Every idea needs a plan, including yours. So, if you are preparing to start a business, grow an existing biz, or you just want to make some extra money – you should keep reading. Because in this blog post, Dante shares a simple five-step process that can help you turn your business ideas into cash. So, calling all independent workers, side business owners, and full-time entrepreneurs – this one is for you! Dive in and use what Dante reveals to help you make the money you need to live the life you want!
WHY YOU NEED A BUSINESS PLAN TO MAKE MONEY
Making a business plan shouldn’t be hard, but sometimes when you hear people talk about them, it sounds like they are. So, today, I want to simplify things and strip away some of the fancy jargon. A business plan is a plan to make money. It’s what you need to start your business, grow your business, or even transform your business.
Now before you question if this is necessary, let me reiterate that every idea needs a plan. However, beyond that, if an investor likes your idea, they’ll likely want to see your plan. And if you have this one, you can use it. Not only can you use it for potential investors – you can use this business plan to apply for bank loans, and build partnerships.
The plan includes five parts: an original statement, monetization, marketing + distribution, building a budget, and building a business forecast.
STEP ONE: ORIGINAL STATEMENT
| Your original statement includes three things, (1) your business or brand’s mission statement, (2) your vision statement, and (3) your target audience. |
Creator’s Tip: Use this formula to help you write your original statement ‘We are [Add your company name] and we do this [Add how you serve your audience]. We want to [Add the desired result you plan to help your audience reach] by doing this [Add your specific services].
STEP TWO: MONETIZATION
| Monetization is all about how you’ll make money. What do you sell? What products and services will you offer to attain profits. What can you monetize quickly, efficiently, and with minimal to no upfront cost? How can you set up your platform for distribution (Email list, page posts/shares, sponsorships, ads)? |
| Creator’s Tip: If you’re starting out or have minimal funding, start with the services you can offer immediately and with little to no overhead cost. |
STEP THREE: MARKETING + DISTRIBUTION
| Who will you sell to? How will you get publicity? How will you distinguish yourself from competitors? How will you establish yourself as a reputable business and brand? If you haven’t identified your target audience – do it now. Who is your audience? How do you attract them? Where are they located socially + physically (where are they online, countries, cities)? |
| Creator’s tip: Relying on organic-only growth is no longer an option, so do expect to pay for business exposure. |
STEP FOUR: BUILDING A BUSINESS FORECAST
| Your goal is to create a budget that allows you to gain more profits than losses. Review your expenses for potential cuts. When is the last time you reviewed your price list? Do you need to increase your prices? Are you spending too much money? Are you currently offering products that don’t sell? Are you offering too many products? Or products you don’t really need to sell? How much are you spending on marketing and distribution (advertisements, paid partnerships, etc.)? How can you advertise on your platform (ads, paid partnerships)? What’s the cost to contract help to optimize your business? What are your legal costs? Costs for insurance? |
STEP FIVE: BUILDING A BUSINESS FORECAST
| Your business forecast outlines your short-term and long-term business goals, including the strategic planning required to implement them. Start with a 30-60-90 day plan and a 1-5-10 year plan. |
START SIMPLE, YOU GOT THIS
I want you to know that there’s no need for you to be overwhelmed. Just do one thing at a time. And you will find taking a leap into entrepreneurship is less stressful when you have a thought out plan – especially this plan! Trust me!
Now go! Use these steps at whatever stage you are in to guide you, to optimize (identify what works and what doesn’t), to monetize (project profits and deter losses), solicit investors and grow.
RELATED RESOURCES
Let’s Talk Business + Quitting Your Job – Michelle J. Miller, Esq
Social Media Usage in 2019 – Pew Research Center
Learn to Sell Digital Products and Make Money from Home – Kajabi
Featured Photo by Thought Catalog on Unsplash
2 Comments
LaTiffany · at
Thanks, for sharing. I am still working on my website that’s why I don’t advertise as much.
the smoking prophet · at
Heyyyy now! I want you to try something! Write down everything that is holding you back with your website, or what you want to tweak before you share it! From there, prioritize what is absolutely necessary so you can get it done (FAST)! And know this, your website doesn’t need to be perfect — it needs to be functional! 🙂