Create a mini business plan
YouTube channel, Etsy shop, course — it doesn't matter what you sell, you need a plan
📑 BUSINESS PLANS ARE BORING
I know that the idea of writing a 15 paged plan isn’t appealing to most people. Unless you are applying for a loan, you don’t technically need a business plan, but you should make a mini one, just for yourself.
A business plan is typically a way to convince investors that you are a good investment. A business plan also puts all your ideas, goals, estimates, and structure down on paper. You don’t need 15 pages, but before you get serious about your business, you need your ideas mapped out and a mini-plan is a perfect way to do just that.
Business plans can be boring, so I’m going to help you write a mini-business plan that keeps you focused without wasting your time.
📋 STEP 1. QUESTIONS
Before you begin writing a plan, you have to evaluate your business and answer a couple of questions to really dig deep and focus on where you want to go. To help you get started, I have a couple of questions you should ask yourself.
A. WHAT IS YOUR “WHY”?
Why are you starting a business? Don’t give an easy answer like “to help people” or “to make money”. We’re getting deep here. Why did you start THIS business?
If you wanted to make money you could become a drug dealer (don’t do that), or if you want to help people, you could give up your life and go build schools in 3rd world countries (you can do that if you want).
Take a second and write down why you picked this business and why you want to do this. When you feel like you’ve got a good answer, ask yourself why again. Then ask why again. Reach down to your inner toddler and keep asking “why, why, why” until you really get to your core reasons.
B. WHERE DO YOU WANT TO BE IN 6 MONTHS, 1 YEAR, AND 5 YEARS?
Don’t be afraid to think big on this one. If you want to make 2 million dollars every month in five years, write it down!! But also write where you’d be happy. If you’d be happy with making enough money to cover your grocery bill every month, write that too. Then write something in between that would make you brag about it to your friends.
Make dream goals, baby goals, and realistic goals for each of the three steps. Work like you’re after that dream goal, stay humble like you’re making that baby goal, and be proud when you hit your realistic one.
Keep in mind, these goals don’t have to focus on money. Maybe you want to quit your job and work from home. Or maybe you want to build something you can add to a resume. Whatever your goals are, write them down.
As much as you can, keep these goals as actionable as possible. For example;
I made $2000 in sales vs. I made a lot of sales in July
You want to be able to actually measure these goals and accurately say “yes, I hit that goal”.
C. WHO IS THIS FOR?
The most important part of this is your customer. Your audience/target market/dream client/reader — they should be the center of this mini-plan. You don’t have a business without consumers, shift your focus to them.
Who is your consumer? Is it young parents trying to go to classes and work? Is it a 40 to 45-year-old woman looking to start her own business? A college-aged guy hoping to graduate early? Whoever your ideal client is, write it out.
Keep in mind a couple of things as you work on this,
- What age group can afford your product/service?
- Is it a need or a want, who wants/needs it?
- What are that person’s goals and how does your product/service help them reach those goals?
- Where are these people? Do they shop online, in stores? Do they use Github or barely know how to use their phones?
Make an imaginary client, give them a name, age, look, background, hobbies, and goals. This person is your ideal consumer.
D. HOW CAN YOU FUND THIS BUSINESS?
Will you need loans or savings to start? Are you going to be scrappy and DIY everything until you make a little cash? Will you put $100 of your own money in to start? Figure out where you’ll be getting the money you need to get going. Even if you only need $10 for a domain name, figure it out right now.
Maybe you already have a site and a domain name. Great! How will you pay for those when the bill comes due next year? You need to have a budget and plan for your business or it will start sinking.
Also, write down how you hope to fund your business in the future. Will you rely on credit cards or profits? Do you need to make X amount of sales before being able to pay for equipment? Figure this out now, before you NEED it later.
📝 STEP 2. OUTLINE
Alright, by now you should have a little better understanding of your business, which means it’s time to get writing. This mini-business plan can be as long as you want. If mini for you in 1 page, awesome. If “mini” is 30 pages, go grab some coffee first.
As you start on the outline, keep in mind that this plan is going to need to be easily updated and accessed. Don’t just write it on post-it notes, or print it out then delete the files.
I’m a huge fan of Notion but I also like physical reminders. I wrote my business plan in notion, then made a quick-glance version and printed a copy to keep it above my desk where I see it every day. Feel free to make your own but I am using this general format:
The Overview
- Your mission statement
- Your “Why”
Goals
- 6 months
- 1 year
- 5 years
Customers
- Ideal Customer
- How you’ll find them
- How you’ll convince them
Products/Services
- List your products and their price
- List the materials or tools needed
- List where you’ll sell it
Process
- Explain your business process, what are the steps you take to make your product/service
Marketing and Sales
- What 3–4 social media channels will you focus on?
- How will you build your email list?
- What advertising methods will you use?
Finance
- How will you fund your business?
- What are your financial goals for your business?
- How much will it cost to startup?
🗒 STEP 3. CREATE
Now that you have your thoughts down and your outline is done, you can fill in the sections.
You have most of the content you need from your answers in the first step, this step is all about detailing those ideas and organizing them into categories that make it easy for you to reference later.
📌 STEP 4. UPDATE
A business plan is not a one-time thing. Every day, you and your business will change. Those changes can be good, bad, or a combination of the two — regardless, updating your business plan will keep you on track to meet your goals and help you track how your business changes.
Personally, I update my business plan every 6 months or after a big change, such as a re-brand or new product launch. I update my goals and add notes about my current stats, followers, and income. This is why I like using Notion for my business plan because I can easily add PDF files, images, and text to a note with my plan right there.
Set an event or reminder on your phone/calendar/laptop so you remember to review your plan and update it regularly. And NEVER delete old plans. Looking back at what has changed (even if it was a negative change) will help you learn and evaluate what works.
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