068. Creating your business plan to go from a slightly monetized hobby to a profitable business

068. Creating your business plan to go from a slightly monetized hobby to a profitable business

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If you’re a multipassionate entrepreneur like us, it's essential to know how much you’re spending on your business, who you’re serving, how you’re distributing your product or service and everything else in between that makes your business run smoothly. We know how easy it can be to push these to the side or feel overwhelmed because of all the business lingo. So...grab a pen & paper friend because today’s episode is going to be your audio guide for creating your new or updated business plan.

You’ll learn the 10 components we used to build our business plan and hear examples of each so you can easily recreate it with your own business!

  • Identity

  • Problem

  • Solution

  • Target market

  • Competition

  • Revenue streams

  • Marketing activities

  • Expenses

  • Team and key roles

  • Milestones


Resources from this episode:

Show Notes:

  • Listen to the episode to hear an example of each!

  • Identity: A one-sentence overview of your business.

  • Problem: What problem are you solving for your customers?

  • Solution: What’s your solution to the problem? Describe your products and services here.

  • Target Markets: Who are your customers?

  • Competition: Who are your competitors and what alternative solutions do your customers currently buy and use?

  • Sales Channels: How will you sell your products and services to your customers?

  • Marketing Activities: What are the key activities or approaches that you’re going to use to reach your customers? What’s your pricing or cost structure?

  • Revenue streams: How are you going to make money?

  • Expenses: What are your key expenses when you’re running your business?

  • Milestones: What is your roadmap to test and start your business?

  • Team: What are the key roles that you need in your business to be successful?

  • Partners & Key Resources: Do you need to work with other businesses to make your business work?

Don’t forget to leave us a review/comment. Let us know what need you’re filling with your business or a key takeaway from this episode... and don't forget to subscribe, so you never miss an episode!

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