Hello beautiful soul, I’m so excited that you’ve decided to pursue your passion and turn that passion into a business. Creating a business can feel exciting and overwhelming at the same time. You’re excited to share your magic with the world, but you feel like there’s so much to do, and you have no idea where to start. No worries, I got you covered.
Creating a business plan is a great way to get all your amazing thoughts and ideas down on paper. However, for many, the thought of writing a business plan makes them cringe. But regardless of what type of business you have, having a clear and thought out plan will help you stay focused.
Let’s Make Things Simple
Instead of the traditional 30-page business plan that we’re not big fans of, we’re going to walk you through how to write a simple business plan for creative entrepreneurs and solopreneurs.
How to Write a Business Plan for Entrepreneurs
According to Bplans, a business plan is a guide—a roadmap for your business that outlines goals and details how you plan to achieve those goals. You’ll use your business plan as a blueprint for how to structure, run, and grow your new business. It’s a great way to think through all the vital elements of your business.
Here’s a list of the key sections you need in a business plan and what goes into each of them.
1. Business Summary
The business summary reviews your business’ why and what. In this section, provide a brief overview of your company’s:
- Purpose and mission
- Vision statement
- Core values
- Legal structure (sole proprietorship, LLC, S Corp, corporation, etc.)
2. Business Goals
Write down the goals for your business. What do you want to achieve over the next couple of months? It would be best if you broke these up into short term and long term goals. For example, you can set goals for 3, 6, and 12 months to start, and then you can re-examine where you are after a couple of months and make any necessary adjustments.
3. Target Market
Your target market describes the industry you’re interested in, current trends, your target customer, and competitors. To get a good understanding of your target market, you must do some research.
Understanding your target market will allow you to identify gaps in your industry and evaluate your competitors’ strengths and weaknesses so that you can uniquely position your company to stand out from the competition.
4. Products and Services
Go into detail about the products or services you will be offering and how you will differentiate yourself from other competitors in the market. You should include information about your pricing structure and the benefits your products or services will provide to your target customer.
An excellent way to think about this is to start by describing the problem you’re solving. Then, go into how you plan to solve it. You can look at what other companies are providing solutions to this particular problem and what sets your solution apart from theirs.
5. Marketing Strategies
This section will allow you to think through and draft a marketing plan. How will you grow your audience, advertise, and promote your business to customers? Will you use social media, email marketing, paid ads, print advertising, press releases, etc.? Whatever marketing strategies you use, make sure that they are tailored to your target audience’s needs and interests.
In this section, you’ll describe how you’ll finance your business over the next couple of months.
First, you’ll need to write down your startup costs. Startup costs include money spent on registering your business, getting a website, leasing office space, etc. Pretty much anything you need to get the company up and running.
Second, you’ll need to figure out how you’ll fund the business, whether you’ll be using your savings, credit cards, bank loans, etc.
Third, write down how much money your business will need for future growth and estimate your operating expenses and revenue.
Pro Tip: Start lean, don’t overspend on things you do not need. Ensure you have enough money to keep the business going for at least 6 to 12 months without dipping into your profits.
Update Your Business Plan
Lastly, when creating your business plan, remember that it is a living document. As you begin to operate your business, it will grow and evolve. Allow your intuition to guide you through this process. Pay attention to the parts of your business that you love and where your customers are getting the most significant benefits. You may need to update your business plan to reflect any desired changes in your business goals.
Ready to Write Your Business Plan? Get Your Free Template.
Download our free business plan template to get the ball rolling. Grab a cup of coffee (or tea, or wine) and get started. Give yourself time to think through your “why” and the impact you would like to have in people’s lives.
Also, don’t forget to have some fun and enjoy the journey. You are absolutely amazing, and we look forward to the magic you’ll create in the world (popping virtual champagne). Get it, girl! Cheers!
Have questions or additional tips for creative entrepreneurs creating a business plan? Please drop us a note in the comments section.