A business plan doesn’t have to be so daunting that you decide you might not want to go into business for yourself if you have to craft one. Even if people aren’t talking about business plans – and it seems entrepreneurs are popping up across the country during this pandemic – but they’re not saying what’s in their business plan. They may not even have written a business plan but we’ll bet they have some sort of a roadmap aka business plan, but we have 5 reasons to write a business plan you may not have considered.
5 Reasons To Write A Business Plan
Here are some of the very good reasons the most savvy entrepreneurs – new and established – put together a business plan.
As mentioned – it’s your roadmap. How will you know you have “arrived” if you don’t know what the final destination is? What is success? How will you measure it? This is something your business plan will help you determine.
What will you make and sell or deliver? Knowing that and knowing what your profit margins may be will help determine whether you’re over- or underpricing your services and products. Remember, you need to set a value for your time and that may seem harder to do than setting a value to a product.
If you’re seeking financing or if you’re building a team or working with a team, your business plan will keep everyone on the same path. When you take the time to write it down, you will be more productive and will truly understand the intentions of your business.
When you are in the process of writing down your business plan you may have that “lightbulb” moment and find a way to open the door to more opportunities. When you are doing a deep dive into your customer base and the industry you may find new options you hadn’t identified previously.
Your business plan is your origin story – your business story. The business plan can highlight and help you share the story of your brand and that counts for a lot when connecting with potential customers.
We work with new and existing entrepreneurs and when we are talking with them, we find that having a business plan makes them feel more hopeful for the future of the business and that’s why we are proponents.
How you face adversity can make a difference for an entrepreneur between success and failure. If you’re looking for a way to move forward – even if you face a set back – we have tips that will help you be an entrepreneur who surpasses those who have a negative attitude. Is your attitude holding you back? If so, read on.
Is Your Attitude Holding You Back?
Don’t feel sorry for yourself. Yes, there are times when a setback hits hard and it’s all right if you need a day to wallow in the loss or setback. After that, though you need to stop feeling sorry for yourself, see what went wrong and course correct.
Don’t avoid change. Change is inevitable and you need to accept it. You don’t have to happily embrace it, but accept that it will happen and make the most of it.
Don’t give away your power to someone else or a client. You need to manage your responses to situations and people.
Don’t waste time on things which you cannot change. There are some changes you can make to some situations and other things – like the weather – are beyond your control. The weather is a BIG example, but think about those things that weigh on your emotions and see if you can change it or move away from it. If you cannot, then find a way to cope.
You can’t please all the people all the time. You can only do your best and deliver what you said you were going to deliver.
You need to sometimes jump in with both feet. Take a calculated risk and see what happens! Chances are, it won’t be life and death, right?
Move past the past. What’s done is done. Replaying a past failure or a past conversation or a client that got away will not help you move forward and in fact will drain your energy.
Are you hearing crickets when you send out an e-newsletter or e-blast to your list? If that’s the case, why do you continue to send one? We have advice on how to get your emails opened and prompt action from the recipients.
We’ve talked in the past about how your list is one of your most important business assets. That is more true than ever with the coronavirus pandemic and the looming election taking up most of our social media feeds.
How To Get Your Emails Opened
If your open rates and click-through rates are low, try some of these steps to amp up the opens, clicks and follow through on your calls to action. Know that subject lines matter – this is the first impression someone on your list sees.
Get noticed in the busy inbox. Your email subject line should be description enough to prompt action. If your subject line is boring or if it tells the entire story, why open? The subject line should be enough of an attention grabber that the recipient needs to know more.
Does your content lend itself to statistics? “More then 80% of all businesses with mailing lists stay afloat!” (this is made up, but if you’re a business owner, wouldn’t you open it? Statistics also help build your credibility – a reader will think, “wow this person knows his stuff!”
Don’t reuse a subject line. If you had a subject line that garnered eyes on the content and clicks, it may be tempting to repeat and reuse – don’t. Your readers will get onto you and eventually they won’t open.
Show your personality. Speak right to the reader. Don’t offer your success in the subject line. “I used this and won the lottery!” Who cares. “If you use this you, too could win the lottery!” Well, now I am listening.
FOMO is real. The fear of missing out, limited quantities, limited spaces and deadlines prompt action. Again, don’t overuse this because it’s like crying wolf. After a while, your FOMO headlines won’t prompt action – well maybe other than deleting it.
Subject lines matter. Your content matters. Don’t use a sensational headline thinking that it will prompt an open and then give content that doesn’t match the headline. Bait and switch subject lines and content will see you in the trash can.
When people come to your blog are they likely to come back? Is it a good experience for them? The cliche of you only get one chance to make a first impression is true. We have tips on how to make a splash with your blog that will get your readers coming back for more.
Blogging is the way in which your website remains current and active in the eyes of Google search — and you want to remain active and seem viable in Google’s eyes as they can help drive your content up in a search.
How To Make A Splash With Your Blog
Here are tips to make a splash and rank in a search
Use Google’s people cards — this is esentially your brand’s demographic. If people are looking for you or your business in a search, you want to set up a Google Card/People Card so you come up in a search.
If you list your prices on your website, don’t feel that you have to justify them. If you do feel the urge to do that, talk about your prices in the terms of the value a customer will reap by working with you over the competition.
What is your personal brand? Are you funny? Serious? Sarcastic? Do you share your political views or religious leanings unapologetically? If that’s the case, that is who you are and your customers will come to you because they like what you’re saying OR they will move on because they don’t. If they move on they probably weren’t a good fit.
The “voice” of your blog is part of your brand. Are you a natural teacher? A leader? An experienced professional like no other? Then share that information with your readers.
Capture readers on your email marketing list. Your list is your most valuable company asset. Give people a reason to sign up for your email — a great lead magnet is key!
Entrepreneurs need to know how to write. If you cannot write, or don’t want to write, you need to know how to hire a content writer for your business. If your career path is to be a writer we have tips on how to begin a writing career.
Knowing how to write and how to sell your services as a writer is a booming business. One of the main reasons we are seeing this boom is because new entrepreneurs are entering the market and need content — blogging, newsletters, social media posts — you name it. If you have a passion for words, can interview your clients, meet deadlines and want to jump into the content creation market, now might be the best time!
You will need to build a portfolio and find that first client who will give you a testimonial and sing your praises to your next client.
How To Begin A Writing Career
While some writers do just wake up and say, “I want to be a writer!” most writers for hire have been involved with words for many years. They are avid readers and writers. They have a journalism background or some other successes in penning fiction or nonfiction.
Here’s what you need to begin a writing career.
You need to know how to write. You need to understand grammar. You need to be able to work to editorial guidelines if your client has them. Don’t rely upon Word or programs like Grammarly to “proofread” your content. You need to have those skills.
Start your own blog. Your own sharing of blog content and your expertise with the written word will help you find clients.
You need to be somewhat techy. You should know how to upload blog posts, add in images, understand newsletter delivery platforms, social media posting platforms and others. Take an online class and enhance your skills.
Work on your portfolio. Your blog posts on your own site can be part of your portfolio. You can toot your own horn by the quality content you create. Find a client and offer a cut-rate price in return for a glowing recommendation. Don’t do this too many times — you’re trying to build a business after all.
Study the experts. Network with other writers and find your niche.
Set your pricing.
Write a business plan.
Has being a writer been a dream of yours? What do you feel are your potential stumbling blocks? If you’re an entrepreneur, are you struggling to find a writer for your content? Reach out to us, we can help.
Running a business can be drudgery. Many entrepreneurs go into owning a business and being their own boss with rose-colored glasses. They dream of loads of money and not having to work many hours a day or a week. Reality hits and they get discouraged. We have put together 5 tips to make running a business easier. Keep in mind, that being a business owner is work — but it’s rewarding and you are your own boss.
Keep your chin up! Running a business has become a very viable option for people during this coronavirus pandemic and the shut down of businesses across the country. People have become resourceful as a way to pay the rent and keep food on the table. The entrepreneurial spirit is alive!
5 Tips To Make Running A Business Easier
These tips are not secrets, but new business owners lose sight of them because they may not know they exist and they’re so excited about running a business that they jump in without making a plan.
Create a plan! Being profitable means knowing what to charge, what you need to earn, what your income and expenses are, and how you will get there. A business plan needs to have your goals and your WHY. You should also plan for growth.
Have contracts that you give to vendors and new hires. Talk with a lawyer — yes you may need to have a lawyer on your team — even if you’re a start up. Know what kind of insurance you need to have in place to protect yourself and your goods and services.
Research the competitors. Know how you are different from them. What makes you and your goods and services unique? Why should people choose you over the competition? Make sure it’s not because you’re the lowest price in town.
What are the trends in your industry? Know them and know whether you want to follow them or break them.
Take breaks. Yes, you’re building a business and that takes time and effort, but know that you need to step back and recharge your batteries. If you are a solo operation and you get ill from stress who will take over? The answer is — you should make your health a priority.
Working with a business coach is also a way many business owners thrive. Give us a call today and let’s talk about your business.
