WHY YOUR CREATIVE VENTURE NEEDS A BUSINESS PLAN TO LAUNCH AND THRIVE
/Did you create a business plan for your creative venture? If so, how long did you take you? What does it entail? If not, don't fret! You still have time to create one before the new year is here!
Your business plan doesn't need to be a formal 75-page document, but rather a one-pager that outlines how your business operates and plans for future growth.
If you're like most creative entrepreneurs, putting together a business plan can seem overwhelming and (even unnecessary in some cases). However, if you want to have a successful business this new year, then you need to have a plan of action.
Be sure to ask yourself these questions before writing your next business or marketing plan!
To help make the task less tedious, I'm going to show you how to create a simple yet complete business plan that you can create in an hour or less.
First, let's look at what business plan is and why you need one.
A business plan is an overview of your business and generally, contains the following sections (each of these sections can be summed up in a paragraph or less). And you primarily need one because it serves as a roadmap for your business's future.
Business Overview and Value Proposition
Describe your business in one sentence. What makes your business different from all of your competitors? Remember, your business doesn't have to be completely innovative to be different, but it does need to be unique in some way.
Problem and Solution
What problem does your business solve or what gap does it fill? Why is there a need for your business? Explain the problem and solution in a paragraph or less.
Products and/or Services
What products or services does your business offer? What is the price range? How will your products/services be different from all of the competition?
Target Markets
Who is your core customer? Include age, gender, occupation, household income, location, hobbies, and lifestyle (and whatever else is necessary to define your core customer).
Marketing Activities
How will you market your business? Will you use digital advertising, influencer marketing, public relations, social media marketing, SEO, blogging, guest blogging, podcasts, etc?
Sales Distribution
How will you sell your products? What channels do you plan to use? Will you sell online or in retail?
Management
Who is the boss? What are this person's qualifications? Who are the rest of the managers?
Financial Projections
How much money do you need to start your business? What will your salary be? What are the operating expenses?
Did you create a business plan for your creative venture? How long did it take? Share your comments in the section below.
Ready to craft your business plan for your creative startup?
Sign up below to find out the six critical questions you need to ask yourself before launching your business.