Business Plan for Creatives
Starting your own business is so stressful, with so many things to be done, that it’s easy to convince yourself that doing the bare minimum for a business plan is enough.
Most creatives probably tremble at the thought of creating a business plan, and most likely keep pushing it to the back burner until eventually they need one and throw something together that isn’t complete.
I’m going to show you an easier way to go about creating your business plan, with basic steps that shouldn’t be too daunting, if you take them one at a time.
- Business Summary
What’s the dream that you have for your online business? Dream big, but at the same time be practical. Think about questions like,what’s the purpose of my business? Where do I see it going? What difference do I want to make for my audience? What are my long-term goals? What would be the ultimate end goal?
- Brand Summary
What is the FEELING that you’d like to create like? Questions to think about include, what tone will I write in? What quirks will I show? What type of pretty pictures will I use? How do I want my followers to FEEL when they interact with my brand?
- Market validation
A Market Validation Plan (another MVP for those who like TLAs) is about reaching out to your target market to determine whether; The market likes your product or product concept and The market is willing to buy your product when you have it ready.
- Competitive Analysis
The Competitive Analysis section of your business plan is devoted to analyzing your competition–both your current competition and potential competitors who might enter your market.
- Business Goals
Part of the planning process, business goals describe what a company expects to accomplish over a specific period of time. Businesses usually outline their goals and objectives in their business plans. Goals might pertain to the company as a whole, departments, employees, customers, or any other area of the business.
Will your product or service meet customers’ specifications? For example, consider its design, ease of use and performance benefits. How can technologically feasible is the product or service? Can you meet the design, resource and manufacturing requirements?
Pricing strategy refers to method companies use to price their products or services. Almost all companies, large or small, base the price of their products and services on production, labor and advertising expenses and then add on a certain percentage so they can make a profit.
- Marketing Plan
Who is the most likely buyer of what you’re offering? The answer should never be “everyone.” To help you define your market, determine how your product or service helps people and then figure out the people who need that solution.
- Workflows & Process
What process(es) are we focusing on? What should come from that process? Does the process meet its goals? What aspects of the process need improvement? What changes would improve those aspects of the process?
Abdul Habib Khan