3 Things Your Business Plan Must Have
Businesses of every type, including coaches, creators, and entrepreneurs need a business plan. Don’t think you can skip by on this important step because you offer a service instead of a physical product. Every business can and will benefit from a business plan.
First Step: Focus ON YOUR WHY
Too many people overlook the core pieces and elements in a business plan and head straight for the financials. While profits and revenues are all good, without a strong foundation behind the action, the plan will fall through.
When you create a business plan, you need to first and foremost be honest with yourself, by asking yourself deep and reflective questions. i.e. focus on the reasons why you start your business or brand in the first place:
Who do you want to serve?
What do you want to provide?
When do you want to start?
Where will you set up shop?
Why do you want to start such an endeavor?
What’s your greater mission and vision?
How will you meld all these things together to create a prosperous and abundant business?
These are the primary reasons why you’re going into business and they should always be at the forefront of your mind when making decisions.
Something else to focus on is your big dream. How much money do you want to make over the next 5 years? Do you want to sell multiple products or have several locations? Everyone’s big dream will be different but you should write it down as part of the plan.
Here’s a biblical truth. And it still applies today.
Without vision, people perish.
Second Step: A WRITTEN Plan
Think of your business plan as a mountain. Your mission statement is at the base of the mountain while your big dream is at the peak. Everything in between is what you need to plan and these steps should also be incorporated into a business plan.
What products do you want to create? e.g. Physical products, In-person service, e-commerce, digital products?
How often do you want to produce a product or render a new service offering?
How can you implement some passive income or affiliate income into your business?
Are there any speaking engagements or virtual summit opportunities that will expand your reach and your followers?
What can you add to your sales funnel for those not yet ready to commit to coaching? Are there lower-ticket items that you can sell to get them in your front door?
Third Step: Action Steps
This is where your planning steps are broken down into smaller, actionable steps. Instead of just saying I want to write a book, break the process down further. It’s okay to start small and grow from there!
How much time can you dedicate each day to writing? 3 hours? 1 hour? 30minutes?
Do you want to self-publish or find a publisher?
Do you need to outsource or delegate? You’ll need to hire an editor and someone to design the cover.
These are actionable steps that can easily be crossed off your to-do list once completed.
Don’t be thrown off here. You don’t need to plan 5 years’ worth of action steps at one time.
The idea is to plan a year at a time, chunk it down to each quarter, and have achievable monthly/weekly goals. Keeping your focus in mind, so that the action steps become a pathway or a blueprint to your big dreams.
If the above seems like a daunting task, simply reach out to me via the comments below or book a session with me for a complimentary 1:1 discovery call. You will gain clarity on where you are now, your missing gaps to reach where you want to go, and the ACTIONABLE steps to draw closer to your goals.
‘Til my next post, BOSS!
All my best,
Sherlene