Why You Need a Business Plan and Marketing Strategy
Why You NEED a Business Plan + Marketing Strategy
Contrary to popular belief, business plans are not played out ladies! Nowadays a lot of entrepreneurs are just starting businesses with no plan. Whether your plan if a bullet list on a loose leaf piece of paper, in your phone notes or a very detailed and formal plan…. You still need one! Your business will always be changing and evolving and your goals will become different with the more you accomplish, fail at and learn….and so will your business plan. You are laying your business foundation on paper. Write your crazy idea on paper and giving yourself the permission to actually plan and live your dream.
Your Crazy Idea
In detail, write down your crazy idea. Write down everything that your business will do and sell. Write down the problem you are solving by starting the business (your mission statement) and be creative. You can add photos and link to your business plan to make it an experience, instead of just an outline.
Who Are You
Including who you are and your experiences that have led you to this idea will help you stand out and have leverage in your business. Why do you want to do this business? Why is it needed? Why are you the perfect person to make this happen?
Competition + Marketing
In a world where collaboration over competition is preached so heavily it is almost intimidating to actually be competitive. Competition is healthy and when you stay true to what you want to do, it doesn’t become a toxic game of comparison. Do your research. Who is your competition? What is your competition doing wrong/right? What does the market look like? Use Google Trends to see what people are searching for and how the market is growing.
Analyze your competition. Find 5 people doing what you are doing and write down what they do great and what they can improve upon. Then, do the same for yourself. This is a very important part of your marketing- in fact, it is the meat of your marketing strategy, minus the dollars and cents! Need help developing a clear, concise and well –thought out strategy? Click here.
Talk to People
Creating a customer profile is a big part of developing your business plan. You need to know who will buy your products. Join online forums and ask questions or just see what the people you want to be your customers are talking about and doing. You need to know everything about them from what they eat, where they work and where they live. The most important part of your customer profile is finding out what their problem is and how your product or service can solve it!
Build a Buzz
Market/Advertise your business. Share teasers. Countdown to the launch. Get people excited about your business and interested. Utilize social media and invest in advertisements. Create a plan to gain visibility and exposure and follow it!