Business Plan Basics | Tips for Solo Entrepreneurs

More and more women are leaving the traditional workforce to venture out alone as solo entrepreneurs. And I LOVE to see it!

Starting your own business allows you to pursue your passions, become your own boss, and do things on your terms. It's so damn fulfilling to know you are using your talents to provide a unique product or service. But we all know it is not a simple undertaking.

You are a brave, brave woman. Establishing any new business is difficult, but starting one by yourself!? That takes guts. And if you’ve found your way to this blog, you likely deal with anxiety and feelings of overwhelm. My whole purpose here at Women Out Loud is to equip women who have anxiety to crush it in business—anxiety be damned! 

That’s why today, I'll take you through the basic questions you need to answer to create a viable business plan. When you have answers to all these questions in place, your anxious brain will have peace, knowing you’ve done your due diligence.

What is a Business Plan?

A business plan is a document you create that lays out your company's mission statement, goals, market positioning, finances, and operational logistics. It's basically a description of your company and a plan for how you will establish and operate your new business. 

Without a thorough and reasonable business plan, your business venture will be over before it starts. A good one will set the foundation for a thriving and profitable business!

What Does Your Business Offer?

You may already have a concrete idea of what your business will offer. If you do, that's great. If not, figuring this out is step one. 

Even if you have a solid idea for a product or service, it's vital that you nail down what makes your business different from the rest. In any case, let's go back to the basics.

Skills + Experience + Passion

Your perfect business idea will combine your skills, experience, and, most importantly — your passion! 

Think about what you really care about. What brings you joy? What gets you out of bed in the morning? Whatever you do, make sure it's something you're passionate about. You can only run a successful business if you care about your work. 

Your passion will set your business apart. But let's be honest—you need some serious skills and know-how if you expect your business to thrive. Sharing them with the world might be new to you, but you definitely need to have something unique to offer. Set realistic goals if you're heading into uncharted waters to pursue a new passion. Factor in the time and money you need to spend to become great at what you want to do.

Define Your Business

At this stage, it's not enough to have a general idea of your business. Narrow down your idea until it's specific and clearly defined. 

Find your niche. Think about what your business can offer that your competitors can't. 

Who is Your Target Audience?

Create a profile of your ideal client. Who are they? What do they do? What is their life like? What can your business do for them? Hold the image of your ideal client in your mind throughout the process. 

One hang-up many new business owners run into is having too many ideas and too many target audiences in mind. That can make you distracted and makes your messaging confusing. Throughout the life of your brand, you can certainly address different niches, but it’s best to have a specific idea of who you’re trying to serve as you start out. Be mindful of your target audience as you work on defining your brand.

What Do You Need to Get Started?

As you flesh out your business plan, think long and hard about everything you need to get started. Do you need a workspace or storefront? Do you have a functional website? 

In your mind, do a detailed walkthrough of your first couple of months in operation. Write everything down. You'll have a better idea of your start-up budget and can set more realistic goals.

How Much Can You Invest?

How much money are you willing and able to invest in a new business? Aside from initial costs, ensure you budget for the ongoing costs of running a business. 

For example, should you hire someone to run your website and social media? What is your advertising budget? Do you create a physical product that needs to be stored and shipped? Are you working from home, or will you rent a workspace? 

Other sneaky costs may include childcare, equipment, licenses, and fees. Even if you're a one-woman show (no employees to pay), running a business is expensive!

What Does the Current Market Look Like?

Timing is everything. No matter what sector or industry you plan on joining, the market is constantly in flux. I recommend doing exhaustive research into the current market before you go all in. Consult a professional market analyst if possible. A pro will have the tools and experience to track market trends and make predictions about the viability of your company going forward.

If you can't afford to hire an expert, there are many tools you can use to do your own market research:

Think With Google— Google's free digital marketing toolbox helps you track trends so you can see how many people are looking for your product. You can see what categories rise and fall through the seasons and what markets are hot.

United States Census Bureau— In addition to accessing general demographic information, you can also use this tool to see potential target markets in your area. This might make defining your target audience easier!

Paperform— Do your own grassroots research! Tools like Paperform let you easily design and distribute surveys. You can ask your target audience all of your burning questions and get a real insight into the minds of your potential clientele.

Solo But Not Alone

You might be a solopreneur, but you aren't in this alone. You can find an outstanding, supportive community at Women Out Loud. WOL is a network of female entrepreneurs who have been in your shoes! We use our experiences to help other women achieve their professional and personal goals. Join this amazing community today!