Write A Business Plan In 10 Mins (+ FREE Template)

1. Every Business Needs a Plan
2. Successful Business Blueprint
3. Understanding Your Brand and Audience
4. Target Audience Definition
5. Reaching Your Target Audience
6. Marketing and Branding Strategies
7. Branding Color Psychology
8. Startup Costs and Finances
9. Managing Recurring Costs
10. Building a Strong Team
11. Setting and Achieving Goals
12. Continuous Growth and Adaptation
13. Conclusion and Action
14. FAQ

Every Business Needs a Plan

Let me let you know the secret: every business needs a plan. Let me repeat, every business needs a plan. You need to set your intentions. You need to start with a purpose, and you need to have an end goal in mind. When you're starting out your business, there is absolutely no chance of owning a successful business without this, believe me.

Successful Business Blueprint

Hey everyone, and welcome back to my channel. My name is Graham Dia. For those of you who are new here, I make videos about freelancing, affiliate marketing, and earning a passive income online. If that sounds like something you'd be interested in, go ahead and hit that subscribe button now. In today's video, I'm going to be giving you the successful business blueprint for whatever business venture it is that you decide that you want to go with. Right now everything's super easy for you. I've actually gone and created a template which you can go ahead and grab down in the description. All you need to do is fill it out. Basically, it's already pre-made for you with all of the topics that we're gonna be covering today. This template is gonna set you and your business up for success. So please make sure you like and subscribe, leave a comment if you can just to boost me in the algorithm so I can reach more people like you. So yeah, go ahead and grab that. It's the first link down in my description. And without further ado, let's jump right into this video.

Understanding Your Brand and Audience

The first thing that you need to think about is what you bring into the table. What is it that you're contributing to the world? What problem are you solving? What need are you fulfilling for your potential customers? This is where you really sit down and you kind of get to know your brand as well. You see what makes you special and what makes you stand out to your competitors. Maybe it's your backstory, maybe you're ethically sourced, maybe it's a women's only organization. Whatever it is, go ahead and just put together some of the main selling points of your business. These are your strong points. Going into detail for this part really helps you actually understand your brand and solidify the meaning behind it because it's super important to have a mission statement. You have to have a solid message behind whatever your brand is, whatever it is that you're doing.

Target Audience Definition

So from here, we'll establish who our target audience is. Who is it that will be benefiting from your product or service? Now I've gone and dedicated a whole page to this because what I like to do is I like to go into real detail and create a whole avatar. It's basically where you're going to be creating a super detailed image of who your buyer is. Now you're going to be going into their age, what country they're based in, their likes, their dislikes, their hobbies, where else they might show up. You really want to be able to pick every single detail. So this is where you can actually go out and do your own research. Basically, just go and see what types of people are into your niche, what types of people are into your brand. Being able to create a detailed avatar will give you a very clear image of who it is that you're going to be marketing to and it's going to help you with the actual marketing process.

Reaching Your Target Audience

Now, where do you find your target audience? This is where you have to think about where exactly you're going to be finding your target audience or avatar. Since we're in the age of technology, it's more than likely that your target audience is going to be online. But where exactly are they? On Twitter? Are they on TikTok? Instagram? Facebook? With me, for example, I'm a video-based creator. So I know that my target audience would be on Teachable, on YouTube. They would also probably be on TikTok since that's video-based as well.

Marketing and Branding Strategies

How are you going to be actually getting your products to your target audience? Now, is it a physical product? Are you into dropshipping? Are you actually going to make it yourself from home and ship it? Are you going to keep it in a warehouse and ship it from there? With dropshipping, do you have a vendor in the middle where they send it directly and you just make the profits of it? Are you going to be using your face to market? Will you be putting a face behind the brand? Obviously, that builds a connection between you and potential buyers.

Branding Color Psychology

What colors are you going to be using for your branding? This might look like a super minor step but it makes a huge difference. There's actually a psychology behind colors. For example, red and yellow are associated with food. Green and blue are associated with business. Pink and purple is associated with beauty and stuff. Think about the aesthetic and just like the color schemes and everything of your brand. There is no detail that can be left out in this. The point of this step is to get your product or service in front of the right people at the right time in the right way.

Startup Costs and Finances

What are you going to need to start this business up? What are the costs? What's the equipment that you're going to be using? When I was about 15, I started up a deep business. Depop is basically just like an Etsy on eBay where I would buy branded thrifted clothes and I would resell them on my Depop for a much higher price. And that was how I would just keep money flowing at the age of 15. That was my first-ever business. Now the reason why I'm telling you this is because at the time, because I was young, I had no idea about startup costs. I didn't calculate the cost of shipping, the business cards, the nice packaging that I was putting together. I didn't calculate any of this and looking back, that was really cutting into my profit margin. I had no idea how much all these extra costs were actually cutting into my profit margin. So I ended up making a lot less money than I should have. My point here is to calculate what you'll need beforehand so you can see what needs to be tweaked or what corners need to be cut in order to make sure that you're not hurting your pockets when you're first starting out your business.

Managing Recurring Costs

Take note of these upfront costs, but also keep in mind about the recurring cost. If you're going to be based online, most likely you're going to be doing email marketing, maybe you're on Shopify. Those are monthly costs, those are monthly programs that you have to pay for. Make sure that you add all of these things up, take care of your finances. You might not be good at maths just like me. I absolutely hated maths in school. But you have to be able to add up these costs so you can see how it cuts into a profit margin. So over time, you're able to make these little adjustments to make sure that you have the most profit.

Building a Strong Team

More than likely you're going to be working with other people in your business, whether you like it or not. There's going to be vendors, there's going to be people that you're going to be outsourcing work from. Look, me personally, I went into business thinking, you know what, I can do everything by myself because I'm so fussy. No one understands the way that I like my things done, and I'm sure a lot of you can relate to that. But the problem with that is, you will get burnt out very, very, very quickly, I promise you. Having people there as a part of your team that are doing the parts that you might not necessarily enjoy, that you might find boring, or that you're not that skilled in, having those people there makes your life 10 times easier, and it's honestly an incredible asset to have a good team. So yeah, whether you're outsourcing work, whether you have a business partner, vendor, whatever it is, how are you going to make sure that they are keeping your business afloat? Are you going to have backups? Me, for example, I have an incredible editor, but I also have backups because say if he falls ill, if he's busy at the time, whatever it may be, I know that I have backup options. My business is going to continue flowing whether he's there or not.

Setting and Achieving Goals

For the last part, set your goals. This is where you're going to be figuring out what you're going to be doing on a day-to-day basis, on a monthly basis, on a yearly basis. Not only will this make things a lot more structured and organized, but it's going to keep you in the habit of continuously working towards your goal. Make sure that you write down exactly what it is that you need to be doing on a daily basis to keep your business going. You need to be personal on social media accounts, packaging orders, what is it? Just make sure that you have some kind of routine that you can follow, the same way that you would with a nine-to-five. Being your own boss is a blessing and a curse because there's no one that's gonna be breathing down your neck telling you like, 'Oh, you're gonna be fired if you don't do this and that.' You have to be able to have that self-discipline to do that for yourself. But the beauty of it is that you get financial freedom.

Continuous Growth and Adaptation

In my opinion, starting a business and potentially having the risk of failing is a risk that I'm more than willing to take. But yeah, aside from the weekly targets, you want to set your monthly goals as well. So this is basically where you're going to be saying, 'Okay, cool, by this point, I want to have 2,000 followers on Instagram. This is how I'm going to get there.' Having your goals written down helps you really visualize and come up with ways that you can work towards it and make sure that it's achievable. If it's just all in your head, it's easy to just forget it or whatever. So make sure you have your monthly goals written there. Make sure that you're constantly working towards them.

Conclusion and Action

But yeah, I basically covered everything from my templates to help you create your business plan. I hope you understood everything. Obviously, if you have any questions at all, please drop them down in the description. I promise I will get back to you as soon as I can. Best of luck with your businesses. Remember that even if you're not seeing results, keep on grinding. You never know when that breakthrough is coming. If you want to see more videos like these, please make sure to drop it down in the comments as well. I'll be sure to get on that. Don't forget to fill out that business plan like I said down in the description. Start today. Don't think tomorrow after tomorrow, start today, tonight, now. Just watch this video, go ahead and grab that down in the description, and do what you need to do. And that's all from me. I'll you.

FAQ

Q: Why is a business plan important?
A: A business plan is important because it helps set intentions, establishes a purpose, and outlines end goals for a business. It is crucial for the success of any business venture.
Q: How can I define my target audience?
A: Defining your target audience involves creating a detailed profile of your ideal customer. This includes demographics like age, location, likes, dislikes, hobbies, and online behavior. Researching and understanding your audience is essential for effective marketing.
Q: What are some branding strategies to reach my target audience?
A: Branding strategies include determining the type of product you offer, deciding on distribution methods (e.g., dropshipping, in-house production), and considering personal branding to connect with potential buyers. It's important to create a strong brand identity that resonates with your audience.
Q: Why is color psychology important in branding?
A: Color psychology plays a significant role in branding as different colors evoke specific emotions and associations. Choosing the right colors for your brand can help attract the right audience and convey the desired message effectively.
Q: How should I calculate startup costs for my business?
A: Calculating startup costs involves considering all expenses required to begin operations, such as equipment, marketing materials, packaging, and overhead costs. It's crucial to account for all expenses to avoid impacting profit margins negatively.
Q: Why is building a strong team important for a business?
A: Building a strong team is essential for a business as it helps alleviate workload, ensures diverse skill sets, and fosters creativity. Having a reliable team can significantly contribute to the success and growth of the business.
Q: How can I set and achieve business goals effectively?
A: Setting and achieving business goals involves creating a structured plan with daily, monthly, and yearly targets. It's important to track progress, stay organized, and maintain self-discipline to work towards achieving desired objectives.
Q: Why is continuous growth and adaptation necessary for a business?
A: Continuous growth and adaptation are necessary for a business to stay competitive and relevant in the market. Setting regular goals, assessing performance, and making necessary adjustments help ensure long-term success and sustainability.
Q: What are the key takeaways from creating a business plan?
A: The key takeaways from creating a business plan include understanding your brand, defining your target audience, implementing effective marketing strategies, managing finances, building a strong team, setting achievable goals, and focusing on continuous growth and adaptation.