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Some people think that business plans are a waste of time, but I disagree and so would MILLIONS of successful small, medium AND big business owners. There are many successful solopreneurs now who have digital courses that you may have seen and they don't talk about the business plan, but I promise you that they ALL have business backgrounds and plan their activities. They will tell you the same thing. I urge you to write a plan. It will change throughout your journey, that is 100% certain. But not starting with a plan is a mistake. You might say “Well all I am doing is content writing and just post on LinkedIn and Twitter 1-3 times a day… THAT is a plan… Make sense? Organize your activities and you will have a much higher probability of success. I promise.
Types of Business Plans
O… There are different types of business plans and they all have a different purpose and format: Some are 100 pages long and some are 1-3 pages… just an outline to help us define what we’re doing. Some are JUST marketing plans, like for many of the entrepreneurs and solopreneurs I work with. Some are just risk or financial analysis… but we always need a plan.
Why do we need a biz plan?
- Fund raising
There are many reasons… these are just a few. I am providing 1 simple business plan template for you to use. Just delete my info and put your info in and edit as necessary.
I also provide 2 other more involved detailed plans that I used to raise $2M in The Express Entrepreneur Course.
- Simple business plan to define a coaching/entrepreneurial venture (Free with this guide)
- 25-page plan I used to raise $1M for an offshore real estate investment (In Express Entrepreneur Course)
- 40 page plan that I used to raise $1M for a rare coin and precious metals business (In Express Entrepreneur Course)
Here is your simple plan outline:
- Executive Summary - This is the very first part of the business plan, but is usually written last because it is a summary of the plan. It is basically like an elevator pitch and should be kept fairly short. No more than 2 paragraphs, but usually just 1. It is what any investors or potential partners might read before diving into your plan.
- Company Structure and Description - This section is pretty straightforward… name, location, partnership if any, or maybe the history of how your business is where it is right now.
- Products and Services - Also pretty straightforward.
Should include things like:
- How your product/service will work
- Potential pricing structure (can be changed, just a starting point)
- Target market
- Sales strategy
- Any proprietary information
- Market Analysis
What sets you apart from your competition? This will include the following:
- Demographics and Target Market
- Market Need
- Strategy - This might be the most important section… how you plan to make money
What is your competitive edge?
- Pricing: (We mentioned it earlier above. Just an estimate for now in this plan. Other plans where you are raising capital would require more specifics).
- Marketing Plan - *** THIS is a key feature with many of my clients since we work on building an online business
- Milestones - set some goals like 3, 6, 12 month goals… maybe even 5-10 years.
- Risks - what potentially stands in the way of success
- Operations -
- A personnel plan - who are the key players
- Key Assets - what do you currently own
- Suppliers - where are you going to get your “stuff”
- SWOT Analysis
- Strengths - What is going to help you succeed?
- Weaknesses - Where do you fall short?
- Opportunities - What can help you get there?
- Threats - What stands in your way?
- Financial Plan
- Start-up Funding - Do you have enough money? Need some? How much?
- Important Assumptions - What conditions currently exist for you to be successful?
- Sales Forecast - Educated guess on where you will be at certain milestones
- Cost Structure - What is your COGS (cost of good sold)? Basically, how much does it
- COST you to make your product or to perform your service? That will help determine how much to charge for your product/service.
Whenever you are ready, there are a 4 ways I can help you:
- The Friday Entrepreneur Newsletter to get a weekly actionable growth tip
- Entrepreneur Express Program to help you build and/or scale your business
- Group Coaching to work with me and other successful entrepreneurs
- 1-1 Coaching to take a deep dive into building or scaling your business
When you’re ready, there are 4 ways I can help you:
1. The Express Entrepreneur - The 90-minute course to build your online business from an idea to sale-ready in less than a week. Guaranteed! (HERE)
2. The Entrepreneur Performance System - The complete system to build and optimize every detail of a successful business from an idea to sale to scale. Guaranteed! (HERE)
3. Group & 1-1 Coaching - Sometimes the digital courses aren’t enough. Take a deep dive with other successful business owners in group masterminds, or with myself 1-1 to make sure it is a successful venture. (HERE)
4. Business & Life Mastery School - Learn at your own pace from number of business and life mastery classes designed to grow your emotional intelligence, overcome any addictions, improve your relationships and your health, and even mindfulness and meditation courses.