The Ultimate Guide to Creating Your Business Plan
As a creative entrepreneur, it’s extremely important to set goals so we can work from a place of rest, not hustle. One way I do this each year is by creating a Business Plan!
This initially sounded boring and time consuming, but quickly changed after I hit my goal salary 11 months after starting my business!!!
Ready to reach your goal salary within your first year of business?! Keep reading!
Before anything else, you must know who you are, your target audience, and the value you bring them.
Who You Are
No matter what, your art needs to be a reflection of who you are. For instance, if you don’t like the great outdoors, you probably shouldn’t be a nature photographer lol. Over time, I learned that I love romantic wedding and family photography with a timeless film-like aesthetic.
Your Target Audience
It’s even more important to find out who you are speaking to in every marketing venture, down to your tone of voice. I have two audiences: 1. The bride in her 20s that values high-class aesthetic paired with an unforgettable experience 2. The mother in her 30s that also values a high-class aesthetic, but ultimately desires to capture the beautiful, joy-filled life she strives to create for her family each and every day.
Your Value
What do you bring to the table that others do not? That’s your selling point and what you should be communicating consistently to your target audience. I make sure to tell potential clients that I’m different than the average photographer. I want to create a fun experience where my clients feel confident and free to express emotions in a natural way, with a simple booking process, no travel fees, time limits, or expiration dates. As simple & flawless as possible!
The steps above take time and may change as you grow. But with good vision, it will be much easier to create your business plan!
Create Your Business Plan
Okay, let’s get this party started! Creating a business plan as a creative entrepreneur is like building the foundation for your dream home. Without it, the house will not be sturdy and may not stand through time. So let’s put the extra effort in your business so it can last!
Gather Materials
Begin by gathering personal & business budgets, expenses, investments, savings, insurance, etc. Setting goals in your business always comes down to the numbers, so that’s where we will start!
Design The Blueprint
Next, you’ll need to create a spreadsheet to visually see all of your data in one place. My personal favorite is Google Sheets which comes with any Google personal or business account. If you want to jumpstart your organization, feel free to grab my FREE Business Plan Template below! You need a working Gmail account to access the document.
Start Building
No matter what type of spreadsheet you use or create, input the following:
Personal Budgets (I manage mine on www.mint.com which is SO easy!)
Business Expenses
Services & Products, Pricing, % Each Makes in Your Business
Average Working Hours (marketing, setup, travel, session, delivery, education, etc.)
Off Days (vaca, rest days, sick days)
Make The Final Touches
Add up all expenses & choose a goal salary that will cover everything (and then some!)
Break down each service by price and percentage of the business.
Compute how many sessions you need per month/year to reach your Goal Salary!
Add up working hours vs. off days and you’ll see whether you can realistically accomplish your goals!
Host A Party
Last but not least… you heard me right, host a party! Once your dream house is finished (woops, I mean business plan), then it’s time to celebrate each milestone! As a creative entrepreneur, it’s so easy to get caught up in comparing yourself to others and wasting time on projects you don’t need to focus on.
Take the time to be thankful at each milestone. You’ll be more grateful and fulfilled as you accomplish your business goals!
Thank you for taking the time to read all of these steps to creating your business plan! I’m excited to hear how yours went and how you reached your goals!
