Tune in to learn the 6 components of every good business plan and where to start for creating one for your side hustle.
What Is A Business Plan
No matter if you are creating your first side hustle; or your 12th full-time business, you will need a business plan. A business plan is the first step to any entrepreneurial venture. Completing this step acts as insurance for your business, proactively building your business with a strategy to ensure success.
A business plan can be thought of as a blueprint for how your business will function. This includes areas like how your business will start, what it will do, and how your business will sustain itself.
Download my Free Business Plan Template right here to begin! This template will walk you through everything you need to put together a business, the right way.
Why You Need A Business Plan For Your Side Hustle
You need a business plan for any business you start. This can be a side hustle or any full-time business.
A business plan allows you to proactively build your company with strategy. This will allow you to foresee obstacles and create a business with challenges in mind.
A lot of times we want to skip ahead and create a plan along the way. However, the strategy we put in place while creating our business plan will allow us to create a stronger business with a more direct connection between us and our customers.
Components Of A Business Plan
When you create a business plan for your side hustle of full time business, you’re looking at a few basic components. You don’t need to understand every challenge ahead or have every question answered. This isn’t the focus of a business plan.
Instead, you want to examine your business from a high overview. Walking through the comments below is enough for you to create a custom strategy and prepare your business for success.
02. Go To Market Breakdown
03. Industry & Competitor Research
04. Offer Development
06. Marketing Plan
Next Steps With Your Business Plan
If you’re ready to dive into building your business plan, I have just what you need! Download my free business plan template right here. This free workbook will allow you to fill in all of this information (plus some extra) for your business.
Creating a business plan is the best thing you can do at the very beginning of any business. It will allow you to look at your business through a strategic lens. It’s important to see your business outside of the excitement you have. This way you’re not blinded by only seeing the good but can prepare for the sustainability of your business.