Business Plans Are for All Businesses
You might think that only tech start-ups and corporations need business plans. Banks and venture capitalists want to see a plan before they consider investing in them. But not you, the independent small business owner, right? Guess what? Business Plans are for all businesses.
Business plans help you get to know yourself operationally - what your priorities are, which tasks come naturally and which you need help with, and how to realistically achieve your goals.
The majority of my clients are self-funded solo professionals, service providers working remotely with low overhead. So why do they need a business plan?
A Roadmap to Follow
Do you know how to start, each project, each day, each quarter? A business plan helps you choose what to do first. It provides the necessary focus to take the right steps one at a time. Planning ahead creates a strategy, rather than doing things in the moment. I want my clients to see the benefit of being proactive, not reactive.
A Clear Business Description
Who do you want to work with, and what services will you offer them? Investing time in fleshing out these details allows you to compose your Unique Value Proposition with clarity and confidence.
Marketing and Sales Strategies
Finding clients will be your focus, of course. First, you have to know who you want to reach with your marketing and where they hang out - Facebook? Instagram? LinkedIn? Will you grow an email list and/or write blogs? These all require a strategy to reach the right audience in the right way. You want to be intentional with the time you put into marketing.
Networking
You will need to meet and talk to people, get some experience talking to other business owners, find out what people need so you can refine your services, and make some money to reinvest into your business. It’s much easier to accomplish this when you have a plan. There are lots of choices here. Online or in-person groups. Groups that meet monthly or weekly. And of course, groups where your potential clients and referral partners hang out.
Operations
I start working with my clients on business operations right away so we have an idea of how things will go. Addressing these decisions ahead of time builds confidence in selling yourself and your ability to deliver your services to prospective clients. If you’re unsure what actions to take when someone says, “yes” - it’s stressful. When you know the next step, selling your services will come naturally.
Financial Projections
Many new business owners think they will make enough profit right away or in a few short months to support themselves. This is rarely the truth. Working through financial projections can open the eyes of the small business owner. They may have to hold on to their day job a while longer or invest personal savings into their new business. Or, they’ll realize they want to seek outside funding.
Thinking through all of this upfront reinforces how you will need to spend your time to be successful. I show my clients how to utilize CEO Hours and weekly and quarterly planning to prioritize and hold themselves accountable to their business plan.
If you’re starting a new business and need expert support to create your business plan, let’s connect.
P.S. Ready to stop spinning in place and get to the other side of your goals? Here are several ways I can help:
Download my free resource Show Your Schedule Who's Boss - these tips and strategies will help you take control of your time. This is the first step in taking control of your business - kathleen-lawson.com/show-your-schedule-whos-boss
Join our next CEO Power Planning Session and spend two and a half hours ON your business. During this facilitated workshop, you’ll set and prioritize your next 12-week goals, break them down into an executable action plan and create a resource plan - kathleen-lawson.com/ceo-power-planning
Schedule a Laser Consult Session. This is a one-time 90-minute session for the entrepreneur who needs expert strategic guidance. Use this time to work through an idea, develop an executable 12 week action plan, streamline or create a process or system, or improve routines around daily and weekly execution. kathleen-lawson.com/laser-consult