Do you really need a business plan? How important are they?
Do you really, really need one?
The answer might surprise you.
Prefer to listen? Click below.
Lucky Bitch Video Transcript – Do You REALLY Need a Business Plan?
I suck at doing things like business plans. It’s just the type of person I am. Even at school and university I was rubbish at doing homework and I always did my assignments last minute. So I don’t really have a traditional business plan. I have the lazy, lucky bitch version.
If you’re anything like me, you’ll love today’s video because I always like to give you the shortcuts. I’m super lazy.
If you’re happy to create a really detailed business plan, that’s great. But I just want to challenge you on one thing…
Are you procrastinating by working on your business plan?
I mean, can you just go out and get a client and see if you like it?
I remember when I didn’t have any kids and I’d say, “I think I want to have four kids one day.” My mom would say, “Just have one and see if you like it.”
That’s how I feel about business.
You really don’t need to put together a huge business plan to get started anymore. You can just go out and DO IT.
Do a little bit of planning, but go out and get a client and see if you like it.
See if that’s the right business direction for you. If not, try something else. You can figure out everything else as you go.
Need a business plan for your blog?
Just start blogging. See if you like it.
Rather than spending years planning out the blog and never actually doing it, why don’t you write a blog post and see if you like it? See if it resonates with your potential audience.
Then write another post. Eventually you’ll see if the topic resonates with you. If not, start a new one completely.
Need a business plan for your book?
Don’t spend years planning out writing a book. Write a couple of chapters and see if you’ve got energy for it. See if it flows. See if it’s easy.
There are lots of wannabe authors out there who THINK about their book a lot but never actually write.
If you want to be a writer, just write.
See if you like it. If you don’t…. write about something else.
You really don’t need a business plan.
You can probably tell already that my message is “You don’t need a business plan.”
You need SOME kind of planning, right?
Yes, there are definitely some things that I plan out in my business. It’s like a one or two pager business plan document. Don’t worry. I’ve got a cheat sheet for you at the end of this article. (Just remember, it’s super simple.)
#1 Who do you want to serve?
You don’t need to get this perfect at the start. This can grow and change, but just knowing who you’re talking to is really useful. Don’t wait until that’s perfect because the BEST way to decide if you are in the right target market is to go out and get a client and see if you like it.
When I started my life coaching business years ago (before I was the Lucky Bitch), I coached anybody on anything.
That was the best way to start, rather than spending six months planning out my proper target market.
I just went “Okay, I’m open for business. Who needs my help?”
Very quickly you’ll realize, “I don’t like working with that type of person, good to know.” Or, “I really resonate with people who are working on this type of business.”
That helps you refine your target market way better than the theory does.
But it’s really hard to make decisions in that space of not knowing. And you can procrastinate on actually doing something.
On your business plan, just write down a couple of ideas. “Here’s who I think I would like to work with.” Then go out and get one of those clients.
#2 How much money do you want to make?
It’s powerful to have a specific money goal for the year and month, and to actually state it out loud.
A lot of women are afraid to even write down a number, even just on a piece of paper that nobody is going to see.
They’re almost afraid to claim it just in case it doesn’t come true.
I actually think that comes from childhood messages. Remember when you used to go to a birthday party and blow out your candles and they’d say, “Don’t tell anyone your dream because it won’t come true!”?
Think about how deeply ingrained that is – even as an adult. We think we can’t state a money goal, because if we admit to it, then it’s not going to happen.
Again, it’s an important part of a business plan, but not necessarily one you have to spend a lot of time thinking about or strategizing. You can come up with your money goal and then you can work out the other stuff afterwards.
AND YOU CAN CHANGE IT.
Money goals aren’t set in stone. Just pick a number and see how it goes.
#3 What do you want to offer?
You know who you want to work with and you know what kind of money you want to make.
What do you want to offer?
More importantly, what do you NOT want to offer?
When you start out, you make mistakes around offerings, everyone does. I totally did. I was like, “I’ll do ALL of these things!”
Then you realize maybe just one or two will excite you, resonate with your audience and have longevity for you, (as in it holds your attention and you feel good about it) and, also, some things take a lot more work than others. Some offerings might not even be that profitable.
It’s okay to ditch stuff.
Write down just a couple of things that you want to offer now or in the future and things that you want to kill.
You might decide you don’t want to do one-to-one or face-to-face anymore, or you don’t want to do websites anymore. Or some of your offerings make NO money and you want to kill yourself every time someone asks for it.
Whatever it is, killing offerings is just as important as creating new stuff.
#4 What new things would you like to create this year?
What new projects you want to create? I grid them all out on a matrix – time versus potential reward. Don’t worry, this is in the handout as well.
You might think, “Cool. I would love to write a book this year.” Yay! Writing a book is great. But, it can take a long time. Whereas, you can create a course in that same amount of time and make a lot more money.
Ditto with things like audiobooks. You might think, “Oh, I’d love an audio version of my book!”
Then you realize it can take two weeks of nonstop recording to do it and you can charge 20-30 bucks for it. In the same time, you can create a course – like my Lucky Bitch Money Bootcamp, for example, that you can charge hundreds or thousands for.
It’s really powerful to plot it out so you can make those decisions.
#5 What content do you want to give every week?
The last thing to plan out is the weekly free content do you want to create. This could be on your blog, social media, podcast, etc. If you market yourself online like I do then having regular content is really helpful.
Weekly content is also important because it leads into your offerings and you can steer your audience in the right direction. It also helps you attract the right people in the first place. It keeps you top of mind for your audience and it helps you to grow your list of potential customers.
I do this last however, after I figure out the rest. Otherwise you’re just guessing, and it’s easy to get off topic.
I plan out my content almost a year in advance using a really easy process to tie all those things together; what your products are, who you’re serving, how much money you want to make and new projects in the pipeline. Then you can filter down to what content you should put out every week that will lead the RIGHT people to the RIGHT offerings.
As I said, it’s very simple. It’s only a couple of pages for you to do.
You can get that free at:
Stop planning, start doing.
I don’t want to hear in six months’ time that you’re still working on your business plan.
Get into action and refine as you go.
Otherwise you’re just procrastinating… plancrastinating.
The traditional business plan is SO not necessary.
My last message is…
If you just recently quit your job and you’re partner is hassling you for a business plan, then get them to watch this video. Fill in the simple Lucky Bitch plan and send them to them.
A lot of people think that having a business plan means that you’re in business. That is not true. You’re in business when you focus on getting clients and make some money.
It’s not like you need to go to a bank manager and ask for a $100,000 loan to start your business. You can start now.
If your partner is pressuring you for a business plan before they let you quit your job or before they support you, then show them this video. Tell them what you’ve planned is enough and then get into action and make some money.
Yay for making money. Money trumps planning any day.
Make sure you download my business plan cheat sheet:
Even if you do have a business plan, it’s still good to go through it and to see if there’s any bits and pieces that you’re missing. And then GET INTO ACTION.
It’s your time and you’re ready for the next step.
Did you miss last week’s post? Check it out here: How Much Does it Cost to Run a Million Dollar Business?