But Why Do I Need a Business Plan?
The first thing I tell friends who are starting a business is to have a business plan! When I was starting my bridal beauty company, WedLocks, I once read that if 90% of all business fail in the first 5 years, the ones that had a business plans had a 17% higher chance of success. My first thought was, "Dang! I better get to work! I'm going to need all the help I can get!" And it's true! You are going to need all the help you can get!
Most people think of business plans as something that you only need when you are applying for a loan or finding investors, but that couldn't be farther from the truth! Whether you have a side-hustle or a full blown company, every business should have a business plan. Why? Because, even if your business plan is only for you, you need to be able to organize your thoughts, map out a game plan and strategies, and keeps you on your path to success.
Ever heard :
Well, it's true! A goal without a plan is just a wish.
Okay, but I know what you are thinking.
"But Nine, where do I even start to write a business plan?"
Fear not my friends, I have got you covered!
Over in our freebie library, we have a Business Plan Worksheet. There are multiple exercises that will get you started and by the end, all you have to do is put it all together. Now I am not going to lie, this business plan worksheet isn't something you can just bang out in an hour. You will need to do some research and put some heavy thought into certain sections, but I promise, it is worth it!
There is one last thing I want to mention. As your business grows and evolves, you will want to update your business plan every 6 months or so. My favorite part of my business plan is updating it! I love seeing the goals that we surpass, but I also love being reminded of some of the other goals I may have forgotten about or wasn't working as hard towards.
In conclusion, do yourself and your business a favor and head over to our freebie library and download your Business Plan Worksheet!