You have to create a solid plan to build and support your big business goals. But most people misunderstand what a business plan is. You don’t need to craft some complicated 30-page document with graphs and tables to present to banks and investors. This isn’t Shark Tank. I'm sharing 5 tips to craft your business plan.
I want you to write a business plan because I know the power behind strategy–and how it can change the course of your business for the better.
Inside this article, I'm sharing 5 things to include in your business plan. Don't forget to download your free business plan template (hint: I've mapped out all this inside there, too!).
Before you do anything, vision casting is the first step. Knowing what kind of business you want will help you write strategies to make that biz come to life.
We can't know what we're building until we see the destination we want to arrive at, right?
That's what vision casting is. To make this even easier for you, I've recorded an entire podcast episode on how to vision cast for your business. Episode 42 of The Power in Purpose Podcast gives you step-by-step guidance and action on how to start your biz.
Everyone is building a different kind of business under different circumstances. You might want to have a career that allows you to raise your family at the same time. Or, you might want to build a million-dollar empire.
It's important to know what kind of business YOU want to reverse engineer the strategies that it will take to get there.
Mission, Vision & Purpose
Everyone here listening hasn’t gotten to where they are in business without understanding that their company needs a mission statement.
But how much of that mission statement is about YOU?
I want you to focus on how your mission helps solve your customers’ problems, not serves you and your business.
- What do you do?
- How do you do it?
- Who do you do it for?
- What value are we bringing?
Most people write vision statements in business that casts a vision for their future.
I want you to cast a vision for your customers’ future.
What does life look like for your clients after you’ve done what you do?
If we can condense both your mission and vision down into one singular and impactful statement–what would it be? This is why you exist.
The #1 reason why businesses fail is they don't know who their customers are. They don't honestly and personally know their customers.
But not you–you're going to create a business that fully understands who your ideal clients are so that you can solve their problems quicker, faster, and better than anyone else.
You have to get specific about who your ideal clients are and why they need you to solve their problems. Knowing more about what motivates them, what they value, what challenges they face, and yes, what problems they have means you can position yourself as the solution.
And knowing your ideal clients is more than knowing what kind of car they drive, their favorite color, and their age range. Those things are essential, but they only tell you part of the story.
When you start your business, you'll be tempted to serve everyone and anyone. That's one of the biggest mistakes new entrepreneurs make: they reason they'll cast a wide net, which will increase their chances of customers. After all, the wider the net, the more you can catch, right?
What ends up happening is you become too watered down, too unspecific, too generic. By appealing to everyone, you appeal to no one, because no one can connect with your company.
They don't look at what you offer, your message, and say, “this is for me.”
Want help uncovering who your dreamy, ideal clients are? Check out The Client Cocktail – a client attraction formula for wedding planners, photographers, and industry creatives who are ready to upgrade their clients (and stop serving the wrong people).
Pathway to Profitability
Numbers so freak people out…. But, numbers tell a story of what is possible.
Business is just one big experiment – and so is pricing. Everyone gets so hooked up over the cost of their products or services, but pricing is just math and marketing mixed.
Lay down the “Charge what your worth” movement and instead get invested in your business numbers.
What is it going to take to reach your financial vision? What are the different pathways to profitability? How can your current product or service ladder help you reach financial goals and independence – or maybe it can’t? Wouldn’t you rather know what’s possible, and what is impossible, rather than hiding from the real numbers that show your business’s financial health?
Attraction & Sales
Everyone wants to jump to marketing, but did you see all the steps we took to get here?
We did a lot of homework before we reached the stage where we'll market your business, attract your dreamy clients, and land the sale.
Resist the urge to market your business without all the strategies above. What will happen? You're marketing will fail and you'll attract the wrong people (if you attract any peeps at all).
But once you're ready and prepared to develop a marketing and sales strategy, it's time for you to learn what marketing really is.
Marketing is just simply sharing your message so it reaches the right people.
That's it. That is what marketing is. It's not hashtags, creative market graphics, slick Insta reels, dozen of blog posts or an ad in your industry magazine.
Marketing is simply sharing your message so it reaches the right people.
That begs the question–what is your message? If you worked through your mission, vision, and purpose then, my friend, your message is clear.
For your attraction and sales plan, it's time for you to think about how you'll spread that message and nurture your leads into a solid sale.
If you're ready to write your business plan but want some extra support, download my free business plan outline + guide. It's got everything you need to kick-start your business strategy–no matter how long you've been in business!