Wondering how to write a business plan for your small online business?
Writing a business plan can be *totally* overwhelming and confusing if you’ve never done it before.
That being said, a solid business plan can scale your business quickly and save you the headache of constantly trying to have to figure out your next step.
That’s why I’m sharing the exact strategy I used to write the perfect business plan for my 6-figure coaching business. I’m also including all the strategies I’ve used behind the scenes of my 7-figure VIP clients to create their business plans too!
What is a business plan?
If you’re reading this and thinking to yourself, well what exactly IS a business plan? I’m going to explain why a business plan is crucial if you want to grow a successful business.
A business plan is literally a living, breathing document for you and your team (if you have one!)
It’s used as a point of reference to set your SMART goals, review your KPIs, and make sure that your marketing and sales efforts are actually working.
So please... don’t create your business plan and then stuff it in some random filing cabinet!
You’ll want to review it each and every month, or at the very least quarterly.
Don’t be afraid to print it out and carry it around in a binder. It’s the perfect way to check-in with your goals every day and keep yourself accountable.
Ask yourself: What are my goals? Where am I going? How do I plan on achieving said goals?
Remember, this document will evolve as you and your business evolve.
It’s literally a GPS for you and your business. You always want to know where you are and which direction your business is headed.
A business plan is an absolute MUST if you plan on pitching your product or services to an investor.
Investors want to know that you are serious about your business, that you’ve done your research and you’ve actually taken the time to create a solid plan.
Sounds like something you need help with? You’re in the right place!
The 7 Steps For How To Write A Business Plan
Look no further because today I’m showing you how to write a business plan step by step so you can skyrocket your business. These seven simple steps will help you write up an incredible business plan completely unique to your business in no time!
Step One: Do your research.
There is no such thing as a great business plan without research.
You have to have clarity on who you are, your products and services, who you’ll help, and how you will help them. Make sense?
Now that you have this information, it’s time to take a look at the market (aka who is your competition?).
This will help you create your unique selling proposition (USP). You need to know what your competition is and isn’t doing. What makes your service or product unique?
Even if you are a health coach competing with thousands of other health coaches, your ideal audience needs to know why they should choose you and what makes your business different?
Getting clear on what differentiates your business from the rest is the first, most important step to when figuring out how to write a business plan for success.
Step Two: Determine the purpose of your plan.
By now, you know the purpose of your plan is to act as your business GPS. You always want to know where you are and where you wanna go!
It’s crucial that you crunch your numbers, especially if you want to scale to 6-figures or 7-figures in revenue. That way you can reverse engineer your numbers and price out your products and services accordingly.
When you are ready to start marketing and making sales, you’ll have accurate checkpoints that you can refer back to make sure you’re on the right track.
Writing down all this information will also help if you are thinking about having a partner or investors to help scale your business.
Step Three: Create a company profile.
Even if you are a solopreneur, think of yourself as a company or separate entity.
This makes it much easier to create your brand story and share who you are, what you stand for, and your company’s values.
It’s also the perfect historical reference point for when you are pitching to prospects or investors.
Feel free to create a slide deck or add it to your website.
A company profile is crucial to your success. It’s the first piece of information that’ll tell others who you are and how you can help them. Don’t forget this key step when figuring out how to write a business plan!
Step Four: Document all aspects of your business.
If you plan on having a partner or investors, then they will want to know every single detail.
What are the startup costs?
How much does it cost to operate annually?
What are your sale projections?
Add as MANY details as you can!
And even if you are not ready for investors, you still need to properly document your cash flow.
This information can help you set goals and know your numbers for when you are ready to hire. You’ll have everything in place to start building your #DreamTeam 😍
If you already have a team, then your cash flow projections will prepare you for unfortunate hiccups and unforeseen events in your business.
Be EXTREMELY specific when planning your finances and cash flow - you’ll thank me later!
Step Five: Have a strategic marketing plan in place.
A great business plan needs an aggressive marketing plan.
Here are a few marketing objectives you can include:
Introduce new products
Extend or regain the market for existing products
Enter new territories for the company
Boost sales in a particular product, market, or price range. Try to be specific, where will this business come from?
Cross-sell (or bundle) one product with another
Enter into long-term contracts with desirable clients
Raise prices without cutting into sales figures
Refine a product
Have a content marketing strategy
Enhance manufacturing/product delivery
Remember, each marketing objective should have several goals and tactics so you can actually achieve them!
Step Six: Make it adaptable based on your audience.
This step may not be that important if you are currently the only one using your business plan.
However, if the goal of your business plan is to bring on a new partner or seek investors, then you have to change it to suit their interests.
Remember, don’t change your entire strategy.
If you need a business loan and decide to meet with a banker, then slightly adjust your business plan so it speaks to that banker.
If you are meeting with a potential business partner, then highlight different aspects that would interest them.
It’s okay to adapt your business plan as needed! Remember, your business plan is a living, breathing, thing, not something that needs to stay static.
Step Seven: Explain why you care.
Get clear on WHY people should say yes!
Whether it’s a new lead, a potential partner, or an investor, they need to feel inspired to get behind you and understand the ultimate transformation that you’re selling.
Put some heart behind your mission and be clear on your why.
This will make it much easier for people to say yes!
There it is! These are the seven simple steps on how to write a business plan that sets your small online business up for success.
Some of these steps may feel daunting which is why I’m sharing my FREE business plan template PLUS a copy of my current business plan https://molly-ann-luna.ck.page/60ef4b6374.
Take a sneak peek behind my business and make sure you have a rock-solid template to follow when you write your own.
Download Your Free Business Plan Template Here https://molly-ann-luna.ck.page/60ef4b6374
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