The 5 Key Elements of the Perfect Business Plan
I remember writing my first business plan. It was 2015 and I wanted to open a massage business in the main street area of the town I lived in. I googled how to write a business plan and got to work on the VERY convoluted 30 page document with spreadsheets, market research, and who knows what else.
I am still impressed that that process didn’t deter me from starting my own businesses!
I wound up not opening that business at that time, but I did begin my coaching business with a different (and totally not recommended!) strategy.
My strategy was throwing spaghetti at the wall to see what sticks. Try ALL the things to see where I can get the most traction.
I was on 3 different marketing platforms. I wrote blog posts, facebook group posts, instagram posts.
I tried selling 1:1 coaching, group coaching, a membership, a mastermind, workshops.
You can imagine how WILDLY UNSUCCESSFUL I was!
I didn’t really have a business plan or strategy. I had desperation and a wing and a prayer.
Then I discovered the simplest business plan steps that got me SO super aligned to the vision for my business, cut out ALL the overwhelm, and keeps me focused every single day.
I am here to tell you that you DO need a business plan. But it doesn’t have to be complicated.
There are just 5 simple elements to this aligned business plan. That’s it. FIVE. Create this business plan and commit to it for AT LEAST 90 days. Create your quarterly action plan based on this business plan and that is where you will start seeing results.
Here are the 5 elements that you need to focus on:
1. PURPOSE
Don’t underestimate your WHY for being in business in the first place. This is your fuel to keep going. This is how you will relate to your audience. This is the story you will tell. You need something to get you going in the morning. This business is giving you the life and lifestyle you desire.
It’s what you are working towards. Underneath the desire for money, there is more to WHY you want your business – purpose, fulfillment, lifestyle, time freedom, creativity freedom, financial freedom.
Today, grab your journal and pen and start reflecting on why your business and its success is so important to you.
So, why do you desire this business?
2. PEOPLE
Your business is about helping people. You need to know who you want to help so you can speak to them with your marketing and your offer. Are they moms, women, small business owners, people that have a certain hobby or interest, people that buy certain types of products?
This doesn’t have to be complicated. You don’t necessarily need to know what magazines they read or what water they drink (unless that is your business), but you might know that she works at a cubicle and dreads going to work. You may know that she has a passion and just wants to share that passion with the world. What are their values?
You may know that your dream client desires to learn a skill or loves vintage decor.
Getting to know your dream clients/customers is really about what is on their heart at the moment.
As a massage therapist, my clients were hardworking men and women that struggled with physical discomfort due to stress and poor posture. They were committed to their health and were seeking a consistent massage therapy schedule to help relieve their discomfort, sleep better, and alleviate stress.
So who are your people?
3. PRODUCT
Your product is an answer to a prayer or problem. You have knowledge, a talent, a gift, experience that your future clients don’t have themselves. That is why they are seeking you out. What keeps them up at night? What would bring them peace of mind or make their life better? What do they wish they can figure out?
Then pair that with how YOU can help them with your “secret sauce.” Your secret sauce is your way of seeing things, presenting things, helping people. Your unique spin. It doesn’t have to be fancy or trendy, or kitchy. It’s just YOUR way.
Bundle your magic into an offer ONE OFFER!
That’s right, I said it. ONE OFFER. My philosophy for new entrepreneurs is KISS – Keep It Simple, SWEETIE! For the next 3 months, stick with ONE offer that you are talking about, sharing, offering.
So what is your ONE offer?
4. PROMOTION
How will your dreamy clients find you? Choose ONE way to promote your business (that’s right, I said it again – ONE!) Choose one form of communication, and one platform to communicate on.
Choose what feels good for you. What feels ease-ful. Where you can be consistent. Maybe it’s blogging and pinning your blog to pinterest. Maybe it’s creating educational videos on TikTok. Maybe it’s going to networking events or meeting people in Facebook groups. This gets to be where you can confidently show up and share who you are, how you help people, and all the knowledge and experience you have so that your dreamy clients KNOW you can help them and have what they need right now.
So, where will you promote your product or services?
5. PROFIT
These are your numbers. How many people do you want to help in the next month with your offer? How much money do you want to earn with this offer?
In all honesty, this one was SUPER hard for me for the longest time. The numbers scared me. I just wanted to be successful. I just wanted to help people and make money. But, you can’t have a business and create a strategic plan without knowing what it will take to become a business.
This will help with your promotion plan and pricing. I always tie this one in with the amount of bandwidth and time I have available or desire to be available in my business.
Could I coach 20 clients per month? Yes. But that would mean working 30-40 hour weeks when I only want to commit to 20 hours per week. That helps dictate how much I need to charge to have only 10 clients per month and make my revenue goals.
Today, crunch the numbers. Be honest with yourself, and also be realistic. Sure you may want $10K months, but if you are just starting out and still working a 9-5 job, set a realistic goal you can hit this month. Then, next month as you are building your business and building systems and see what it takes to get 1-2 customers, then you can adjust your expectations.
So, today, crunch some numbers. Set an overall goal of how much you want to earn, how many clients/sales, and then set a more realistic “now” goal to start working towards.
That’s your business plan and strategy for the next 90 days. This is the framework and blueprint for the actions you will take over the course of the next 3 months.
You will hear a lot of “noise” out there on where you need to focus, what other business strategies you should use, other things that are “important” in your business. Put the blinders on. Stay focused on these 5 key elements and you will start to see progress. You will start to see your business come together.
To get you started, download the free Aligned Business Plan Workbook today.
