – we’ve all been there, but it doesn’t have to stay blank forever.