Creating a business plan can sound like a pretty boring thing to do for your business. But running your biz with little direction and no clear vision of the future, isn’t going to help you build a sustainable business.
You don’t need to create a formal business plan and follow the format you’ll probably find on Google. Personally, I think the corporate-y type of business plan has a lot of extra that’s unnecessary. And probably won’t get read.
Now your business plan is a totally different story! You’re a creative person, you’ve set out to start your very own small business. You’re not looking for investors to read this thing. This is for you. Consider this your business roadmap.
So why do you need a business plan anyway? You’ve come to the right place to find out!Get organized, set goals + have a clear plan of action for your bizClick To Tweet
Do you ever find yourself walking through the grocery store when the best business idea pops in your head? You hurry up and right it down in your iPhone notes so you don’t forget. You get home and you want to start working on this genius idea right now before anyone else can think of it!
Well, I hate to tell you this, but running your biz by creating whatever awesome idea comes to your mind that week isn’t how you reach long term goals. Sure, your idea might be genius, but is it worth dropping everything else for? Is it going to help you reach this quarter’s big goal you set?
Don’t think just because you write a business plan, everything is set in stone. You can always add or take away things if necessary. But you’ll have everything laid out on the table so you can see where your focus should be.
Create a clear Plan of Action
When creating your business plan, you’ll create a Plan of Action. Which is exactly what it sounds like – a plan of the actions you’re going to take to achieve the goals you’ve laid out in your BP.
I like to focus my business plan on a year at a time and break that down into quarters. Thinking 5-10 years down the road is enough to make us all cringe. Not to mention the needs of our audience changes and so many things change online that strategies you put in place today may not be as effective or even relevant 2 years from now.
Set yourself apart from your competitors
When creating your BP, you should always do a competitor analysis. I don’t mean spend days ogling over how much farther ahead your competition is than you or how big of an audience they have. Look at your competitors in a constructive way. When you do this, you’re able to see gaps in the market that your expertise can fill. You’ll also be able to see what isn’t working your competitors and make sure you don’t make the same mistakes.
Set realistic expectations
Writing down that you’re going to make $100k this year is awesome, but if you’re only estimating that your products and services will bring in half that, you’ll have to do some rethinking.
A lot of people often forget about the taxes part of owning your own business. I personally set aside about 30-40% of all income to go to year end taxes. Which is quite a bit of your income! Creating your business plan is the perfect time to factor in all your foreseeable expenses and map out your revenue streams.
If you’re ready to run your biz efficiently and know exactly where it’s headed, my Creative Biz Plan Workshop will show you exactly what should be included in your business plan. I go over the key pieces you’ll want to include in your business plan while still leaving you with plenty of flexibility. When you sign up, you’ll also get:
- the Creative Biz Plan Workbook
- all the slides from the workshop so you can print them out and take notes
- a list of the tools I use to create systems and automations in my biz
- and 2 FREE months of SmarterQueue so you can automate your social media posting.