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You are here: Home / Marketing and Business Development / 3 Reasons Why Solo Professionals Often Don’t Use A Business Plan

3 Reasons Why Solo Professionals Often Don’t Use A Business Plan

May 5, 2010 by Sue Painter 31 Comments

 

Do you use a business plan?

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 solo professionals for more than a decade now, and in that time I’ve come to understand why most keep their business plan all in their head.  Here are three of the top reasons:

  1. 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.solo professionals business planning
  2. 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.
  3. 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.

Here’s why a short term business planner is useful for solo professionals like you

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 let’s change that. You need, at least, a short term 6 month focused business planner.  Here are just a few reasons why.

  • Completing a short term business plan forces you to become clearer and more succinct about what you offer. Improving your brand clarity (your mission and your best customer) usually results in faster sales for your business. 
  • Using your business planner as a basis for planning your sales conversations will give you better results. You’ll sound more confident and clearer when you talk about what you offer. 
  • A completed plan gives you specific goals to hit at specific times. This allows you to review how you are doing up against what you said you could do 3 months, 6 months, or a year ago.
  • Having a completed business 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).  I like the idea of a shorter-term 6 month planner because it seems less daunting – and you can add it right into a longer-term business plan, too.

Here’s my 6 month focused business planner for you

I’ve developed a 5 page 6 month planner that you can download by leaving your name and email here. I’d love to hear how it’s helped you plan for your next 6 months.

picture of 6 month focus business plan cover

Related Article: 7 Signs Your Brand is Fuzzy and Forgettable

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Filed Under: Marketing and Business Development Tagged With: Business Planning, Clear Vision For Your Business, Small Business Tips

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Comments

  1. Chaim Chiropractic says

    March 20, 2020 at 4:32 pm

    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!

    Reply
    • Sue Painter says

      March 20, 2020 at 5:16 pm

      I’m excited for you to be ahead of the curve!

      Reply
  2. Trudy Scott, Food-Mood Expert says

    May 17, 2010 at 5:01 pm

    Great advice Sue – it has to be something we can use and that makes sense – and is simple.
    Trudy

    Reply
  3. linda Jones says

    May 15, 2010 at 4:53 pm

    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

    Reply
  4. Heidi Alexandra Pollard says

    May 15, 2010 at 3:19 am

    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

    Reply
    • suepainter says

      May 15, 2010 at 7:15 am

      Heidi,
      The template for the one page plan is at https://confidentmarketer.com/site/browse-products/businesstemplate/
      Sue

      Reply
  5. Grace Heer says

    May 13, 2010 at 11:53 pm

    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!

    Reply
  6. Christine McIvor says

    May 13, 2010 at 10:48 pm

    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.

    Reply
  7. Melanie McGhee says

    May 13, 2010 at 7:32 pm

    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.

    Reply
  8. Ellen Martin says

    May 13, 2010 at 4:44 pm

    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

    Reply
  9. Lisa Manyon says

    May 13, 2010 at 4:25 pm

    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

    Reply
  10. Sandy Rees says

    May 13, 2010 at 10:34 am

    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

    Reply
  11. Sue Painter says

    May 12, 2010 at 9:15 pm

    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 https://confidentmarketer.com/site/browse-products/getfocused/

    Reply
  12. Julie Hawkins says

    May 12, 2010 at 8:21 pm

    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

    Reply
  13. Goals Coaching with Lynn Moore says

    May 12, 2010 at 1:32 pm

    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

    Reply
  14. Carmen@GetOrganized says

    May 12, 2010 at 12:57 pm

    “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

    Reply
  15. Laura Hollick says

    May 12, 2010 at 12:57 pm

    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!

    Reply
  16. Mitch Tublin says

    May 12, 2010 at 10:37 am

    Sue,
    Planning is critical for any business. Thank you for providing this information for everyone to read and understand how important it is.
    Mitch

    Reply
  17. Kristina Shands says

    May 12, 2010 at 10:13 am

    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

    Reply
  18. Dr. Jennifer Rozenhart says

    May 11, 2010 at 1:48 pm

    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!

    Reply
  19. Kiyla Fenell says

    May 11, 2010 at 1:03 pm

    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

    Reply
  20. Terri Brooks says

    May 11, 2010 at 11:18 am

    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

    Reply
  21. Patricia Selmo says

    May 10, 2010 at 9:50 pm

    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!

    Reply
  22. Sue Painter says

    May 10, 2010 at 2:37 pm

    Linda, I’m glad to know you ARE ahead of the curve!
    Sue P.

    Reply
  23. Linda Pucci says

    May 10, 2010 at 12:04 pm

    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!

    Reply
  24. Terry Monaghan says

    May 9, 2010 at 5:10 pm

    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

    Reply
  25. Jeff Brunson says

    May 7, 2010 at 7:21 pm

    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

    Reply
    • suepainter says

      May 7, 2010 at 8:31 pm

      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.

      Reply
  26. Pinky McKay says

    May 7, 2010 at 7:14 pm

    hi Sue

    I love that you are acknowledging solopreneurs. Ill be on your call- you so ring bells with me!
    Pinky

    Reply
  27. Dr. Robert Fenell says

    May 7, 2010 at 4:58 pm

    Sue,
    Laying out the plan is so vital to business growth and projection. Thank you for this strategic piece of advice.
    Dr. Robert Fenell

    Reply
  28. Terri says

    May 7, 2010 at 3:50 am

    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

    Reply

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