Learn the importance of having an effective business plan by listening to this episode with Hailey Rowe and her guest Lori Nordstrom.
In this episode you’ll learn:
- What is a Business Plan?
- The benefits of having a business plan
- 2 questions to always be improving: What went well? What do I want to improve?
- The “10 Steps to Create Your Business Plan”
- How to not use your business plan to self-sabotage
- The review process for your business plan
Notable Quotes:
- “Don’t share from your wounds, share from your scars.” – Glennon Doyle
- “The goal is not the goal. The real goal is in who you become achieving that goal.” –John Maxwell
- “It’s not magic, it’s just math.” -Kim Walsh
THE 10 STEPS TO CREATE YOUR PROFITABLE BUSINESS PLAN
Part 1
1. Dream
Write your personal & goals
2. Business Description & Mission Statement
Write who do you want to be in the world? What are your company values, the impact you want to make, and the priorities of your coaching or service-based business?
3. Define Your Products and Services
Write down who your products and services are for, their pain points, and what solutions your services provide.
4. Customer Experience and Client Journey
Write down where most of your clients start & their journey through your different products and services. Write if there’s any ways you can improve accountability, results, and client expectations.
5. Define Your Niche and Brand
Get my Profitable Niche & Content Course to simplify this process!
Part 2
6. Identify the Competition
Write down what makes your business different and unique?
7. Get Clear on Your Target Audience
Write down where your ideal client is spending their time & money, their personality, values you want them to share, etc.
8. Marketing Strategy
Write down how you will get the word out about your offerings & how you’ll create connections & conversations daily. If you want to book paying clients consistently with your marketing plan, get my Free Private Training.
Develop a “Daily Method of Operations (DMO).”
9. Build Your Team
Find out your hourly rate. Next, write down ALL the activities you do. To determine what to outsource, look at the list and see if there’s anything on it that you don’t like doing & that you could hire out for less than your hourly rate.
Next, plan what you’re going to use your newfound time for.
10. Pricing, Sales, & Projections
Plan what you’ll charge for your services & estimate your sales volume based on your plan.
BONUS: Future Planning & Growth
Think about a 3, 5, or 10-year plan if you want to work backwards from your overall vision.
Reminder: Celebrate wins! Share one business win you’ve had this year with me on Instagram.
About Lori Nordstrom
Lori Nordstrom is part of Team Goal Digger, thegoaldiggergirl.com. She works with Kimberly Olson, who has built a $7 million business in five years, all on social media.
Resources:
- Free Training: How to Get Paying Clients Consistently Without Posting More or a Big Audience
- Profitable Niche & Content Course
- Zag by Marty Neumeir
- Goal Digger Girl
Disclaimer
The advice given on this episode does not qualify as mental health, financial, legal, or investing advice. Make choices at your own risk.
