What Do I Include in My Business Plan?
The days of composing a 200-page business plan with graphs and pie charts
are long gone, unless you are asking for funding from lenders or investors.
Today, most small business owners start up using their own savings or the earnings
from working a 9 to 5 corporate job.
A simple explanation of the
When? are all you need to answer in order to have clarity in your business.
Here are 6 areas to include in your simple business plan:
Why are you starting this business? What is the purpose of starting this business? In what direction are you headed?
Go beyond the known answers of having freedom, flexibility, being your own boss, and on and on. Look deeper within yourself for the honest answer(s).
Narrow the “WHY” to one or two core words or phrases.
When answering, think about what the business will look like when it is thriving!
For example, I started Venture Coaching “to personally teach new entrepreneurs how to start up business through simple steps and to leave an impact and a legacy of successful Entrepreneurs.” The words “teach” and “legacy” are the key to my “WHY.”
Discovering your WHY keeps you focused and headed in the right direction.
Writing your vision inside your business plan and on a large whiteboard will provide a visual to remind you “WHY!”
How are you going to accomplish the “Why?” What daily actions will you need to implement to reach your Vision?
Included in the mission statement of your business are your core values. These are values that you and your business stand for!
In my e-book called “Entrepreneurial Start-up 101,” I provide a worksheet to help you choose your 3 core values and 3 action verbs and then incorporate them into your mission statement.
Your mission statement can become your elevator speech when you need to quickly tell others about your business.
What do you plan to accomplish in your business in 3 months? 6 months? 1 Year?
These are called your short term goals. Think and dream big in this section.
You may or may not accomplish the goals you’ve set but at least you put them out there to reach!
Establish your long term goals too.
What do you plan to accomplish in your business in 3 years? 5 years? 10 years?
It’s okay to change these up when your business is up and running.
You will find that your business plan is fluid and ever-changing and that is okay!
I review and change up my business plan every 2-3 months!
Who is your ideal avatar? What do you know about them? How do they look and act?
Getting very specific in identifying your ideal avatar is extremely necessary
in building a successful business.
Knowing what they look like, where they shop, what their hobbies are, and much more has unspeakable value. Paint a mental picture of your ideal avatar.
The more you know about your client/customer and how to market to them the more successful your business will be!
What is the Need of your ideal avatar? What is their challenge? Who are they buying from?
Once you determine the need of your avatar, meeting that need will determine your marketing strategy.
How do you plan to meet that need in a way that is different from your competitors?
What experiences and skills do you have as the business owner that will give you a niche in the market?
Who are your customers currently buying from? These are your competitors so get to know them! Where are they located? How are they currently servicing your ideal avatar? What unique value can you add to your customer when they buy from you?
Every business plan needs a summary paragraph that explains your business in a nutshell.
Use sentences from each of the above exercises and incorporate into your summary. Keep the summary to half a page in length.
By the way, this summary can also be developed into an elevator speech as long as it is concise, to the point, and can be said in 2 minutes. (See my article on giving an elevator speech.)
I understand that time is limited when trying to plan a business while running a household, working outside the home, raising children, going to events, all at the same time!
That’s why I wrote this simple e-book called, “Entrepreneurial Start-up 101.”
You can quickly download the e-book, fill out the pdf’s online, print them out & have a mini business plan in your hand in an hour!
Place the pages in a binder to have a physical business plan to hold and show.
Don’t forget to fill out the free template with your business name and insert on the outside of your binder.
I promise it’s that EASY!
Oh Yeah!!! Shout it from the Rooftop!
You can now say “YES” to “I have a Business Plan!”
Get your copy NOW and have a completed business plan in your hand today!
Did I mention you can also check that item off your TO-DO list???? Woo-hoo!!!
Let’s Get the Party Started!
Your Venture Coach & Biggest Fan