Five Tips When Creating Your Business Plan
Whether you are a brand new blogger or have been blogging for years you must have a business plan.
What is a business plan?
A business plan is a formal document that clearly states your mission, your business goals, team members, competitors and financial commitment and goals.
The document includes an executive summary, general description of company, products, services, operational plan, organization, financial statements and startup expenses.
It can be as simple as a couple of paragraphs in a word document but a business plan forces you to answer some tough questions.
- What is your blog mission?
- What products and services do you provide to your audience and to brands?
- How much does it cost to maintain your blog?
- Can you afford additional contributors or upgrade your site?
- Which daily expenses are business tax write offs?
- Who is your blogging competition?
As someone who has had to find these questions and answers the hard way, trust me this is valuable information.
Tips for creating a clear and concise business trip.
- Be realistic if you work full time, travel a lot or have small children set manageable goals.
- Your executive summer is also your 30 second elevator pitch. Keep it concise.
- Be honest about finances. This will help you know your worth for sponsored posts and media kit rates.
- Your competition can be potential business partners, mentors and assets to your growing brand.
- Revisit your business plan every six months to track if on point or need to change management styles.
That is why I love how this year’s Blogalicious conference is focusing on being great!
There is always something more you can learn in order to take it to the next level, whether it be creating your business plan or shaking things and moving in a new direction. What better way to learn these things than with the people who have already made it? With exceptional speakers in the beautiful San Antonio, Texas we will all be learning how to be great and take that next step for the upcoming year.