Business Plans with Kayleigh Hannon
Go from stuck to strategic by creating a business plan
Top 3 Tips
1. Think long term. You don’t want to start creating things that you don’t want to be doing a year from now.
2. Lay it all out on the table. Have a mind dump of all your ideas that are running through your mind. You’ll be able to see which ones you feel excited about and other’s that just aren’t going to cut it.
3. Only do things that align with your mission and vision. Just because your top competitor is doing it, doesn’t mean it’s right for you.
Please explain what a business plan is and it’s key purpose
A business plan is a roadmap for your business. You decide what you truly want for your business, outline goals, test different strategies, create a marketing plan and create your Plan of Action. When creating your business plan, you’ll learn more about your audience and competitors than you ever did before. By really understanding your audience, you’re able to create and test strategies specifically designed for them.
The best part of creating a business plan is the clarity that comes with it. You’ll understand the true why behind your business and know exactly what you want to achieve. You’ll also walk away with a clear roadmap of how to finally reach those goals you’ve been dreaming about.
How does one prepare a business plan? What are the key components?
Don’t feel like you have to get all corporate-y here and follow the guidelines of a typical business plan!
Make your business plan work for YOU.
The key components you want to include are:
– mission statement
– target audience
– marketing strategy
– product/service strategy
Set your business plan up by deciding what your #1 goal is with your business. This is your mission statement. It should include who you want to help and what you’re ultimately setting out to accomplish.
You NEED to define your target audience to truly strategize your business. Ask yourself these 3 questions:
1. Who is my target audience?
2. Why am I targeting them?
3. How can I help them?
This helps you when you’re writing your website copy, blog posts or social media content since you’ll know exactly who you’re talking to and what type of information they want to hear.
Build your products and services around your audience. Figure out what they want from you and what their needs are and create something of immense value. You need to decide on how to market your products or services, how much you’ll charge and set up a launch strategy.
How much detail should a business plan have?
As much as possible! The more detail you put into your business plan, the more clarity you’ll have and the easier it will be for you to plan your weeks and months to accomplish your goals.
How often should a business plan be revised?
You can revise as often as you’d like. You can review quarterly, mid-year or annually. If you feel your business is changing and evolving much differently than you originally planned in your business plan, revise it to match your growth.
It’s so important to note here that just because you wrote something down in your business plan, does not mean you have to follow through with it. If you had an idea for a course but no longer feel it’s best for you and your audience, it’s okay to kick it to the curb or revise it to better suit your business.
What is the best way to plan for the near/medium and long term?
The best and easiest way to plan is to start with your long term goals. Decide what you absolutely want to accomplish (reach a 6 figure income, sell 100 e-books, increase list to 10,000 subscribers, etc.). Take your long term goals and decide what you need to do each quarter to make it happen. Then, break down your tasks into month and weekly goals. Instead of just looking at 1 huge goal, you’ll have mini goals you have to reach and it’s easier to strategize and structure your days and weeks around trying to hit smaller goals than only keeping your eye on the end goal.
Before creating your business plan, set yourself up with a rock solid foundation by defining success on your own terms with my free email course, 10 Days To Your Version Of Success!