What's the importance of a startup timeline?

Al MacIlroy, SCORE Counselor, believes that the time factor in starting a company is ignored by many clients. Here are several suggestions to consider:

The vast majority of people come to SCORE with an idea that excites them and that they want to turn it into a business. Typical client questions are about writing a business plan, forming an LLC or other entity, and financing. What they fail to consider is how much time all this going to take. Am I a parent with small children? If I have a full-time job, am I ready to give up nights, weekends and vacations to do the required work? Am I driven to make my dream come to true?

Let’s take the business plan outline as an example: Executive Summary, Company Description, Products and Services, Marketing and Operational Plan, Management and Organization. The list goes on. As important as it is to focus on these areas, it is equally important to create a timeline to start and complete each section to determine the total time needed.

There are two parts of the timeline. The first is how much “actual time” it will take to write the plan section or the task at hand, e.g. filling out the paperwork to form a business entity. The second is a “running timeline,” or the overall timeframe, for these tasks and the rest of life’s demands for time.

The timeline gives a view of reality. If completion dates are constantly missed, there should be a review of why. Am I being too optimistic? Do I have other higher priorities in my life?

With an electronic organizer: Palm, iPhone, Blackberry, etc., all aspects of what needs to be accomplished is easily tracked on a calendar. For those not into technology, a simple calendar can be used. The challenge to the entrepreneur is to be disciplined in creating the timeline and being realistic about analyzing what is happening with time and the meeting, beating, or slipping from the planned timeline. It is a must, especially in the early days.

The same holds true for the monetary cost of starting a business along with the
“time cost.” The financial timeline and cash reality will show up in the Sources & Uses part of the business plan.

The challenge to all is to create and manage time and learn from what is happening based on the timeline. It will be a reality check for all new and ongoing businesses. The sooner one is adopted by the business owner the better.


Richard Strug
Greater Princeton Area SCORE (Chapter 631)
Serving Mercer and Middlesex Counties