Can I do too much planning?

sclarksclark subscriber Posts: 1
edited January 2009 in Business Planning
I`m new to this forum but I hope I might get a few responses to this question.  I`m currently living around Boston, but will be moving to Pittsburgh within 6 months and am planning a business to start there.  I`m from that area and I have great contacts, which I`ve already used to my advantage.
 
My concern is that I`m doing too much research and not enough jumping in and just starting the business.  Obviously, the distance is part of the reason, but I`m also a meticulous and organized person so I`m not sure when "research" really becomes "stalling". 
 
I`m looking to start a service business.  I`ve talked with local contacts about the market potential (which looks good, i think) and have gotten information on vendors that my service company would use.  We would basically act as a broker for these small vendors to larger buyers.  At this point, I`m researching whether this business would actually be profitable.
 
So the main question is this - when does doing research become procrastination?

Comments

  • patentandtrademarkpatentandtrademark subscriber Posts: 103
    I think research becomes procrastination when you know what to do NEXT and don`t do THAT.  Nobody has complete information - but we can get enough to tell us what to do next.
     
  • robertjrobertj Tampa Bay, Floridasubscriber Posts: 0 Member
    sclark,
    A few thoughts-
    1. Research is only part (albeit an important one) of the business plan development process.
    2. In our process, we do research to
                validate the assumptions
                Gather enough information to make some decision
    3. A "perfect" business plan does not guarantee success. Execution is critical
    4. One can not have "all the answers" before starting the business.
    Finally, the fact that you have asked the question , may indicate your awareness of the answer.
     
    Hope this helps. If you want to discuss your specific situation, send me a PM.
     
  • sclarksclark subscriber Posts: 1
    Thank you for all the responses.  It does help and I think I`m still firmly in the useful research stage, no procrastination yet
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