112: How To Write A Business Plan Whether You Are Starting A Business Or Side Hustle, A Solopreneur
- Financial Adventure, LLC
- Nov 30, 2022
- 10 min read
112: How To Write A Business Plan Whether You Are Starting A Business Or Side Hustle, A Solopreneur, Entrepreneur, Mompreneur, Freelancer, Bookkeeper, Virtual Assistant, Business Owner, Or Self-Employed
When you have a business, you most likely have a vision for your business. If you are like many business owners, you think about your business the majority of your time. You think about the products and services you offer or want to offer, you think about your ideal client, you think about how much money you want to make, and you think about how you want to grow your business. So why does it seem like it is such a challenging process to take all of these thoughts and put them into a written business plan? In today’s podcast episode, I will help you take some simple steps so that you can create a business plan that will solidify your ideas and keep you on track to create the successful business you’ve been spending so much time thinking about. Getting everything out of your head and on paper will not only help you make sure you are taking action on all your ideas, but it will help you to see where you may need to make improvements within your business. Whether you are starting a business or side hustle, you’re a self-employed individual, a solopreneur, entrepreneur, mompreneur, freelancer, small business owner, a remote, virtual, online, or in-house bookkeeper, or a virtual assistant or VA, listen in and make now the time that you finally take the step to write your business plan so you can stop thinking that it is just another task you should be doing that you are unsure about how to get started, afraid of doing it wrong, or anxious about what you need to include. These tips are essential whether you are using a computerized software system like QuickBooks, Xero, Wave, or FreshBooks for your business finances; or doing your bookkeeping manually with an Excel spreadsheet or even a Google Document…
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Show Notes:
When you have a business, you most likely have a vision for your business. If you are like many business owners, you think about your business the majority of your time. You think about the products and services you offer or want to offer, you think about your ideal client, you think about how much money you want to make, and you think about how you want to grow your business. So why does it seem like it is such a challenging process to take all of these thoughts and put them into a written business plan? In today’s podcast episode, I will help you take some simple steps so that you can create a business plan that will solidify your ideas and keep you on track to create the successful business you’ve been spending so much time thinking about. Getting everything out of your head and on paper will not only help you make sure you are taking action on all your ideas, but it will help you to see where you may need to make improvements within your business. Whether you are starting a business or side hustle, you’re a self-employed individual, a solopreneur, entrepreneur, mompreneur, freelancer, small business owner, a remote, virtual, online, or in-house bookkeeper, or a virtual assistant or VA, listen in and make now the time that you finally take the step to write your business plan so you can stop thinking that it is just another task you should be doing that you are unsure about how to get started, afraid of doing it wrong, or anxious about what you need to include. These tips are essential whether you are using a computerized software system like QuickBooks, Xero, Wave, or FreshBooks for your business finances; or doing your bookkeeping manually with an Excel spreadsheet or even a Google Document…
Welcome Back…Whether you are just starting your business or side hustle, or you’re an experienced business owner, you undoubtedly heard at some point in time that you need to create a business plan. Just the words business plan make many business owners feel their anxiety take over them. The first thing I want you to know is that there is no reason you need to worry or feel overwhelmed when you write a business plan for your business. If you have felt this way in the past, I want you to take a deep breath and tell yourself that creating a business plan can be easy. For many of my clients, I tell them it truly is simply taking all the thoughts they have about their business and writing them down so they can see everything in one place. The second thing I want you to be aware of is that your business plan is not going to be something you write once and never make any adjustments again. It will not be written in stone, and you can make changes to it as your business pivots or as you come up with new ideas. This thought alone should help the majority of you who are afraid of getting started on your business plan because you feel like everything has to be perfect from the start.
Your business plan will reveal not only your current vision of your business but it will also list your short-term and your long-term goals, which will help you to see how your business will do financially. When you start working through your business plan, you’ll quickly start seeing just how profitable your business could be, or if you notice your profits are not where you want them to be, you’ll be able to quickly make changes to your business plan so that you can generate the profits you intend to see.
Your business plan will be broken down into six simple sections, and each section will contain information about you as the business owner and your business. We’ll start with the first section, which is the executive summary. Although I am going to talk about this section first, many business owners feel that this section is easiest to prepare after they go through all the other sections. Your executive summary section is a summary of your business. It should be relatively short but direct and to the point. You’ll want to be able to list the facts of your business and give the highlights of your detailed business plan.
The following section will be about your business. In this section, you will write about the specifics of your business. You’ll include information such as your business name, address, owners, and employees, as well as the objectives of your business. This is where you can include your short-term and long-term goals.
Next, you’ll write about your products and services. Here you will expand on what you offer in your business as well as your pricing structure, who your ideal customer is, and how your products or services will benefit them.
Your market research, marketing, and sales will be the next area you’ll cover in your business plan. In this section, you’ll explain your approach to your business, how your products or services fit in the existing marketplace, how you differentiate your products or services from the rest of the market, or how you are filling a gap or need that currently exists.
The next section will be all about your financial analysis. Don’t let this area scare you. If you’ve been listening to this podcast, you already know what you need to do to Master Your Small Business Finances. When you are creating your financial plans, you will want to create a budget if you don’t already have actual financial data, or if you do already have financial data, you can use this information. You will want to include your profit and loss or income statement as well as your balance sheet information for the current year as well as past years.
And lastly, you’ll want to create your financial projections, or how you realistically see the future of your business financially. You can break this information down by month, quarter, or year. You can list the sales you are projecting as well as your costs to show what your projected profits will be in the future. I know forecasting your financial information may seem overwhelming, but the key to having reliable projections is to keep your information as realistic as you can.
You can include an appendix with all of the information if you have or any attachments that would support these areas of your business plan. This appendix may consist of any legal documents, licenses, or contracts. That’s it, the six areas you should cover in your business plan. Getting all your ideas out of your head and into your business plan is essential for your business, and it doesn’t matter if you are all in with your business or you are just starting a side hustle. Whenever you have any sort of business, your business plan is something you should get started on as soon as you can, and once you have written your first draft, take time each year to review it and make any necessary changes so that it is as accurate as possible. Your business plan will help you define your thoughts about your business currently, as well as how you want your business to grow in the future. Not only will it help you expand your vision, but you’ll be able to utilize each area as a roadmap to establish the exact steps for getting to your ultimate destination with your business. So, are you ready to cross off writing a business plan from your to-do list? That’s exactly what my clients are doing this month in the Mastering Your Small Business Finances PROFIT LAB. I’ve created a business plan template that walks you through each section of the business plan that I covered today, and it asks simple and straight-to-the-point questions for you to answer. As you answer each question, you are essentially creating your business plan. Yes, it can be that easy. If you want to join us in the PROFIT LAB, you can go to www.FinancialAdventure.com/profit and you’ll get access to this template as well as our live weekly business meeting and coaching calls. I created the PROFIT LAB to ensure you have everything you need to create a profitable side hustle or business. When I work with my clients, they have their bookkeeping up to date, understand their financial statements, and are able to see exactly how profitable their business or side hustle is. We work together to see their best options for generating additional sales, as well as where they could cut back on expenses or utilize the best solutions for their business. They can see the possibilities available to them so they can create a successful and profitable business. They ask questions that are holding them back and get answers when they need them. Whether you are looking to start a side hustle or business, or you are already making money with your existing business, I’d love for you to have these results and experience the same benefits when you work with me. You can either sign up for a free session with me by going to www.FinancialAdventure.com and clicking on the work with me button to schedule a consultation call, or if you are ready to make sure that your side hustle is profitable for you, join us in the Mastering Your Small Business Finances PROFIT LAB. If you have a side hustle or are a solopreneur and you are struggling with getting your business started, growing your business, and generating revenues, you need to join us in the PROFIT LAB. In the PROFIT LAB, you’ll find ways to create a more profitable side hustle or business so that you can keep that additional money in your pocket. We help you make decisions, generate revenues, and create a life you can enjoy. I walk you through not only understanding the profitability of your side hustle but also how you can create offers and increase your sales. By taking control of your business finances, you can create the profitable business you are striving for and meet the goals you’ve set to achieve. We prioritize and work on the essential tasks in your business, help you make decisions, and generate revenue while creating a work-life balance you can enjoy! Where you are right now in your side hustle journey or business is the perfect place for you to join us, and if you are ready to start, don’t let thoughts about the perfect offer, confusion about your pricing, or the fact that you are still working for an employer stop you. So, are you ready to join us? Of course you are. By taking action in your business, you’ll be sure to achieve your goals. Join us today by going to www.FinancialAdventure.com/profit. Generating revenue and increasing profits requires you to have the right mindset and accountability so that you get results. This is what we do inside the Mastering Your Small Business Finances PROFIT LAB, and it’s perfect for you if you are a solopreneur or have a side hustle, and you’re ready to be more profitable in your business. As a CPA, Business Strategist, and Coach, I help business owners just like you who know it’s time to do something different because what you’ve been doing in the past isn’t getting you the results you want. We’ll make sure you understand your business finances, your next steps and follow through with the vision you have for your business so that you can truly enjoy your business.
And, you know I’m going to ask…what’s at least one thing you will take away from this episode that will help your business succeed and grow your bottom line? If you need some accountability, join our PRIVATE Facebook community and post your action item, we’d love to support you.
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