Here’s a little insider secret about solo professionals – less than 1 in 5 have a written business plan. Are you shocked? I’ve worked with smart self-employed solopreneurs for nearly six years now, and in that time I’ve come to understand why you don’t. Here are three of the top reasons:
- Business plan templates often ask for information not relevant to your business, such as detailed plans for capitalization through “old-business” mechanisms such as bank loans and venture capital.
- Commonly used biz plan templates often do not support newer business models such as Internet-only businesses, those with little or no physical inventory, or direct marketed businesses.
- The templates also often short-change the marketing and customer service aspects of the business, arguably the most vital parts of business activity for micro-businesses.
Even though commonly used business plan templates or outlines don’t serve solo professionals particularly well, you still will do better in your business if you have a written business plan. So if the dirty little secret of your business is that you’ve done no formal planning, listen up! You need a plan! Here are just a few reasons why.
- Completing a solopreneur biz plan forces you to become clearer and more succinct about what you offer, and that enables you to talk to prospects (potential customers) in a way that attracts them to your services.
- A completed plan gives you specific goals to hit at specific times, which allows you to review and reflect how you are doing up against what you said you could do 3 months, 6 months, or a year ago.
- Often even more valuable than both of the above, having a plan helps you avoid the “bright, shiny object syndrome” that so many of us have. It gives you a quick way to judge whether the opportunity is a distraction or something that will actually help you hit your goals.
There’s much more that proper business planning can do for solo professionals. And by proper, I mean planning that is crafted specifically for a small, solo business that operates out of the home (or a small solo office). Next Monday, May 10th, I’m doing a totally free one hour teleclass about easy-peasy business planning for solo professionals. I suggest you register for the teleclass and call in. You might be surprised at how simple yet helpful completing a business plan for solo professionals can be. To register, go to http://confidentmarketer.com/site/upcoming-teleclasses/simple-business-plan/. You’ll get good content about what you do need in a solo professional plan, and how to make it usable just for you. See you then!
Twitter: everywomanovr29
says:
Great advice Sue – it has to be something we can use and that makes sense – and is simple.
Trudy
Sue,
I think you are right on about business plans. They are so important. I think finding them applicable for online businesses is very true. I like the idea of a one page plan!
Linda
Twitter: CommsCoach
says:
Great article – how true it is., It made me reflect on my first business plan as a solopreneur in 2005 – it was one of those templates with all the bells and whistles much of it irrelevant yet I persisted and sweat over completing it as I knew it was important to have one. Then it sat on a shelf and was useless – far better to plan for the staff that matters and is relevant and leave the other bit out! Lisa I would love to hear more about the one page plan – where can I find it?
Cheers
Heidi Alexandra Pollard
THe Living Leaders Advocate
Heidi,
The template for the one page plan is at http://confidentmarketer.com/site/browse-products/businesstemplate/
Sue
Great stuff! That was my struggle in creating a business plan, and it took forever for things to take off. Thank you!
Grace Heer
Gemstone Coaching
Mine the Jewels Within You!
It amazes me how many people want to jump right in without creating a plan. I am actually in the middle of revising my business plan… thanks for the reminder of its importance.
Fantastic advice! I’m one of those solo-preneurs who have not visited my business plan in years! I’d say I’m overdue. Thanks for the reminder, Sue.
Hi Sue,
Great article! I definitely see the value of having a written plan to curb bright shiny object syndrome. It’s so easy to get pulled off track if you don’t have a clear plan spelling out your objectives.
Thanks so much for sharing!
Ellen
Twitter: writeoncreative
says:
Sue,
I am a planning addict and have found a wonderful system called the One Page Business Plan for Women. It comes with easy to follow instructions and really does simplify the process.
Your point about many templates not having enough info or emphasis on marketing is so true. That’s why it’s so important to have a business plan and a marketing plan.
Write on!~
Lisa
As always, you’re right on the money! Having a plan makes all the difference. For me, it means I know what I need to do next.
Thanks!
Sandy Rees
Julie,
You could join my upcoming 6 week small group coaching, in which we’ll complete a biz plan step by step! The link is http://confidentmarketer.com/site/browse-products/getfocused/
I couldn’t agree more Sue, those are the reasons I didn’t have plan. Eventually I drafted a one pager, but frankly only looked at once a year…when I made the next one. I would love some thoughts on how to put this on the top of the list and make it happen easily.!
Julie
Now I know why I attempted several time to fill out a plan and gave up. It wasn’t taylored to my needs. Dang, by the time I read this your call had been done. Good stuff Sue.
Lynn
“Bright, shiny object syndrome” — distractions are by far the biggest killer of productivity! So anything you can do to combat them is a good thing, including a business plan.
-Carmen
It seems that solo-preneurs have their own unique version of a plan.
Which can be in their heads or on paper.
As I was reading through your article Sue, I was reminded of how much I need to check in with my own plan and make sure it is clear and has a measurable strategy in place.
Thanks for the reminder!
Sue,
Planning is critical for any business. Thank you for providing this information for everyone to read and understand how important it is.
Mitch
Twitter: authenticbuzz
says:
Great article, Sue. I couldn’t imagine not having a business plan. How would you know if you are on the right track? I’m so glad you are addressing this issue.
Kristina
It is VITAL to have a plan, otherwise you’ll never know where you are going and more importantly you’ll never know when you get there! I was in practice for 10 years when we started a new practice and my sister and I still created one- it definitely needs to be re-visited at least once a year!
Thank you for reminding us of the importance of having a business plan. Choosing a template that is relevant to what we are doing is a great point.
Kiyla
I love to plan, and then review the plan and revise it. What a great way to keep us on track toward our goals.
Thanks as always for reminding us to keep them up-to-date and working for us.
Terri B.
http://tastingtheinternet.com
You are so right, Sue – I have been guilty of this as well and it IS because of following templates made for older brick-and-mortar buildings. I can’t wait to hear more about this!
Linda, I’m glad to know you ARE ahead of the curve!
Sue P.
Twitter: getunstuck
says:
Doing this sort of planning is SO valuable. I didn’t realize why so many people didn’t do biz plans. I’m excited that I’m finally ahead of the curve on something! I know your teleclass will be fabulous, Sue!
Sue,
I love that our topics are in sync this week. Just goes to show how important the topic is. And that great minds…
Terry
Sue,
Thank you for creating and offering your “Confidence Eaters – Seven Deadly Mistakes.” Even though I’ve been in my business for over 8 years, I needed so much of what you included here … great reminders.
I especially needed one of your statements; “We disabuse ourselves of the myth that we live in a perfect world and that we should be perfect all the time.”
Thanks again,
Jeff
You are most welcome, Jeff. I’ve had more than one experienced entrepreneur tell me that some of what I wrote hit them right between the eyes.
I have to reread it for myself, too!
Sue P.
hi Sue
I love that you are acknowledging solopreneurs. Ill be on your call- you so ring bells with me!
Pinky
Twitter: Chiropractic Hand & Foot Clinics Of America
says:
Sue,
Laying out the plan is so vital to business growth and projection. Thank you for this strategic piece of advice.
Dr. Robert Fenell
Hey Sue -You are so right – what’s that old saying fail to plan then plan to fail – yes traditional biz plans dont always work for the solopreneur however distractions exist in big and small biz and if you dont have some kind of blueprint or map its just not gonna happen as we all hope for it to.
thanks
Cheers
Terri