|

How To Write A Business Plan For Creative Entrepreneurs

0 Comments

How To Write A Business Plan For Creative Entrepreneurs

For creative entrepreneurs, the idea of writing a business plan is a pretty daunting task. I know because I’ve been there, putting it off for months and months because I was partly overwhelmed by it and scared of what I would discover. It may feel more like a task for accountants and corporate managers than artists and creatives. However, a well-crafted business plan is crucial for turning a creative idea into a successful business. It’s what makes your passion a business and gives you the guidance you need to make clear, business decisions. It provides a roadmap for your craft, identifies weaknesses and strengths, defines your market and target customer and guides you in achieving your long-term goals.

Do not skip over it, folks! 

In this blog post, I’ll walk you through the key elements of a business plan tailored specifically for creative entrepreneurs and business owners. Because we’re a bit different, right? Whether you’re launching a new business, expanding an existing one, or looking to make changes, I’m going to show you why a business plan is actually necessary and how we can help you create one! 

1. Your Business Outline

The first few pages should be like a bit of a summary…Your mission, goals and objectives are defined in this section. We look at your WHY. We study and work through the following questions:

  • If you had to describe your business to someone in line at the grocery store, what would you say? What is your mission statement? Can you describe it quickly?
  • What is your company description?
  • ?What is your work characterized by?
  • What is your vision for your business? 
  • How does it impact your life?
  • How could it change your life?
  • What are your goals? Both in your business, but also how you want it to impact your life

?Now, let’s dig even deeper…

2. Goals: Detailing Your Vision and Business Model

In this section, we’ll provide more detailed information about your business. This includes your company’s vision statement, its history (if applicable), and your goals – for the next year, three years and five years. 

We then break down each goal (or milestone) and work through how to achieve those goals with pricing, workflow, marketing and branding strategies. Additionally, with each goal we narrow in and focus on one implementation strategy so that you know EXACTLY how to get to and go beyond each goal. 

This section should give readers a clear understanding of what your business is about, how it operates, and what it aims to achieve.

3. Your Offering: Products, Services and How To Balance Your Business

This is a summary of the products you currently have in your business – broken down into categories. 

This will change over time. When it does, take into account what part of your business your new product fits into – High Profit (HERO Products), Mid Range, medium turnover, faster production and turnaround time. Having a nice balance between these will diversify your business and income streams. 

We will provide you with a full breakdown of your offerings, their profit margins and where to push and pull to reach your financial goals. We provide you with various scenarios for work, labour and profits and how to tweak your marketing so that what you need to sell to profit is aligned with how much work you’re putting in and making on each item. 

This is the most valuable part in the plan, if you don’t already know this in your business because it’s what will prevent you from burning out, with no end in sight and absolutely no clue on how much money you can actually make which is a really stressful place to be. 

A thorough market analysis is essential for identifying your target market, understanding your competition, and determining your market share. This section should be based on solid market research and should include the following elements:

  • Target Market: Define who your potential customers are. Consider demographics, psychographics, and behavioural aspects that characterize your ideal customer.
  • Market Need: Explain the specific market need your product or service is addressing.
  • Competitive Analysis: Identify your main competitors, analyze their strengths and weaknesses, and determine how you can differentiate your business.
  • Market Size and Trends: Provide data on the size of your market and any relevant trends. This might include growth rates, market segments, and geographic factors.

The goal of your market analysis is to demonstrate that you have a deep understanding of your industry and a clear plan to reach your target audience.

4. Market Analysis: Crafting Your Marketing Strategy

Do you know where you sit in the market? Are you priced high, low or somewhere in the middle? What sets you apart from your competition? What are your unique offerings that give you a competitive edge over your competitors? 

Your marketing plan should detail how you intend to attract and retain customers. It’s about more than just advertising; it encompasses your entire approach to creating value for your customers and communicating that value effectively. But it also can include branding narratives. When you have a successful branding strategy, it becomes clear how your business will attract the right customers. And where to find them. 

We provide you with a curated set of visuals, as well as a social media guide with example son how to incorporate all your branding into your various platforms – Instagram, Pinterest and anything else that is specifically useful for you. We’ll also make suggestions on where to find your customers and how to create content across platforms efficiently. 

  • Marketing Strategy: Outline the overall strategy that will guide your marketing efforts. This includes your value proposition, brand positioning, and key marketing messages.
  • Sales Strategies: Detail how you plan to sell your products or services. Will you sell online, through physical stores, or both?
  • Social Media: Explain how you will use social media to promote your business. Identify which platforms you will focus on and why.
  • Advertising and Promotions: Discuss any advertising campaigns, promotions, or events you plan to use to drive sales.

6. Financial Plan: Making the Numbers Work

This is the section of your business plan that gets into the nitty gritty. Your financial plan is the most critical part of your business plan. It includes detailed financial projections and statements that demonstrate the financial viability of your business

We also take a look at ALL your financials – including income, expenses, product/service pricing and profit margins and provide you with a financial forecast to demonstrate the business’s potential profitability, all bundled into a fully editable financial planner that you can tweak and properly forecast profits as you grow. 

We also work together to create a SWOT Analysis – identifiying your strengths, weaknesses, opportunities and threats to create realistic business goals and where they might be any gaps. 

Some of us are working just an hour a day while others are closer to or even beyond full-time. The unique quality of a creative business is that it’s very closely linked to our personal lives, our passion, craft and often, our homes. Maybe we’re working whilst taking care of children, or in the evenings on the dining table, sending emails on the kitchen island between preparing meals…really trying to make a go of it. It’s a beautiful chaos. 

And so, we do business plans differently at The Good Canvas. 

We take into account all the things that make your business a real extension of you – and design a plan that works for you, with a projection and strategy for your 1 year, 3 year and 5 year goals, with marketing plans and focus points to get you there. We do 1:1 calls to really understand you. You’ll receive a complete, visually diagrammed financial plan and editable financial planner in a beautiful and neat package to get you on your way! 

Writing a business plan is not just a formality—it’s a vital part of building a successful business. A well-crafted business plan helps you clarify your vision, plan for the future, and communicate your ideas to others. It forces you to think critically about every aspect of your business, from your target market to your financial projections.

For creative entrepreneurs, a business plan may not be as fun as designing a new product or launching a marketing campaign, but it’s just as important. It’s the foundation of your business’s success and a tool that will help you turn your creative ideas into reality.

Ready to get started?

GET STARTED ON YOUR BUSINESS PLAN TODAY!

Reach out by clicking on the link below to get more information and get in touch! 

How To Write A Business Plan For Creative Entrepreneurs

What Are My Other Options?

If you’re considering coaching but want to just chat first and ask some more questions, that’s ok first!. I offer a complimentary 30 min strategy call to help you with anything you’re curious about and different ways to grow your business online. You can book a call here.

BUSINESS RESOURCES AND GUIDES

RELATED READS

Liked This Post And Want More Artist Tips? Be sure to subscribe to our newsletter for up-to-date tips and tutorials, free resources and guides and studio updates!

How To Write A Business Plan For Creative Entrepreneurs

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *