online blog business plan

Online Business | How To

How to Create a Blog Business Plan (Includes Step-by-Step Template)

Published April 20, 2020

Published Apr 20, 2020

WRITTEN BY: Janette Novak

This article is part of a larger series on How to Make Money Blogging .

The most successful bloggers on the planet have one thing in common: they understand the power of a well-conceived business plan for driving blog profits. At its essence, your blog business plan is a road map that defines why your blog exists, clarifies your top goals, and provides a step-by-step outline of how you plan to accomplish those goals. Your plan guides you through the most crucial steps on your business-building journey.

If you think creating a business plan is going to be difficult and confusing, put those fears aside. I’m a blogger myself and have been working with bloggers for nearly a decade, and you’re about to learn my shortcuts and tips that will make the task far easier than you imagine.

10 Essential Sections of a Blog Business Plan

1. Executive Summary 2. Market & Competitor Analysis 3. Brand Identity Overview 4. Blog Content Overview 5. Blog Monetization Plan 6. Blog Marketing & Promotion 7. Blog Management & Operation 8. Cost & Revenues Forecast 9. Blog Performance Analysis 10. Business Exit Strategy

To get a jump-start on your business planning, download this free blog business plan template. It walks you through everything you need to include in your plan. The template is fully customizable so you can adapt it to meet your unique needs.

Free Blog Business Plan Template

Download Now

10 Essential Sections in a Blog Business Plan

While there are 10 major sections in your business plan, each section of your plan is not necessarily self-contained. This means you can’t expect to finish step one and then move on to step two and proceed to each next area—you may go back and forth between sections when creating your plan. This holds especially true for the Executive Summary, which includes summarized content found in other sections of the plan.

1. Create an Executive Summary

The Executive Summary is widely considered the most important section in a business plan. This one section boils down your business plan to the essentials of how you intend to create and operate a profitable business. As a blogger, the main reason to create an Executive Summary is so that you are clear and remain focused on what you want to accomplish.

Your Executive Summary should list your blog’s name, a brief blog description, as well as summarized information about your blog’s target market and ideal audience. You will also want to include your blog’s mission statement and top business goals in this section of your plan.

Enter Your Blog’s Name on Your Plan

Your blog’s name may or may not be the same as your business name. For example, the popular lifestyle and personal finance blog Living Well Spending Less® is owned by Ruth Soukup Omnmedia. Soukup has several businesses and brands and gathers them all under one company name. If your blog’s name and your business name are not identical, that should be noted in this section of your plan.

Deciding on your blog’s name somewhat mirrors the steps you take to come up with a business name. Here are a few things to keep in mind when creating your blog name:

• Look for names that aren’t already taken
• Decide the tone you want your name to convey such as serious, playful, formal, or informal
• Select a name that is easy to remember and spell
• When possible, use a blog name that you can also use as your domain name

Here are some simple name-generating tactics that might inspire you:

• Incorporate the blog audience in your blog name.
• Find naming inspiration from characters in books or mythology
• Incorporate a location name into your blog’s name, if appropriate.
• Consider using a portmanteau, which is just two names modified and smushed to become one name (e.g., breakfast + lunch = brunch).

You may find that naming your blog presents a little more challenge than you anticipated. Let’s face it, with more than 31 active million bloggers in the world, a lot of terrific names are already taken. Finding the perfect blog name and domain will take time and creativity on your part, but the tips listed above will make the process easier.

Write a Blog Overview

An overview is a 40,000 foot fly-over description of what your blog is about and why it exists. Write this from the perspective of a business owner who intends to monetize a blog.

If you’re starting a blog as a hobby or passion project, you don’t need a business plan because your goal is not to make money. Your secondary reasons for starting a blog might be because you’re passionate about the blog’s subject, but your ultimate goal is to turn a profit. I really can’t overemphasize the need to view your blog as a business.

Try to keep this section of your blog plan to 250 to 500 words. Remember, it’s a summary, not a dissertation. The primary advantage of creating a relatively brief blog description is so you can refer to it as you build your blogging businesses. When you stay focused on why your blog exists, and make decisions based on that why, you’ll avoid many bumps in the road that throw less business-focused bloggers off course.

Add a Short Description of Your Target Market & Ideal Audience

While it’s wise to include an overview of your target market and audience in your Executive Summary, it’s not something you can do before conducting in-depth research. This is what I meant by creating a business plan is not a straight step-by-step path; sometimes you have to skip a few steps and then come back to complete those you skipped.

When creating section two of your blog business plan-—the Market & Competitor Analysis section-—you’ll conduct in-depth research and provide considerably more detail about your target market and audience. That detailed information will help you create the abbreviated content you add to this section of your Executive Summary.

Write Your Mission Statement

A mission statement is a short declaration of what you do and who you do it for, as well as how your blog is unique. The purpose of a mission statement is to keep all those who work on your blog focused on your business goals and ideals.

When writing your mission statement, be sure to answer these questions:

• Who does the blog serve?
• What will the blog do for them; i.e., what’s its purpose?
• How will the blog accomplish this? (This is where being unique will set you apart from competitors. )

A strong mission statement is clear and compelling. The best mission statements are simple, jargon-free, and straightforward. Moreover, they’re inspiring. Your mission statement should both inspire you, those who work on your blog with you.

Blog Mission Statement Template

Our mission at [blog name]____________________________________ is [what you do]_____________________________________________ for [who you do it for] ________________________________________ that [what you accomplish] ____________________________________

Example of a Mission Statement for a Fictional Travel Blog

Our mission at Travel Morocco Now is to provide incredible experiences for travel enthusiasts worldwide that offer an authentic glimpse at all this exotic land offers.

List Top Goals that Are Key to Your Blog’s Success

Once again, you may need to refer to other sections in the plan before entering this information on your Executive Summary. For example, you may want to set goals around the types of monetization strategies you plan to pursue (which is discussed in-depth in your Blog Monetization Plan ) or set goals for your promotional investments (which you outline in the Blog Marketing & Promotion section).

Include around four to seven goals in your top goals list. If you’re not certain how to set business goals, check out this list of 10 SMART goal examples . Goals can include anything from selling 1,000 e-books in the first six months at $19 each to achieving 30,000 average monthly page views so you can join a high-paying advertising network like MediaVine .

2. Market & Competitor Analysis

Many bloggers do at least some niche market research before deciding to start a blog business. If you’re already done that, congratulations—you’re ahead of the curve. If you haven’t started yet, don’t worry, as you can still commence your in-depth study of your blog’s niche market as well as the top competitors in your blog’s area of expertise.

Write Your Niche Market Analysis

When starting a blog with the aim of making money, it’s best to focus on a niche rather than a broad market. Frankly, it’s simply too hard for a solo blogger to gain traction for a blog that tries to cover too many subjects (the exception being lifestyle blogs, that typically cover more areas but from one person’s point of view).

You can always broaden or narrow your blog’s focus once it’s been up and running for a while. Before you do that though, it’s best to look at blog performance data to see if a change in content scope is appropriate.

To create this section of your plan, you’ll need to conduct thorough market research. Once you have a good handle on your niche, it’s time to summarize your findings in the Market Analysis section of your blog business plan.

Here are key questions to address on your plan:

• What topics are potential customers searching for on Google?
• How big is the market and is there any evidence it’s growing or shrinking?
• Who is your ideal customer and what are they like?
• Are there any uncontrollable market factors that could threaten or increase your odds for success?

Your business plan isn’t a static document. Market conditions and demand change over time, hence you’ll need to revisit your blogging plan periodically to make sure you stay up with an ever-changing environment. This is especially true when it comes to your blog’s market and competitor analyses.

You might want to consider using a competitor analysis mapping tool like edraw by Wondershare to evaluate competitors in your niche. Source: edrawsoft.com

Develop a Thorough Competitor Analysis

Getting a good handle on who your blog competitors are is absolutely critical to your success—like “you won’t stand a chance of success if you don’t get this right” critical. A thorough competitor analysis is likely to reveal many opportunities you wouldn’t find elsewhere.

Here are crucial questions to address in this section of your plan:

• Who are my blog’s primary competitors?
• How are those competitors making money with their blogs?
• What topics are my competitors covering on their blogs?
• What are they doing well?
• What are they not doing so well?
• What are the “holes” in their strategies (in other words, opportunities to solve problems competitors aren’t addressing)?
• How big is their follow base on various social media channels?
• How much traffic does each competitor get? (Tip: use Alexa to get this information.)

When visiting competitors’ blogs, make sure you spend some time taking in the full experience. Pay attention to site design, overall vibe, use of visuals and videos, and other site features that make a favorable—as well as unfavorable—impression on you. Sometimes it’s those subtle details that add up to make a blog stand apart from the crowd.

3. Brand Identity Overview

The amount of detail you include in this section of your blog business plan will vary based on where you are in your blog development process. If you’re still in the conceptualization stage of your blog, you may not have your entire brand identity worked out yet.

At a minimum, include the following information in your Brand Identity Overview:

• A description of your brand’s personality—for example serious, casual, warm, or cutting-edge.
• What you want people to think of when they describe your blog’s brand.
• How you’ll reflect your blog’s core values and mission in your brand identity.

If possible, also include:

• Your logo and all brand marks
• Specific typography used in your brand
• Brand colors
• Brand taglines
• Iconography and other key graphics

Remember, your plan is not something you create and forget. If you don’t have all your brand identity components available to post in your plan now, go back and add them later.

Example of a brand identity board from Storenvy.com Source: storenvy.com

4. Blog Content Overview

Your blog needs an overall business plan, but it also needs a blog content strategy plan. In the Blog Content Overview, you’ll add a summary of your content strategy, discussing not only the types of content that will be created, but also how you intend to keep that quality high.

Here are the basics to add to your Blog Content Overview:

• Core blog categories: List the main topic categories that will be covered on your blog. For new blogs, three to five categories is recommended. You may also want to include the first 10 blog posts that you’ll create under each of these categories.
• Types of blog formats planned: Most blogs use a variety of blog formats, including how-to posts, interviews, reviews, case studies, guides, opinion posts, and behind-the-scenes posts.
• How you’ll create 10X content : You want to wow your reader so here’s your chance to explain how you’ll develop content that’s ten-times better than anything else available.
• How you plan to establish your expertise, authority, and trust (EAT) : Your blog posts will only appear in Google’s top search results if Google feels it meets its quality expectations.
• Posting frequency: Create a plan for how frequently you’ll post based on available time and resources.

Two of the biggest mistakes new bloggers make are to create content inconsistently and develop blog posts that are irrelevant to the blog audience. Consistency helps you build your following while developing your brand’s authority. Creating content focused exclusively on the needs of your niche provides a trustworthy experience for your audience as well as shows Google that you have deep expertise in your niche.

5. Blog Monetization Plan

If you want to turn your blog into a profitable business, you need a sound plan for making money. There are many ways to monetize a blog, though some produce better results than others.

Affiliate marketing and selling digital products and services top the list of best ways to make money blogging. You can get started with affiliate marketing from day one on your blog.

Digital products, such as e-books and online courses, may take longer to create, but the upside is that you get to keep all the profits. Seven-figure bloggers , including Michelle Schroeder-Gardner, Pat Flynn, and Brian Clark, all made the bulk of their fortunes through self-produced products and courses.

Other monetization techniques include:

• Selling ads directly or joining ad networks
• Sponsored posts
• Private memberships
• Events and Retreats
• Exclusive forums
• Physical products
• Digital downloads (e.g., checklists,templates, and planners)
• Offering coaching, consulting, or freelancing services

Some monetization strategies just aren’t practical for new blogs. For example, you won’t make any money through advertising when your blog has very little traffic coming to it. That’s why many bloggers list two different  monetization strategies on their business plan. The first is a startup monetization plan. The second is a “next-step” monetization plan, which commences when blog traffic picks up.

In the Blog Monetization section of your plan, be sure to include specific tactics you plan to pursue. Set goals regarding when you’ll start each tactic as well as how much money you hope to generate from each method.

According to a study by Growth badger, the top tactic high-earning bloggers use to make money is affiliate marketing. Source: growthbadger.com

6. Blog Marketing & Promotion Strategies

You can create the best blog on the planet, but your results will be abysmal if no one knows you exist. Developing an effective blog marketing and promotion strategy is yet another key to your ultimate success.

While there are many ways to promote your blog, you want to focus on those that make the biggest difference, which include a strong launch strategy, social media marketing, search engine optimization, and email marketing. If your budget allows, you may also want to consider paid advertising.

Launch Strategy

What’s your plan for getting the word out about your blog when it’s brand-new? It’s wise to create a blog launch strategy much like you would develop a product launch strategy .

Types of marketing and promotional activities to pursue in the launch phase of your blog include:

• Tell your network about your new blog and ask them to share it with their networks
• Appear as a guest on popular podcasts
• Guest blog on other blogs (where you’ll get exposure for your blog)
• Create highly targeted, paid social media channels ads or Google ads
• Reach out to influencers in your niche

The toughest phase of any new blog is the launch period. You may find that it’s difficult to get traction at first, but be persistent in your efforts to get the word out about your blog; that persistence will be rewarded.

Social Media Marketing Strategy

Successful bloggers understand the power of using social media for driving both blog traffic and blog profits. The trick is to identify the best social media channels for your blog—that means developing your presence where your ideal audience can be found. Your social media marketing strategy summary should identify which social channels you plan to use, how you plan to use them, and what your top goals are for those efforts.

The lure of social media is enticing. I must warn you, though, that the hip-and-happening world of social media has a dark side where you could find yourself drained of time and money with little to nothing to show for your investments.

Posting pretty pictures and clever sayings alone won’t build your blog business. You need to develop a smart social media marketing strategy. Done right, a solid social plan can catapult your business to success. Done wrong, you could end up on the dark side that I just described.

My top success tip here is don’t try to be in all social channels all at once. Pick one or two social channels and focus on those until you have the time and resources to expand while still being effective.

View Template

Search Engine Optimization (SEO)Strategy

If you want to rank higher on Google —and trust me, you do, as that’s a key source of traffic for most bloggers—then you need to have a firm understanding of SEO and how to apply it to your blog. If you don’t have a solid grasp on SEO yet, start by reviewing SEO for Bloggers. Once you more fully understand SEO, you’ll be ready to develop an overview of your SEO strategy.

When summarizing your SEO goals on your business plan, be sure to include goals for both on-page and off-page SEO. On-page SEO includes using relevant keywords and providing valuable content for your readers. Off-page SEO includes other factors that impact page rank, the most important of which is getting highly credible sites to link to your blog.

According to SEO solutions giant ahrefs, 90.63% of pages published on the internet receive no organic traffic from Google. Source: ahrefs.com

Email Marketing Strategy

If you’re serious about your blog business—and if you’ve read this far, I know you are—then you’ll want to get serious about building relationships with your blog audience. You can’t depend on them to come back to your blog again and again, much less make a purchase from you, without a little prompting on your part. That’s why every money-making blog needs a sound email marketing strategy.

When listing your email marketing plan summary on your business plan, include the following:

• Your email marketing service provider
• Planned email name capture campaigns
• Emailing frequency plan
• Email capture goals by volume and conversion rates

Some bloggers fail to capture emails on their blogs and this can be a disastrous mistake. You need to know who your audience is and have an avenue for reaching out to them. Social media is not enough—you need an email marketing plan.

Email Marketing is a powerful way to boost blog results. Source: pioneermarketers.biz

Paid Advertising Strategy

Not all bloggers use paid advertising, though many top bloggers include paid advertising in their promotions mix. Successful bloggers are particularly drawn to paid ads on social media channels, but deploy those ads strategically.

When first starting out, you may want to purchase paid ads to attract traffic to your blog. The best use of paid ads over time, though, is to use them to generate leads for items you plan to sell, including e-books, online courses, and coaching or consulting services.

If you plan to use paid advertising in your business, be sure to include a summary of your strategy and goals—plus costs and sales forecasts from those ads—in your business plan.

Average Cost of Social Media Advertising by Platform

7. blog management & operations.

The Blog Management & Operations section of your business plan outlines how different tasks will be managed and executed. Here is where you describe who’s responsible for which tasks. You’ll also list key resources you plan to use in managing and operating your business.

When creating your summary for this section, make sure you address the following:

• Blog platform: State the blog platform you plan to use, hosting provider, and any other key tools and resources you’ll use to build your blog.
• Technical and design plan: If you’re working with an outside developer or designer, include a summary of your arrangement in your plan.
• Blog content planning and creation: Decide who’s going to develop content, how it will be proofed, and how new content will be added to your website. You’ll likely do the lion’s share of this work, but list your freelance or outsourcing plan if relevant.
• Accounting plan: All businesses need a way to track expenses and revenues. Describe how you’ll conduct these activities, listing software and any other external resources or professionals you plan to employ.

The purpose of the Blog Management and Operations section of your business plan is to make you think not only about what you plan to do with your blog, but also how you plan to manage the day-to-day operation of your business. This will help you avoid missed steps that bloggers who don’t plan ahead wrestle with on an ongoing basis.

One way you can make managing your blog easier is to choose the right blogging tools. To arm yourself with the resources and capabilities you need, choose from these best blogging tools .

8. Blog Costs & Revenues Forecast

Blogs can be built on a shoestring or an opulent budget, but one thing holds true in either case: if you don’t know what you’re spending, you won’t know whether you’re turning a profit. In this section of your blog plan, you’ll outline anticipated costs as well as forecast revenues.

Frankly, it’s a lot easier to come up with an accurate costs forecast than revenues forecasts. Still, you need a starting reference point so that’s why it’s important to include a basic outline of both projected costs and revenues on your initial business plan. You’ll revise your plan as your blog business grows at which time you’ll have more precise performance data from which to draw.

Specify Anticipated Blog Costs

Carefully consider how much money you plan to invest in your blog. Some investments will be a one-time purchase, others require an annual purchase, while still others will incur a monthly expense.

Most new bloggers—particularly those on a tight budget—begin by investing only in the essentials and acquire additional tools and resources as their businesses grow. Below is a list of costs you may encounter.

Typical Costs for a New Blog

Specify Revenue Projections

Every business plan includes revenue projections. To do this, outline which monetization methods you intend to use, when those methods will start earning revenue, and how much revenue you expect to earn. Be prepared: most bloggers earn little to no revenue in their first few months of blogging, but don’t let that discourage you. Everyone has to start somewhere.

Sample Revenue Projections

In the example above, the blogger forecasts that she’ll gross $50,216 in the first year. First year earnings are often modest, but if your business is successful, sales can grow nearly exponentially over time.

While the blogger in this example plans to use six different monetization methods, the lion’s share of her earnings is expected to come from coaching services. It’s not uncommon for one method to be the main driver of a blog’s profitability. I don’t recommend putting your eggs in one basket, though. The most successful bloggers use multiple monetization tactics to build their businesses.

Know Your Break-Even Point

Your break-even point is merely the point where your total revenues minus your total costs equals zero. That’s the point where you’re not making any money, but you’re not losing any, either. Include your projected break-even point in the Blogs and Revenues section of your business plan.

Add Your Projected Profits to Your Business Plan

Once you know your projected costs and revenues, you can calculate your profit forecast and add it to your business plan. Simply deduct all costs from all revenues to come up with your profit forecast.

Most blogs start out slow and revenues build yet still fluctuate over time | Example here from the Create and Go Blog Income Report. Source: createandgo.com

9. Blog Performance Tracking & Analysis Plan

As a business owner, it’s imperative that you can identify efforts that drive results as well as those that underperform expectations. That’s why you’ll include a section on performance tracking and analysis in your overall blog business plan.

First, list the tools you will use to track and analyze blog performance such as Google Analytics and Google Search Console, as well as social media management and analytics tools like Keyhole and Hootsuite .

Next, consider the key performance indicators (KPIs) that drive your blog’s overall performance. Include a list of KPIs you plan to monitor regularly in the Blog Performance Tracking & Analysis section of your business plan.

Examples of KPIs that help you better understand blog performance:

• Overall blog visitor count
• Top viewed blog posts
• Total site backlinks and backlinks by individual posts
• Total page views
• Average number of page views per visitors
• Blog bounce rate
• Total post views
• Social share likes, follows, and engagement statistics
• Social media stats by social channel
• Number of sales leads
• Email list subscriber rates
• Conversion rates on a site and page level
• Source of lead acquisition

The better you are at finding and replicating results-producing activities on your blog, the more money you’ll make in your business. Simply put, don’t skimp on performance tracking and analytics. Having a strong plan upfront will yield stronger profits over the long run.

10. Blog Exit Strategy

Sadly, the primary exit strategy for most blogs today is abandonment. That’s because most bloggers don’t treat their blogs like a business. That’s not you. You understand the importance of pursuing your blog with a deliberate business-building strategy. That means you have more options available to you.

Just because you’re enthusiastic about starting a blog today doesn’t mean you want to run a blog for the rest of your life. When the time comes that you want to move on, your three main exit strategies are: 1) abandon it, 2) give it away, or 3) sell it. If your intention is to sell your blog at some point, it’s best to outline the fundamentals of your money-making exit strategy now.

Bottom Line

I know what it’s like to dream of creating your own blog business; it’s both exhilarating and a little bit scary. I assure you that if you put in the effort to create a solid business plan for your blog, you’ll give yourself a business advantage that most bloggers simply don’t have.

Take the time to create your own plan now using the template provided at the top of this post. The stronger your plan, the better your chances of creating a thriving business.

About the Author

Find Janette On LinkedIn

Janette Novak

Janette Novak is a business journalist who primarily writes about starting, marketing, and growing online businesses. As a seasoned business consultant, she helps entrepreneurs and business leaders develop winning marketing and business growth strategies. She previously served as the Executive Vice President & Chief Marketing Officer for an international leader in professional development and business training.

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Get this: I did a recent survey of my audience (hey, like you!) and almost 75% of the people who responded said that they would love to turn their blog into a full-time business. Awesome, right?

Well, kind of.

Of everyone who responded, only about 15% said that they were actually making a living from their blog right now. So, what gives? What’s with all the people who yearn to do it compared to the small amount of people actually making it happen? For one, if you want to turn your blog into a business, you need to have a solid and strategic plan in place. That’s where today’s post comes into play. I’m going to show you how to create a Blog Business Plan , which is one of the first things you should do if you’re interested in one-day earning a full-time income from your blog.

Also, if The Oprah Winfrey Show ever comes back for an encore, I’d love to see Oprah throw out blog businesses to her audience.  You get to earn a full-time income from your blog! And YOU get to earn a full-time income from your blog!  Make it happen, O.

Back to business here. 😉 Business plans, at their core, are used by nearly all profitable businesses in the world. Creating a business plan for your blog gives you the opportunity to nail down all of the specifics, do important research, and create strategies that will propel you forward. It is essentially a roadmap of your blog business, written with your audience in mind.

I’ve even got some free worksheets for you, that will guide you through this post and give you a free Blog Business Plan that you can download, print out, and keep forever. Sound good?

Download your free workbook here:

Now, we’re ready to dive in! Let’s do this, yo. Here are the key components of a Blog Business Plan:

Step 1: Executive Summary

“Executive Summary” sounds really fancy pants, doesn’t it? It’s the very first section of your business plan, which is often written last, after everything else comes together. Here’s what you will want to include in your executive summary:

1. Your Mission Statement

This briefly explains what your business is about. What purpose does it serve? Why did you create it?

2. Highlights of Your Growth

If your blog has been around for any span of time, then you can mention the growth that you’ve already received here. You can mention any sort of growth, from an increase in money earned from your blog, to an increase in social media followers or pageviews. All of your growth contributes to your overall blog business, so this section is important (and motivating, yeah?).

3. Your products or services.

You’ll have the chance to talk more about your products and services in a later section, but here, write a couple brief sentences about the monetization methods you are using or the ones you intend to use.

4. Finally, what are your goals?

Here, you get to do some planning for the future! Always exciting, yes? Where do you plan to take your blog business in the future? What are some holy-crap-I-want-to-accomplish-this-one-day goals you have?

HOLD UP. What if you’re brand new to blogging?

In that case, you may not be able to fill out some of the sections above as easily. Instead, focus on your experience and how YOU are able turn your blog into a business. You can think of it as almost like a cover letter — what kind of research have you done and experience do you have that will make your business succeed? After that, make sure to talk about your future goals. Anyone can plan for the future. 😀

Step 2: Blog Business Description

In this section, we’re going to tackle the organization and culture of your blog business. You may not feel like you have a “company culture” just yet, but you are certainly building a brand, which is nearly the same thing. *hair flip* Let’s do this.

1. What sets your blog apart from others?

Take some time to think about this one — why would someone read  your blog over another, similar blog? In Step 4, we’re going to do some serious competitor analysis, but for now, just think about how you’re different and what you can do to separate yourself from your competition.

2. Who do you serve?

Your Blog Business Plan basically revolves around your target market. Actually, just about everything that you do for your blog should revolve around them! Without an audience, it will be impossible to grow a community around your blog or turn it into a full-time business. So, get really clear about who you serve.

• How old are they?
• What do they do for a living?
• What brought them to your blog?
• How can you help them?
• What are their future goals or aspirations?
• What are their hobbies?

Keep in mind, even if you are new to blogging and don’t have much of an audience to analyze, you can absolutely still take part in this section. Truthfully, blogging is not about creating content and trying to figure out who is reading it. It’s the opposite — deciding who you want to serve and then creating content that helps that specific type of person. Get it? 😉

Related: How to Choose a Focus for Your Blog (And Why It’s the Most Important Thing You’ll Do As a Blogger)

3. What is your “company culture” or brand personality?

You may not be running a business casual office for your blog, but you still have a brand personality and culture to uphold.

• When people interact with you or your blog, what do you want them to feel?
• What words would you use to describe your blog’s personality?
• What purpose does your blog serve?

The answers to these questions will help to analyze what your brand personality is. Developing a true personality for your blog means that you are consistent. It’s okay to try on different hats at first, but the most successful blogs are ones that have a distinct personality (perhaps similar to your own personality, you little blog hustler, you!).

4. What is the organizational structure of your blog business?

This may not be a concern for you at the moment, but in the future you may want to turn your blog into a recognized “corporation,” like an LLC (Limited Liability Corporation). If you are currently running a blog and accepting money as a blogger, then you obviously need to file taxes on that income. However, as you work with more clients and customers, turning your blog biz into an LLC or Incorporation (Inc) can protect your income and business from things like lawsuits.

If you’re just getting started, I would recommend waiting to turn your blog into an LLC or Inc unless you are in some sort of high-risk blogging industry. *Casually puts on sunglasses like and walks off into the sunset.* When I started my first business through my blog, it took me about a year before I turned it into an LLC. If you are the only employee and choose not to create an LLC or Incorporation, then you are simply known as a “sole proprietor,” which is totally legal and fuss-free.

Related: How to File Taxes as a Blogger

Step 3: Competitor Analysis

Before launching your blog into a business, it’s important to research your competitors and similar blogs, so that you can try to stay ahead of the game. A little warning for you though: When doing your research, make sure of two things:

• You’re researching with analysis eyes, not copycat eyes. It can be easy to look at a competitor’s website and get a flood of ideas for your own blog. Don’t do that, k?
• If your competitors are farther along than you, don’t feel let down.  It’s okay if they have a larger following, earn more money, or have some other statistic that has got you feeling like a failure. Remember, you’re here. Right now. Putting in the work. This isn’t about looking at other people and playing the comparison game. This is about being analytical and doing your research so that you can build your own empire. You got this, yo. Promise.

Lastly, I just want to mention that analyzing your competitors is an important part of starting a business, but it doesn’t mean you have to operate from a “competition mindset.” In fact, I’d discourage it. You will get much farther in your blog business if you focus on collaboration and relationships than if you focus on competing with other people. This section is simply another important way for you to do research so that you can build a strong foundation for your future online biz. *fist bump*

Now, when doing your competitor analysis, you’ll want to take the following steps:

1. Identify who your competitors are.

Make a list of all of your competitors. Which other bloggers are in your niche, doing something similar to you or to what you want to do? Which other bloggers have potentially similar products or offerings? Write down who they are, with a link to their website.

Now, if you’re brand new to blogging, then you may not know who your competitors are. Here are a few ways to find them:

• By being active on social media.  The more active you are on social media (so long as you’re sharing content for your niche), the more you’ll naturally discover who your potential competitors are. Observe. See who people are talking about, sharing content from, and engaging with.
• By joining Facebook groups.  Facebook groups are a fabulous place to learn more about your market and competition. Again, observe in Facebook groups. You’re obviously welcomed (and encouraged) to participate, but make sure that you are also observing what people say. Who do they mention? You can also start a new thread in a Facebook group (so long as it’s not against the group rules) to ask who people’s inspirations are in _____ niche. That should deliver some stellar results!
• By searching for relevant keywords on Google and seeing what pops up.  This is one of the easiest strategies. Think of a few “keywords” to describe your blog or niche. For example, if you write about hand-lettering, then some of your keywords might be “hand-letting for beginners” or “best calligraphy tools.” If you type your keywords into Google or Pinterest, whose content pops up first? These may very well be some of your competitors.

2. Research your competitors’ strategies and goals.

Now that you know who your competition is, take some time to research their strategies and goals. Go through their websites and social media accounts.

• What do they promote and how do they promote it?
• Are there any strategies that many of your competitors seem to use (for example, are most of them hosting webinars)?
• What sets them apart from the other competitors on your list?
• What goals do they have? Of course, you may not know the answer to this, but based on your research, what do you feel they are trying to achieve?

3. Know your competitors’ price points and ranges for their products.

If your competition has any products for sale, then write down what the price ranges are for those products. This will give you an overview of how much is typical for a product you may create one day and what your target audience is used to paying.

4. Create a list of your competitors’ strengths and weaknesses.

Finally, after reviewing their websites, strategies, and offerings, you’ll probably have a good idea about what exactly “exists” in your niche and how people are creating their businesses and blog communities. Now it’s time to dig a little deeper. Choose 3-5 of your competitors and make a list of some of their strengths and weaknesses. What do they excel at and what can they improve? And how can you use that knowledge to craft your own, well-rounded strategy?

Again, the competitor analysis is a great way to get more tuned in to the trends and strategies that are alive and kickin’ in your niche.

After you’ve done your competitor analysis? Don’t visit your competitors’ sites again.

Yup. Seriously serious. You will  not reach your goals if you spend your time checking in on what everyone else is doing and trying to replicate it. So, do your research, decide what works for you, and then create your own path.

Step 4: Audience Research

In Step 2, you identified who your target market is. Now, we’re going to dig in a little further!

1. Research your audience by doing a survey.

Surveys are a killer way to understand more about your audience without having to guess. You can use free sites like SurveyMonkey or Typeform  to create your survey, and then you just need to share it with your peeps. I recommend sharing it with your email list, on your blog, and on social media multiple times during a 1-2 week span of time.

• What will you use to create your survey?
• What are three of the most important questions you can ask that will help you learn more about your audience?
• How will you deliver your survey to your audience and get people to take it?

If your audience is small or currently non-existent, then rather than doing a survey, you can put on your observation glasses and pay attention on social media. Again, things like Facebook groups and Twitter chats are amazing ways to gain more information about your target audience. Just make sure to join groups and chats where your target market would be hangin’ out.

2. How can you help your audience specifically?

Going back to the Brand Personality that we talked about in Step 2 and the Competitor Analysis that we did in Step 3, how can YOU help your audience? What sets your blog apart from others and allows you to help your peeps in a different way? You don’t need to reinvent the wheel here! You can use many of the same strategies that others do, but it’s just about adding your own flair and personality to the things you create.

Step 5: Building Community

Before you launch a product through your blog, it’s essential to first grow your community and audience. If you want to grow a blog business, then you can buy all the e-courses and books you’d like. But if they only give you strategies for creating and launching product, without strategies for first building a strong audience and growing your traffic, then it’s just unlikely you’ll get the same results. For a successful blog, you totally need both: a community and a product.

1. Social media

One of the best ways to build community is by harnessing the power of social media. Social media is a ridiculously helpful space for growing your tribe and increasing your traffic. You can focus on Pinterest for traffic growth , and Twitter/Facebook/Instagram for finding your potential audience members and engaging with them.

So, for your blog business plan, it’s important to create your social media strategy.

• On which platforms will you put the most emphasis?
• Where does your target market hang out the most?
• What strategies will you use on each platform in order to grow your audience and community?
• How will you find your target audience on social media?

Related: 6 Ways to Create a More Engaged Audience on Instagram

2. Email list

In addition to partying on social media, you also want to put a large focus on your email list. Not only will your email list be essential for selling your products, but it will also be an incredible medium for connecting with your audience.

• Which strategies will you use to grow your email list?
• How often will you communicate with your list?
• Which types of things will you send your email list?
• What will you use for your email list’s lead magnet ?

Related:  8 Things You Can Send to Your Email List (For the Blogger Who Has No Idea What to Say)

3. Humanizing your brand

If you’re going to build a true blog business and community, you have to “humanize your brand.” In other words, what steps will you take so that your audience feels connected to you and can relate to you? Remember, people don’t buy from faceless corporations; they buy from people.

Related: How to Prime and Grow Your Audience for Your First Info Product

Step 6: Your Service or Product

Woop woop! It’s time to start planning your monetization strategies. Exciting, right? Now’s your chance to decide  how you will turn your blog into a biz. Will you launch services? Will you create an e-product? Here are some steps to get you started.

1. What do/will you sell?

What is a product or service that would help your target market or is something that you know they need (because you did a survey or observed them!)?

Don’t be afraid to get a little detailed here.

• Will it be an e-course?
• How many modules will it have?
• Which topics will it cover?
• How much do you plan to sell it for?
• When will you launch it?
• Will it be a set of services?
• What kind of service packages will you offer?

Related: How to Create and Prepare Your First E-Product

2. How does your product or service benefit your peeps?

Remember, your blog business plan is all about serving  your audience . They are the people who can turn your blog into a community and a business, so we want to serve them! Think critically about the monetization method you chose in the previous step…how will that product or service impact the lives of your tribe members? Why do they need or want it?

3. How is your product or service different from what your competitors are selling?

Lastly, go back to your competitor research and take a look at what your competitors are selling and promoting. How is your offering different, or how can you make it different? Is there anything you could add to your offering that would make it feel even more valuable than whatever else is out there?

Step 7: Marketing and Sales Strategy

Holy moly. You are such a trooper for making it this far. Who knew planning a business could be so much work? 😉 But really, you are putting in the effort right now and I am straight up impressed. Finally, we’re going to talk about your marketing and sales strategy, because once you create your products or services, you actually need to promote them! Let’s get started.

1. How will you market your products, services, and blog?

Take a moment to write down the methods that you will use to market your products, services, and blog. Will you use Facebook ads, schedule tweets, create a robust Pinterest strategy ? Write down all of the methods you’ll employ when promoting and marketing your content.

If you’re looking for ways to market your e-product or service, then check out this post where I share a variety of ways to market and launch your offerings.

2. How long will you spend on marketing and promotion per day?

We’re all busy, right? But turning your blog into a business does take some time. Make sure you analyze how much time you’ll realistically be able to spend on marketing and promotion each day and week. You may need to make some sacrifices or move your schedule around, but it will be worth it when you sell your first e-product and realize you’ve got what it takes to create your own business. 🙂

3. If you haven’t started your blog, what strategies will you use to launch it?

Now, if you’re a new blogger, you may need to start by creating a “launch” strategy specifically for your blog! How will your blog come into existence? What are some things you can do to launch your blog with a bang and get people excited about what you create and do?

One simple technique is to launch your blog with 5-10 pre-published (and freakin’ awesome) posts. If you only have one or two posts for your new visitors to browse during your launch, then they might not find anything that’s relevant to them. Creating multiple pieces of content gives them the chance to browse your site for a longer period of time, find something that interests them, and potentially subscribe and get hooked on your brand.

4. What is your growth strategy? In other words, what techniques will you use to continue growing your audience and income?

Finally (finally!), you want to come up with some strategies that you can use to  grow your brand. Imagine that your blog has been around for a few months or even years (maybe it has!) — what types of marketing and promotion strategies will you use to keep your growth on the up and up? Will you do monthly webinars? Biweekly guest posts on bigger sites? Hire an assistant? Launch a new course every quarter? Think about some things that you can add to your tool belt, which will keep your blog business growing and thriving.

MAJOR high five to you, friend. I can tell that you’re here because you’re truly ready to take your blog to a new level by turning it into a community and launching your very own blog business. Doing the same for my own blog (this one you’re reading!), was one of the absolute best decisions of my life.

What is something you struggle with in terms of turning your blog into a community and launching your own products? Let’s chat down below!

p.s. If you’re eager to turn your blog into a business, then I’ve got something BIG coming for you at the end of November. Make sure you sign up for the free Blog Business Plan Worksheets here so that you’re notified when more details are released!

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The REAL Reason Why I Created an Email List 6 Years Ago

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How She Grew an Email List of 5,000 Subscribers and Had a $20,000 Course Launch (In a Tiny Niche!)

What You Need to Know If You’re Trying to Grow Your Email List

5 Steps to Build Your Email List, Engage Your Subscribers, and Make Sales With Email Marketing

5 Reasons You Feel Unmotivated (and How to Get Your Passion Back)

5 Ways To Get Out of a Work-from-Home Rut

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• The Ultimate Guide to Creating a Blog Business Plan…

The Ultimate Guide to Creating a Blog Business Plan (Updated)

What sets apart the top-tier blogs in every industry and the blogs most people run? What's the difference between success and mediocrity? As often as anything, the answer is a business plan.

When many people start a blog, they don't have a goal, plan, or drive to succeed. They might know some of the basics of how a blog can be a business. They might know some of the elements of SEO, something about marketing, maybe they've read about maintaining a schedule, and an assortment of other tips and tricks for blogging success.

Few people realize that developing and adhering to a business plan is critical if you want your blog to succeed. You can't simply write some content every week and expect to compete on par with industry giants. Even if you keep at it for years, you might never make a break-even point, let alone a successful brand.

What is a business plan? It is many things.

• A business plan is a roadmap. It guides your business from A-B-C and beyond, with each milestone marked as a tangible goal or achievement.
• A business plan is a tangible document. It's something you can open up and reference to ensure that you're keeping your business on track.
• A business plan is for accountability. You have tangible goals and a roadmap to achieving them. If you fall behind or veer off track, your business plan holds you accountable.
• A business plan is priorities. It's a document that helps you guide your efforts to know what to do next and where to spend your energy.
• A business plan is a prediction. No business has smooth, even growth. There will always be ups and downs, challenges and problems to solve along the way. A business plan helps you predict what and when those challenges may occur.

How do you, a newcomer to blogging (and someone using a blog for their business), go about creating a business plan for a blog?

Business plans vary as widely as business owners do. Some businesses run on a single-page document of outlines and a bunch of information in the CEO's head. Others have comprehensive living documents filled to the brim with details, guiding every move the business makes. Most are somewhere in between.

Before you can start making a business plan, you need to know what goes into one. What I've done here is pared down many of the business plan examples I've seen online and added some missing steps to create something that is "middle of the road," so to speak. It's not the most comprehensive and detailed business plan, but neither is it the simplest. You can feel free to pick and choose what ends up being the most useful to you.

For example, if you're starting a blog, how important is setting up a members-only area, subscription service, or affiliate account? In your first month, it's not very important; your first goal is to get traffic because monetization strategies aren't actualized until you have some.

Blog/Brand/Executive Summary

First up, we have the executive summary. While this might sound fancy and over-the-top for a one-person operation like a new blog, it's a pretty critical part of a business plan.

What is it?

Simply put, it's your elevator pitch, your vision, your reminder to yourself of what your blog is and what purpose it serves. It can include elements such as:

• A mission statement.  Why did you make your blog? What is your goal? What do you want your blog to look like when it's successful?
• A growth summary.  If you're starting a blog from scratch, you don't have milestones yet - you can ignore this for now. If your site has been around for a while, this is where you chart out your existing growth milestones. When did you first start to see organic traffic? When did you make your first sale? You can use this as a motivating force, too.
• A monetization summary.  How do you want to monetize your blog? You don't need to go into great detail here; note down the methods you want to use. Display ads, affiliate links, sponsored content, product sales, services, consulting; there are tons of monetization options, and this is where you list what you want to use (and what you don't).
• A goals list.  Later on, you can talk about SMART goals, but you're just listing your pie-in-the-sky goals here. Do you want to make a living? Do you want to get links and citations from major publications? Do you want to network with your favorite bloggers in the industry? This list is where you outline the goals that make you think "I made it" when you achieve them.

Remember, none of this needs to go into great detail. It's an overview, a summary, and it doesn't need to be anything more. That's what your business plan is for; remember, this plan is for your blog.

Your Unique Value

Next up, you need to dig deep and consider what you have to offer to the world via your blog. What are you bringing to the table that makes people want to follow you, read your content, partake in your monetization strategies, and otherwise make your business a success?

Again, we're still thinking in more general terms, not deep specifics. You can dig into the specifics later when you do competitive analysis and take a look at the niche and industry you're entering. So, some ideas to get you started:

• You offer unique insight and information about your topic based on your own experience.
• You offer a look at a newcomer's journey from start to finish that others can use as an example.
• You have a new and innovative product you want to bring to market.
• You can offer an existing product presented in a new and exciting way or for a lower price or higher quality than what already exists.
• You have a unique perspective on your industry based on your demographics, past experiences, or situation.

These ideas exist to get you started as much as anything. Some of these apply more to businesses that want to sell a product and use a blog to do it. People who want to be bloggers and make a living on the side might not have goods in mind. There are many potential unique selling points, so feel free to dig deeper into the subject with posts like this:

Competitive Analysis

What is your niche? Are you starting a food blog? A marketing blog? A blog about sports? Music? Any topic you can imagine is something you can write a blog about, so long as you have the expertise to fuel it, or at the very least the interest to learn. Hobbies, careers, it's all viable. There are people with incredible, insightful, and fascinating blogs about organic chemistry, nitty-gritty marketing subjects, and other narrow niches.

The key isn't just knowing what your niche is; it's about knowing  who else is competing in your industry.  Performing detailed competitor analysis allows you to build an awareness of the field and figure out who you're competing with and aspiring to be.

Before I dig into how to do this, it's worth mentioning that this can change over time. Your focus and direction within your niche can change in response to your interests changing, the interests of your audience changing, and the industry as a whole changing. Your competitor analysis is, as I mentioned up above, a living document. Things change; you need to change with them.

The actual process for competitive analysis can be somewhat complicated. I'm going to simplify it a bit here under the assumption that you're just starting with a blog and business plan, so you might not have a lot of information when you first start. Once you grow and begin to find your feet, you'll be able to refine this. Competitive analysis is something you should often do because competitors come and go.

If you want a more refined look, HubSpot has a great guide here:

In short, you need to:

1. Figure out who your competitors are. Identify as many other blogs in your niche as you can, from other small-scale blogs to the giants in the industry.

2. Figure out the scale of your competitors. Rank them; ones who are smaller than you, ones on par with you, larger than you, and as many tiers larger as you feel like dividing them.

3. Pin down information about your closest competitors. What do they do to monetize? How often do they produce new content, and of what quality level? How do they advertise their blog and their products? What sort of holes in their strategy can you identify and potentially be able to exploit?

4. What kind of audience is the competitor targeting, and how engaged are they?

If you're starting with a brand new marketing blog, don't make the mistake of digging into analysis for "competitors" that aren't your competition. For example, you're more likely to analyze me than you are HubSpot, Neil Patel, or Moz.

We create blog content that converts - not just for ourselves, but for our clients, too.

We pick blog topics like hedge funds pick stocks. Then, we create articles that are 10x better to earn the top spot.

Content marketing has two ingredients - content and marketing. We've earned our black belts in both.

Audience Definition

Armed with information about your competitors, niche, and industry, you can now start to do audience definition. If possible, you're going to want to build up a list of  audience personas . These are sort of like "character sheets" for archetypal examples of a blog reader. Who are you going to try to target with your blog? The single mom, the college student, the theater performer, and so on.

What sort of information is helpful?

• Different age groups like other kinds of content and have different types of interests. Older people might like a more formalized language, for example, and might not get video game references.
• You want to relate to your audience, so knowing the kinds of careers they have can help. A food blog creating elaborate, time-consuming recipes won't resonate with an audience of people who have 10 minutes to cook dinner.
• Understand your visitor's goals. Why is this person visiting your site? Do they want to be educated, need a tutorial for a task, or are they just interested in the subject and want to read about it?
• Other demographics. Gender, sexual identity, general location, income level, marital status; again, all of these help you relate and resonate with your audience and fulfill your reader's needs in a way that keeps them coming back.

Your personas can be as elaborate or as simple as you want to make them. They're also just guesswork, at least initially. If you don't have traffic, you don't have an actual audience to measure, after all. These guesses are just examples of who you want to target. Then, once you have some traffic, you can see who you're attracting and adjust accordingly.

Content Production Pipeline

In my mind, the most critical part of a business plan is establishing a content production pipeline for your blog content. From start to finish, you should have a defined methodology for creating your content.

The number one most critical aspect of content production is topic ideation. You can spend a decade writing content in a niche, but if you're writing random topics that come to mind, you might never resonate with other people, never get picked up by Google, and never have any success.

Every good blog post needs to recognize three things. First, it needs to understand the topic it's covering. Second, it needs to know the audience it's targeting. Third, it needs to grasp the intent of the audience. All three of these combine to create a good blog post.

The audience and their intent can define one subject. For example, let's take a food blog's post about dinner. Your topic is, in general, dinner meals.

• An audience of nutritionists might have questions about the importance of eating dinner, what nutritional profiles it should fit, and how different diets compare.
• An audience of food lovers might be interested in elaborate recipes with stunning presentations that they can replicate or enjoy vicariously.
• An audience of busy working adults might be interested in quick and easy dinner recipes they can follow to make a quick family meal in under an hour.

Thus, by learning who the audience is and what they want, you can shape your content to improve engagement and user experience.

Should it be educational? Should it be deep or superficial? Should it be instructive? All of these have their roles, which is why you need to know what you're producing.

For your blog to perform, it's also necessary for you to focus on competitive topic analysis. You're not the only one covering this topic and probably not the only one targeting this audience with it. How do other blogs compare? Are they shorter, lower-quality posts or longer, high-quality posts? Are they deep or broad? Are the sites that are surfacing small or massive? Did they leave anything out, or can you expand on this topic and create a much better version?

You can also analyze the core keyword of the topic. Specifically, you're looking for subjects that strike the right balance between search volume and competition. A blog topic with too much competition will be impossible to rank for, and a blog post that doesn't get any organic traffic is a failure in my eyes. A topic with too little search volume will get you little or no traffic, even if you rank #1 for it. It would help if you found something in the middle.

From there, your content production pipeline gets into the actual details of production. Here's my general process:

• Begin with topic ideation, as mentioned above.
• Do the research and generate a compelling headline.
• Create an outline for the blog post .
• Flesh out the outline, rearrange sections into a logical order and write the post.
• Edit the post for spelling, grammar, factual information, consistency, and logical flow.
• Add formatting; headings , bold/italics/underlines, symbols, lists, etc.
• Create images. All good blog posts need solid pictures and preferably unique ones.
• Review the post for SEO factors, such as keyword usage, links to other blog posts internal and external, calls to action, and so on .
• Publish the post, or schedule it as part of a backlog for a consistent schedule.

At any given time, I have articles in nearly every stage of this pipeline. I can start and stop as necessary by establishing a defined calendar and maintaining a constant production flow.

A defined pipeline like this also allows you to offload some work to freelancers, contractors, or employees as you grow. For example, you might do your topic ideation and outlining and then hand off the actual writing to a writer, do the editing and formatting, hire someone for graphic design, and do your SEO review and publishing.

Promotion Strategy

Blogs don't work on their own. There's no Field of Dreams-Esque "If you build it, they will come" effect going on. No, the internet is far too packed with content for that to work these days. Today, you need to promote your blog, which means developing a promotion strategy. Your blog business plan should include your primary, secondary, and tertiary promotion strategies in organic and paid methods.

I'm not going to go too deep into specifics about promotion, but here are strategies you can use for ideas and research more into how to do them effectively.

• Paid marketing. Paid ads, sponsorships, paid promotion on social networks; spending money gets you results, as long as you have the money to spend.
• Attract the attention of Google. You want your articles to get ranked for their respective topics and keywords to earn some organic traffic. This one is essential for every blog and the real reason most people start a blog in the first place.
• Link building . One of the core pillars of SEO is links pointing to you from other relevant sites. Getting those links can be complicated and is an industry in and of itself.
• Influencer marketing. This strategy involves networking with influential content creators in your niche, particularly those with active social network audiences.
• Social media posting and sharing. Facebook, Twitter, Pinterest, Instagram, LinkedIn, Reddit, Imgur, YouTube; any relevant social network can be a source of traffic when you promote yourself using the site.
• Content repurposing. A blog post doesn't need to stay a blog post. You can use it as a basis for  other forms of content , including videos, podcasts, infographics, and more.
• Newsletter marketing. Building up a newsletter and actively using it is a powerful technique that many bloggers ignore for far too long.

Promoting your content is how you grow. Without it, you're just howling into the void.

Timeline Estimates

Another element of a blog business plan is establishing a timeline. Timelines are flexible, but you can estimate how your blog will grow and set goals to reach specific milestones with SMART goals.

SMART goals are Specific, Measurable, Attainable, Realistic, and Time-Sensitive. SMART goals mean that you can pin them down, measure them, and set them as specific goals with a success or failure attached to them.

A non-SMART goal would be :

"I want to grow my blog."

A SMART goal would be:

"I want to reach at least 100 monthly active users by January 1, 202x."

Developing a timeline helps you set goals and progress towards them, with the added benefit of allowing you to reevaluate and adjust your strategy if you achieve them much earlier than (or fail to achieve them by) the original estimated goal date.

Wrapping Up

While creating a business plan for a blog might sound like unnecessary work, it separates real bloggers from hobbyists. Don't get me wrong; if all you want to do is write about your life in a format you can share with friends and family, that's fine. But, if you're going to earn a living from your blog, you need to treat it like you would anything else you make a living through.

Take it seriously, and your blog will reward you for your effort.

James Parsons is the founder and CEO of Content Powered, a premier content marketing agency that leverages nearly two decades of his experience in content marketing to drive business growth. Renowned for founding and scaling multi-million dollar eCommerce businesses through strategic content marketing, James has become a trusted voice in the industry, sharing his insights in Search Engine Watch, Search Engine Journal, Forbes, Entrepreneur, Inc, and other leading publications. His background encompasses key roles across various agencies, contributing to the content strategies of major brands like eBay and Expedia. James's expertise spans SEO, conversion rate optimization, and effective content strategies, making him a pivotal figure in the industry.

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March 09, 2022 at 7:22 pm

Awesome guide! Extremely useful for a newbie like me.

March 10, 2022 at 9:38 am

Thanks Tom! Good luck with your new blog 🙂 feel free to reach out if you have any questions.

March 23, 2022 at 9:48 pm

What other things should I keep in mind transitioning from writing on a personal blog to a business blog?

March 25, 2022 at 1:50 pm

I think successful blog marketing can be broken down into two categories; research and execution. One falls flat without the other.

Here's an article I wrote on research: https://www.contentpowered.com/blog/blog-topic-ideas-tools/

Here's an article I wrote on execution: https://www.contentpowered.com/blog/blog-optimization-tips-seo/

These two should help you out quite a bit!

March 25, 2022 at 2:01 pm

I wrote a great guide on this here, focused on business blogging: https://www.contentpowered.com/blog/write-first-blog-post/

The most significant shift between a personal blog and a business blog is the increased importance of choosing the correct blog post titles.

Traffic volume, pain points, and conversions aren't always as crucial with a journal or a for-fun blog. With a business blog, those things are essential.

Here's a guide that I wrote on how to find great blog post titles: https://www.contentpowered.com/blog/blog-topic-ideas-tools/

I hope this helps!

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How To Craft Your Blog Business Plan (Template Included!)

If you’re just starting out, chances are that you would want to create a blog business plan for your business.

If you want to create a successful blog + biz, you need a plan. You can’t just launch a website  (although that’s important) and hope that it would work out.

Yes – your blog business plan is your blog’s BLUEPRINT.

But first, if you have not started your blog yet, here’s a step-by-step tutorial on how to start a blog .

You’re back? Great! I will share with you the exact blog business plan template I used… when I first started this blog.

Sounds good?

A blog business plan is great because you get real clear on the direction, goals and vision of your business, leaving no stone unturned. When you organize your thoughts and plans into one central place, it increases the chances of you starting a successful blog .

Clarity = better business!

Without further ado, here are the components of my blog business plan:

You should come up with a brand name. This is the same as your blog name. Don’t need to go over the top – keep it simple. Here’s a tutorial on how to pick a blog name , if you need help.

• Vision & mission of your brand

What’s the vision you have for your blog + business? Why are you doing what you are doing?

• Your brand style

Your branding has to look cohesive. Create a cohesive and attractive brand style. Decide on your brand colors, brand fonts and other aesthetic aspects of your brand. This will be incorporated uniformly across your website, social media platforms, and other collaterals.

• Brand vibes/ values

This is threading into the more intangible part of your brand: What vibe/ values do you want people to associate your brand with?

For instance, for me, its no-nonsense, smart, action-oriented, etc.

2. NICHE & TARGET AUDIENCE

• Target audience

Who are you targeting (specifically) with your website? Why? For more info, there’s a tutorial about defining your target audience on this blog as well.

• Competitors (VERY IMPORTANT)

Who are your competitors? Go scope out the situation. I always tell my 1:1 private clients: You don’t open an offline ice-cream store without checking out the other ice-cream stores down the street, do you?

The same applies to your online biz. One does not simply start a blog without knowing who else is in business.

• Points of difference

This is something I always like to do with all my businesses. How are you different from your competitors?

This could be your experience, your personality, certain things you cover, your brand positioning, better design, better service etc. There’s an article about how to make your brand stand out that could be helpful for you.

• Infrastructure

What host will you be on? What domain name provider will you use? Check out this tutorial on how to start a blog for more information about this.

I highly recommend that you use SiteGround as your host – their support is THE BEST, and my website runs perfectly with them. I have lost count of the number of times that SiteGround has saved me from losing sleep because something on my website messed up.

You also need a website theme – I recommend Divi (very customizable, great for beginners) or Genesis (for the more tech savvy ones).

The best option is my done-for-you website kit made with Divi where you can get an amazing website up by this week… all for a fraction of Divi’s website! Check out  Your Stunning Website 🙂

• Content Planning

What topics will you blog about? Having some idea of what your blog content will consist of. This will save you valuable time later. Make sure it is something that your target audience (that you’ve decided earlier) would want.

Also, how often will you post?

4. EMAIL LIST BUILDING

For my long-term readers you would know that I’m big on email marketing.

If you are new and don’t really know why you need an email list ASAP, check out this post:  Why Building an Email List is a MUST for Your Blog & Business

I highly recommend Convertkit . I love Convertkit so much because it’s just so easy to use, while giving me a ton of functions that my business needs at an affordable price. Click here to check out Convertkit  and get your email list started! Feel free to email me if you’ve any questions about using it.

With that out of the way, some things you need to think about:

• What will you be sending to your subscribers?

For more ideas, you can check out my post about newsletter content ideas  to send and engage your subscribers.

• How often will you send an email out to your subscribers?

Best to get this out of the way and decide once and for all. Once a week is a safe decision.

5. MARKETING: SOCIAL MEDIA

Social media is a huge part of marketing your blog + business for most entrepreneurs.

• Facebook fan page strategy

Chances are you will want to create a Facebook business page. You need a plan for that! Some things you’ll have to decide and plan for include: What will you post on the page (make sure it is interesting to your target audience)? How often will you post on your Facebook page?

• Facebook group

Many people decide to create a Facebook group. You can check out mine here .

You don’t need to have a Facebook group. Feel free to skip this section (or any other section in the social media section, actually). Not every business has to be on every single social media platform.

So… do the same for every other social media platform you want to be on:

What’s your Pinterest strategy , if any?

What’s your Instagram strategy, if any?

What’s your Twitter strategy, if any?

Rinse and repeat for any other social media platform that you intend to use to market your online business . REMEMBER, only write a business plan out for social media platforms that you intend to use. Otherwise, you’re just wasting your time. You don’t need to be everywhere.

6. MARKETING: OTHER STRATEGIES

Here, you plan for any other ways that you intend to market your business.

For instance, you could choose to collaborate with other businesses, or do networking events offline, etc. Whatever it is, be sure to include it in your blog business plan.

How will you be marketing your business via these channels? When will you start? Who will you be working with? Etc. [Tweet “Great post on how to craft your blog business plan, template included!”]

7. MONETIZATION

No money, no business. Simple as that. You can’t run a charity, trust me!

• Financial goals

What’s your income goal that you aim to reach for this blog + business? Make sure that it’s a specific income goal, and have a timeframe for it too.

• How do you intend to monetize?

What are some monetization channels that you intend to use for your blog? For extra help, you may find my post about having an online business model as well as my post about different online business ideas (where I explore different monetization methods) helpful.

Relevant posts:

• Why I Switched To Teachable To Host And Sell My Online Courses
• The Ultimate Guide: How to Become a Successful Infopreneur Online
• How to Create an Online Course in 72 Hours (With Guided Instructions!)
• How to Sell Online Courses 101
• 10 Highly Effective Tips To Get More Clients Online (From My Personal Experience!)

For me, I do 1:1 coaching (check out how you can work with me here – that’s hands-down the best way you can get success for your blog + biz, as you get personal attention and guidance from a coach that has been there before), courses (I provide step-by-step guidance and give my best tips in my quality courses), and affiliate marketing by recommending helpful blogging tools and resources that you can view  here .

(Update 2021: I no longer do 1:1 coaching. You can check out my programs instead!)

What about you? 🙂

8. ACTION PLAN

Break down what you have to do for your business week by week. I recommend that you have an action plan down for the next 3 months or so.

Having a deadline for certain activities will work wonders for your blog + biz. What will you do each week of your business?

No action, no results! 🙂

That’s all, folks!

I hope that you have found this helpful.

New pin design?

God bless, Raelyn

P.S. Want comprehensive guidance on how you can attract an online audience and get more traffic?

That’s exactly where my signature course, List Building Incubator will help. It’s my step-by-step system to grow & monetize your email list. Check it out here .

A tiny request: If you liked this post, please share this?

I know most people don’t share because they feel that us bloggers don’t need their “tiny” social share. But here’s the truth…

I built this blog piece by piece, one small share at a time, and will continue to do so. So thank you so much for your support, my reader.

A share from you would seriously help a lot with the growth of this blog.

Some great suggestions: –  Pin it!  (I even made a pretty pin for ya!) –  Share it to your favorite blog + biz Facebook group –  Tweet it!

It won’t take more than 10 seconds of your time. The share buttons are right here. 🙂

Thank you so much!

If you enjoyed this post, get updates from me. (it’s FREE)

You’re awesome for staying till the end.  Signup for my newsletter below.

I send email updates about new posts, and tips and tricks to build & monetize your online business.

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The Step-By-Step Guide To Creating A Blog Business Plan

Thinking about starting a blog?

Having a business plan is like your favorite GPS app (whichever you fancy, I’m not here to incite a Google Maps vs. Waze debate).

It guides you around the pot-holes, helps you steer clear of the congested lanes, and ensures you reach your destination most effectively.

You’re probably thinking, “But, I’m just starting a small blog, not Amazon 2.0. Do I really need a business plan?”

To that, I say, resoundingly, “YES!”

A business plan is like your secret weapon to side hustle success.

It keeps you on track, keeps the chaos at bay, and best of all, it’s customizable to you and your aspirations.

It’s not just about having blog ideas or setting goals but also about mapping the path to achieve them.

In this blog post, I’ll help you through the steps of creating a business plan tailored just for your blog.

Steps To Create A Killer Blog Business Plan

The first and foremost thing to consider when creating a blog business plan is to define your niche .

Identifying your niche means specifying the topic you want to write about and who your target audience is.

Choosing a topic that you’re knowledgeable and passionate about and resonates with your audience is crucial.

Once you’ve identified your niche, research your competition and identify what makes your blog unique.

The next step is to develop a content strategy that aligns with your niche and blog goals.

A content strategy involves planning for your blog posts, including the type of content you’ll write , the posting frequency, and how you’ll promote your content.

You should also consider the tone of voice you want to use, the length of your blog posts, and the format of your content.

Blogging is not just about writing content; it’s also about promoting it.

Social media is a powerful tool to drive traffic to your blog and grow your audience.

Thus, developing a social media strategy that supports your blog goals is essential.

Create social media profiles across platforms like Facebook, Twitter, Instagram, LinkedIn, and Pinterest.

Additionally, consider the type of content you want to post, the timing, and relevant hashtags.

Once you’ve established your content and social media strategy, the next step is to consider how you’ll monetize your blog.

There are several ways to generate revenue from your blog, such as affiliate marketing, sponsored posts, advertising, and selling digital or physical products.

You should identify which monetization strategy aligns with your niche, audience, and blog goals.

Lastly, setting key performance indicators (KPIs) to measure your progress and success is crucial when creating a blog business plan.

KPIs are specific metrics that you can track, such as traffic, engagement, revenue, and email subscribers.

You should monitor these metrics regularly and adjust your plan.

Tips For Establishing Long-Term Objectives

Creating achievable long-term objectives requires careful planning, strategic thinking, and an eye for detail.

Let’s explore some top tips for establishing and working towards these goals.

Clearly Define Your Objectives

The first step in establishing long-term objectives is understanding your goals.

Define your objectives in specific, measurable terms, and make sure they align with your business or blog’s mission.

Objectives should be not only financial but also qualitative.

How will you measure success?

What milestones will you need to achieve along the way?

Having clear objectives will help you make informed decisions and prioritize tasks.

Conduct A SWOT Analysis

Before creating a strategy, it’s crucial to understand your business or blog’s strengths, weaknesses, opportunities, and threats.

Conducting a SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis will help you identify internal and external factors that can impact your long-term objectives.

By understanding your strengths, you can leverage them to achieve your goals.

You can develop contingency plans to overcome challenges by recognizing weaknesses and threats.

Create A Strategic Plan

Create a strategic plan once you have defined your objectives and conducted a SWOT analysis.

A strategic plan should identify your goals, tactics, timelines, and resources to achieve long-term objectives.

The plan should also anticipate potential challenges and include contingency business plans.

Ensure the plan is flexible enough to adapt to changes in the market or industry.

Include an executive summary as well to provide a clear plan overview.

Celebrate Small Victories

Achieving long-term objectives can be a lengthy process.

Remember to celebrate small victories along the way.

Celebrating small successes can boost morale and motivate you to keep moving forward.

Recognizing your team’s achievements can also help build a collaborative and positive work culture.

Persevere Through Challenges

Finally, it’s essential to persevere through challenges to achieve long-term objectives.

Creating a strategy does not guarantee success.

Challenges and setbacks will inevitably occur.

Focus on your objectives, and have the flexibility to pivot your tactics when necessary.

Use challenges as an opportunity to learn and improve.

Additional Blogging Business Plan Tips

Here are a few more tips to keep in mind when creating a blog business plan:

Craft Your Mission Statement

Before you begin blogging, determine what your mission statement for the blog is.

Your statement would summarize what your blog is about, what your goal is, and how you want to reach your goal.

This statement can keep you focused and motivated.

Pinpoint Your Niche

Finding your niche is crucial.

You can’t just write about everything and expect a high traffic flow.

The more specific your focus, the more likely your blog will be successful.

People interested in the topics you’re writing about will stay on the blog longer and engage with the content.

A strong understanding of your audience will lead to more advertising and product sales, generating more revenue for your business.

Create Engaging Content

Your blog’s success mainly depends on its content’s quality.

Create content to educate or entertain your target audience or inspire them with your eye-catching visuals.

Ensure the blog’s content is readable and user-friendly to create a fantastic experience for your readers.

You want your readers to keep coming back to see what’s new, so post and update your content regularly.

Determine Monetization Channels

You can earn through a blog business in various ways.

That is, through sponsorships, ad revenues, affiliate marketing, selling ebooks, merchandise, or courses, among others.

Monetization options depend on the niche and audience.

Consider all available options and select monetization channels that work best for your blog.

Set Specific Goals

Setting achievable and specific goals for the blog will help identify where to focus your effort.

A blog business plan should include the following:

• A rough timeline of how often you will post.
• The number of subscribers you expect.
• Your targeted income.

Goals can ensure that you stay on track, reach your milestones on time, and measure the blog’s success as it grows.

Analyzing Your Competitors For Blogging Success

Analyzing your competition provides valuable insights into your niche, audience, and potential opportunities to improve your blog.

One of the first steps in analyzing your competition is conducting keyword research.

It allows you to see what keywords your competitors are ranking for and what potential opportunities exist for you to create content that can rank higher.

Use free AI-powered tools like Google Keyword Planner or Ubersuggest to identify valuable and high-ROI keywords you can focus on in your content.

You can discover their strengths and weaknesses by thoroughly analyzing your competitors’ blogs.

Are they producing engaging content that is shared on various social media platforms?

Do they have a strong email marketing strategy?

Are they involved in affiliate marketing?

Identifying these strengths can help you replicate their successes while recognizing their weaknesses.

You’ll then address potential gaps or opportunities.

It can be helpful to dive into your competition’s monetization techniques.

Do they rely heavily on advertising or affiliate marketing?

Are they selling their products or services?

Understanding what strategies have been successful for other bloggers in your field can be a valuable tool in shaping your business plan.

Knowing where your competitors’ traffic is coming from can offer insights into how to drive traffic to your blog.

Look at sources like social media, email marketing, search engines, and referrals to see where your competition is getting traffic.

You can then implement similar strategies to drive traffic to your blog.

One of the most important aspects of blogging is creating engaging and helpful content for your readers.

Analyzing your competitors’ content lets you understand what topics resonate with your target audience.

Look for ways to improve upon your competitors’ content by adding a unique perspective or delving deeper into a particular topic.

A Step-By-Step Guide to Launching Your Blog

Once you have your plan and content strategy sorted, it is time to create your blog.

Here are the steps you need to follow:

Choose Your Platform and Hosting Provider

Before starting your blog, choose your platform and hosting provider.

When selecting your platform, consider what kind of blog you want to run, your budget, and your technical skills.

WordPress is one of the most popular platforms that is easy to use and customizable.

Numerous hosting provider options are available, including Bluehost, SiteGround, and DreamHost.

Do your research to find a reliable, secure provider that aligns with your budget.

Plan Your Technical and Design Strategy

Plan your technical and design strategy once you have selected your platform and hosting provider.

The technical aspects of your blog include setting up your domain, installing necessary plugins, and optimizing your site’s performance.

In terms of design, this involves identifying your brand, creating a website layout, and designing your visual content (like your website banners or post images).

Planning these aspects will help streamline the building process and ensure your blog aligns with your vision.

Content Creation And Proofing

Creating quality content is essential to your blog’s success.

Use your blog’s mission statement and brand guidelines to develop a content strategy enticing your target audience.

Consider including evergreen and up-to-date information and incorporating your unique voice and perspective into your posts.

Be sure to proofread your posts before publishing them, or better yet, consider hiring a proofreader or editor to help ensure clarity, grammar, and accuracy in your content.

Consistency Is Key

Once your blog is up and running, maintaining momentum is the key to continued success.

Engaging your audience and building trust requires creating and sticking to a content calendar.

Ensure your content promotes your brand values and mission statement and provides value to your readers.

And remember to build your audience by promoting your blog posts through social media channels and relevant platforms where your target audience may be hanging out.

Create An Accounting Plan

While it’s important to focus on creating valuable content for your blog, you must also keep an eye on your finances.

Tracking your expenses and your revenue can give you a better idea of how your blog is performing.

Start by creating a budget that includes hosting fees, domain and design costs, and content creation fees.

Look into using reliable accounting software to help keep your records organized, and if necessary, consider hiring an external professional to assist you in overseeing your finances.

How To Increase Traffic To Your Blog For Profit

Creating high-quality content is key to attracting and retaining your audience.

Start by researching your target audience’s interests and pain points.

Find out what topics resonate with them and create unique, engaging, and informative content.

Remember that your content should reflect your brand’s voice and values.

Utilize a mix of text, images, and videos to capture your audience’s attention and provide value with each post.

Remember that quality always trumps quantity, so focus on creating fewer, comprehensive blog posts to build trust and credibility with your readers.

Search engine optimization (SEO) is a strategy that helps your blog rank higher in search engines’ results pages.

Start by conducting keyword research to identify the keywords your target audience is searching for.

Then, optimize your blog post titles, meta descriptions, URLs, and content with those keywords.

Ensure your site’s navigation is simple and easy for readers to use.

Additionally, make sure your site is mobile-friendly and has a fast loading speed.

SEO takes time and effort, but the results can be profound.

You can also invest in paid search ads to bring targeted visitors to your blog.

Collaborating with other bloggers and websites can be an effective way to increase your reach.

Identify blogs and sites that cater to your target audience and reach out to them.

Offer to write a guest post, exchange links, or collaborate on a project.

Additionally, guest posting on other blogs gives you access to their audience and can help to establish yourself as an authority in your field.

Be selective in your partnerships and aim to maintain long-term relationships that will benefit your blog.

Understanding SEO For Your Blog

Understanding SEO for your blog is crucial for any blogger wanting to get noticed online.

Successful bloggers know that having a comprehensive understanding of SEO principles and the use of keywords is vital for ensuring your blog content gets the desired page views.

Google Analytics is an in-depth tool that helps bloggers keep track of their blog’s performance and identify areas that need improvement.

Competitive analysis and target market analysis are critical components of a successful blog business plan.

Luckily, free blog business plan templates incorporating SEO optimization tips for blogs are available online.

Incorporating these SEO optimization tips in your business plan can help you target the right audience, increase traffic, and monetize your blog.

Monitoring SEO performance helps bloggers identify what areas need tweaking and what works.

By implementing SEO optimization strategies in your blog business plan, you can ensure the longevity and success of your blog.

Social Media Promotion For Your Blog

When creating a successful business plan for a blog, one must consider a thorough marketing plan, especially social media promotion.

We cannot overstate the importance of social media marketing; it’s one of the most effective tools for reaching a broad audience.

Selecting the right social media platforms is crucial, as different demographics prefer different platforms.

By understanding the demographics of your target audience, you can select the appropriate social media platforms to focus your efforts on.

Influencers can also be a valuable asset in promoting your blog’s brand, as they have a large following and can boost your content to their audience.

However, selecting influencers that align with your blog’s brand and values is important.

As new bloggers, entrepreneurs, and even full-time business owners turn to social media as a platform to connect with their audience, there is a growing need to create social media content that reflects your blog.

Consider your blog’s look, tone, and feel when creating social media content.

Engaging your audience on social media is also crucial, as it builds a community of loyal followers and helps to increase your blog’s visibility.

Live streams, webinars, and even podcasts are all effective ways to engage with your audience on social media and provide value to your followers.

Building And Nurturing An Email List

Building and nurturing an email list is crucial for the success of any online business, including small businesses, beginners, and seasoned entrepreneurs.

An email list is a valuable asset that provides a direct line of communication to potential customers and clients.

To start building your email list, you’ll need to create a lead magnet, such as a free template or ebook, that encourages people to opt-in to your list.

This roadmap will help ensure that your email list grows naturally and effectively.

Once you’ve captured email addresses, nurture your subscribers and engage with them regularly.

One strategy is to send weekly or bi-weekly newsletters that share helpful resources, business ideas, and income reports.

You can also offer exclusive discounts, early access to your online courses, and other perks that show your subscribers you value their support.

Measuring the success of your email marketing efforts is critical.

You can use analytics tools to track open, click-through, and conversion rates to see how your subscribers engage with your content .

Using these strategies, you can turn your email list into a powerful tool for growing a successful business.

Planning For Blog Growth And Scalability

When planning for blog growth and scalability, several key considerations can help you become a successful blogger and turn your startup into a profitable online business.

Creating a blog business plan is essential, as this will help you to define your vision statement, market research, growth strategies, and monetization strategies.

Your blog can serve as a section of your business plan, and it is essential to consider the different stages of blog growth as you develop your content strategy.

Tutorials and guest posts can be valuable tools for attracting new readers to your site, while adapting your content strategy to meet the needs of your ideal reader is crucial for sustained growth.

Infrastructure considerations are also important, as you may need to upgrade your hosting, invest in a reliable blog name , or consider outsourcing some of your tasks as your traffic increases.

Long-term financial planning is also essential for blog growth, and you should constantly think about how to turn your blog into a profitable business.

With the right approach, a well-developed blog business plan template, and a focus on growth strategies that are both sustainable and scalable, you can build a successful online business that will stand the test of time.

A solid business plan and a comprehensive and targeted marketing strategy are essential for driving traffic to your blog.

Utilize SEO, social media, and collaboration with other bloggers to increase visibility and engagement.

Monitor your progress and adjust your tactics accordingly to optimize the results and get the most out of your efforts.

You can create an effective online presence for your blog with hard work and dedication.

Further reading on AdamEnfroy.com: As a business owner, you might choose various elements of your blog to outsource .

Knowing which components to outsource and which to keep in-house can remove a lot of the strain from building an online business.

Finally, check out these online blogging courses to learn more about how to start a successful blog.

Editorial Process:

Our reviews are made by a team of experts before being written and come from real-world experience. Read our editorial process here .

Some of the links in this article may be affiliate links, which can provide compensation to us at no cost to you if you decide to purchase a paid plan. These are products we’ve personally used and stand behind. This site is not intended to provide financial advice. You can read our affiliate disclosure in our privacy policy .

Adam Enfroy

We test and review software products based on an independent, multi-point methodology. If you use our links to purchase something, we earn a commission. Read our editorial process and disclosures .

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Written by Casey Botticello

Disclosure : Some of the links below are affiliate links, meaning that at no additional cost to you, I will receive a commission if you click through and make a purchase. Read our full affiliate disclosure here .

It’s all well and good to want to start a blog.

Perhaps it’s just a hobby, or a side hustle. However, if you’re looking to become a successful blogger and monetize, you’ll need to treat your blog like a business!

Behind any successful business is a business plan. If you’re a smart blogger, then you’ll want to create a blog business plan . This will help guide any decisions you make and grow your brand down the line.

To learn how to create a blog business plan effectively, read on to discover all the elements you need to consider!

What Is a Blog Business Plan?

In general, a business plan is a document that you, the business owner, creates in order to lay out your goals more efficiently.

Essentially, you can think of it as a “roadmap” for your business.

It functions as a guide to the core activities of your business, how you plan to move forward, what your goals are, ethos of the business, and any projections. 

A well-crafted business plan will contain the following:

• An executive summary
• Information about your services and products
• Plans for your marketing strategy
• Analysis of the market and competitors
• Budget and financial planning or considerations.

So how does this relate to your blog? 

Well, if you think about your blog as a business , then you can see how important it is to craft a blog business plan. How much better is it if you know what you’re aiming for with your blog, rather than stumbling around in the dark?

Making sure you have a blog business plan will enable you to:

• Be clear about what you’re trying to achieve with your blog
• Hold yourself accountable to your goals
• Be clear about your priorities in order to achieve your goals
• Be prepared for whatever comes your way.

Yes, putting together a business plan is a bit of an undertaking, but you’ll be relieved when you have it in place. Not only that, but you’ll set yourself on the path to success!

The Elements of a Blog Business Plan

So now you know the why , let’s get into the how . Here are all of the things you need to prepare:

The Executive Summary

This should always be the first section of your business plan. It’ll lay out exactly what your business — in this case your blog — is all about.

Your executive summary should be broken down into several sections:

• Your mission statement

What purpose does your blog serve and what is it about? Do you fit into a particular niche?

Really dig in and consider why you started your blog in the first place. This is your opportunity to evaluate your ethos and core values.

• Information about you

Who are you? What’s your background? Why should you be considered an authority on your topic?

• Who is your ideal target audience?

What kind of person is your perfect reader? What is their demographic?

• Any relevant blog growth highlights

If you’ve already been running your blog for some time, this is your opportunity to boast about your achievements thus far!

Have your followers increased? Were you able to monetize through affiliate partnerships, or otherwise? Have your unique views increased?

Don’t worry if you don’t have anything to put in this section yet — remember, your business plan can (and should) be updated!

• Any services or products you offer

You don’t need to go into excessive depth here, as you’ll be able to expand on this later in your business plan. However, you should mention in brief what you’re doing, or planning on doing, in order to monetize.

• What goals are you hoping to achieve?

The most exciting bit! Here’s where you get to lay out your dream goals and vision statement for the future.

Don’t scare yourself off, really think hard about what it is you want to achieve and put it down. Not only is it motivating, but once you’ve written it down, you can start to consider how to make those goals reality.

Brand Identification

The backbone of any business is the brand identity. This is what hooks customers, inspires brand loyalty, and brings a touch of humanity to a service.

For a blog, this is even more important, because what you’re selling is, well — you! As a blogger you’re putting yourself out there as the authority on your subject or topic, bringing value to your audience.

While it can be tempting to create a brand persona for your blog, what readers really love is authenticity and trustworthiness. Plus, how exhausting would it be to have to keep up a double life?!

Maybe your brand identity is a little more extra than you are in person, but at the core it’s still you. Lean into this and build off it in order to find what works for you, your blog, and your audience.

Ask yourself the following:

• Why does your blog exist?
• How do you want your audience to feel when they interact with your blog or you?
• What keywords would you use to describe your blog?

It’s also important to know what your “ definitely wouldn’t do” s as well as your “ would love to do” s are. That way you can refine the core values and ethos of your blog.

In this section you should note:

• Your blog details

What’s your blog called? What kind of vibe are you aiming for?

• What do you cover?

Here you’ll want to explain what topics and categories you cover on your blog, i.e. what’s your niche? Include what hashtags you use on your social media channels, too, as this will be relevant for your marketing strategy.

• What are your posting processes or practices?

Do you have a specific format or style guide to stick to? How about images? This is important to know not just for you but for any guest bloggers you may invite to your blog.

• How would you like to expand on your blog later down the line?

How could your blog and brand expand in the future? What opportunities exist?

Here you could think about publishing books, starting a video channel, doing live demonstrations and events — anything you can think of that you’d like to do!

Overall Business Strategy

Here’s where you’re going to talk about how you plan on executing your goals. You’ll want to include:

• Your posting schedule

Consistency is key! Blogging regularly not only helps you, but it lets your audience know when to expect content. Create a schedule and stay the course!

• Your marketing strategy

What methods are you planning on using for marketing yourself and your blog? Social media and email mailing lists are commonly used, but there are other forms of marketing out there, too.

What about using guest bloggers, or link exchanges? Known as outreach marketing, this can also be an extremely effective form of marketing for blogs.

• How you’ll monetize and what you offer

What techniques will you use to bring money in, while also offering value to your audience? Check back over your goals and future expansion ideas for help with this if you’re stuck.

Remember : There are lots of different ways to monetize your blog, but don’t stray too far from your mission statement, blog ethos, and brand identity.

• Analytics of your blog

Being able to analyze your blog performance and track unique views, keywords, and more, is essential to the success of your blog. While Google Analytics is an excellent choice here, it isn’t the only one.

Identify which analytics service(s) or tools you’ll use and how they can help drive your blog forward.

Market and Audience Analysis

As with any business, one of the most important steps is identifying who your audience are, the current market, and any competition.

Knowing who you’re trying to reach with your blog and how you can stand out from the crowd is essential to success.

In this section you should lay out:

• Who are your target readers?

How old are they? What demographic are you trying to reach?

It could be helpful to imagine your ideal reader here, as this can help you when writing your blog posts if you imagine that you are writing for that specific person.

• Who is your competition?

Who are the successful bloggers in your niche? What sets them apart and what tools or marketing strategies are they using?

It’s a good idea to profile your competition and include not just your main rivals but also smaller blogs. What are they doing right? How could you improve on what they’re doing?

• What networking opportunities exist?

No man is an island and blogging is all about community. That’s not just the community that you’re building, but the community that already exists around you.

There are plenty of opportunities to collaborate and work with others in your field. Identify these and use them to your advantage.

Financial Considerations

Of course, you can run a blog for free. However, in order to really level up, you’re going to want to spend a bit of money.

Even if you’re running your blog for free right now, it’s a good idea to be clear about what expenses you may need in the future.

• Domain and hosting costs
• Branding or logo design costs
• Any subscriptions you may need for themes, plugins, tools, or software
• Photography costs, whether that’s your own or licenses required
• Any promotional materials, eg, business cards and Facebook ads
• Office supplies
• Internet provider costs
• Any fees associated with starting a business (not necessarily required).

How Blogs Can Turn into a Business

As soon as you monetize your blog, it’s no longer a hobby but a business! On your blogging journey, somewhere along the line you may decide that doing it for no return isn’t worth the effort any more. 

After all, you’re putting time into creating a resource for others– so why shouldn’t you be compensated?

When you decide that your blog should be a business, you’ll want to make sure that you:

• Post consistently
• Market and promote your content in order to grow your audience
• Communicate with your followers though email mailing lists, social media, and more
• Find different ways to monetize your blog
• Keep going!

You may find that what works for other blogs doesn’t for yours. That’s okay! Just keep hustling, and you’ll eventually find a winning formula.

How to Create a Blog Business Plan

While we’ve already covered a lot of the steps you need to go through in order to create your blog business plan, let’s break it down even further.

1. Create a Blog Roadmap: Define Your Blog’s Goals, Mission, & Vision

What Is Your Niche?

Defining your niche is the most important step: what are you going to blog about? What sets you apart from your competitors as the authority on this subject? Niche vs. micro niche ?

You really could pick any topic you like, as long as there’s a demand!

Who Is Your Target Market?

Who is your ideal reader? What are their demographics and psychographics?

Research your target market — what are their pain points? How can you tap into this to create content that’s of value to them?

How Will You Monetize Your Blog?

There are a million and one ways to monetize your blog. Here are some ideas:

• Become an affiliate partner
• Sell advertising space
• Partner with brands
• Sell physical or online products or courses
• Write and sell e-books

Be sure to stay true to your blog’s ethos and brand when choosing monetizing opportunities , as not all will be a good fit.

What Do You Want Your Blog Business to Achieve? 

Perhaps you want to hit a certain unique visitor milestone, or email subscriptions? 

Maybe you want to earn a specific amount of money, or even spend a particular amount of time working on your blog.

Whatever it is, be reasonable and realistic with your timeframes. You want this to be a way to measure your success.

2. Do Competitive Research & Analysis

Who Are Your Main Competitors?

Use Google Alerts and keyword searches to figure out who your main competitors are. 

Knowing who your competitors are means that you’ll be better equipped to place yourself as the authority in your niche.

What Are Their Strengths, Weaknesses, and Keywords?

If you’re able to identify your competitor’s strengths, weaknesses, and keywords, you’ll know what pitfalls to avoid and how you can better them.

Keyword research is vital here. When it comes to beating your competition, it’s all about placing higher in Google searches so that you become the top-ranked blog in your niche.

How Can You Differentiate Your Blog from Theirs?

Your USP (unique selling point) is what’s going to give you the edge over anyone else in your niche. What is it that makes you special and unique?

Make a list of all of the ways your blog is or could stand out from the crowd, then use this as a guide for your content and strategies.

Tools You Can Use for Competitive Analysis

There are many tools out there you can utilize when analyzing your competition. 

Some will be paid, and some will be free with the option to upgrade. We recommend starting with free versions first and seeing if you need to upgrade.

You may find that a combination of tools works best for you, as some will analyze particular social media whereas others will look at keywords and SEO-related analytics . 

You may want to check out tools such as:

• SproutSocial
• SocialBlade

3. Establish Website

Domain Name

This is what you’ll name your blog . Make sure it’s registered, fits with your brand and blog in some way, and that the domain has a clean history .

Blog Hosting

This is where your blog lives on the Internet. Make sure you choose a reliable and reputable blog web hosting service — a blog with a lot of downtime isn’t going to help you!

Website Elements 

What will you use to design your website? WordPress is one of the most used platforms for building a blog– and for good reason. It’s extremely user-friendly, and you don’t need to know code to get going.

However, there are plenty of other website building tools out there, so do your research and pick the best one for your blog.

You’ll want to think about the visual appeal and aesthetics of your blog as well as the personality and tone. Make sure it all ties into your blog’s ethos, message, and vision, too.

4. Make a Content Strategy

SEO and Keywords

SEO and keywords are, arguably, the most important part of getting your blog out there. If you aren’t ranking highly on search engines then how will anybody see your hard work?

Make sure you take the time to get your SEO up to scratch and do thorough keyword search. That way you can ensure that you’re giving yourself the best chance for your blog to be seen.

Guest Blogging

Guest blogging is a great way to bring new traffic into your blog, whether you’re hosting another blogger or creating a post for someone else.

Be sure to align yourself with others in your niche to draw the right traffic into your blog. 

Building backlinks with other blogs is also a great way to improve your SEO. Guest blogging also helps to establish you as an expert in your niche and build awareness of your brand.

In other words: There’s no downside to guest blogging as long as it’s carried out legitimately and with reputable partners!

Email Marketing 

Email mailing lists are still a great way of keeping in touch with your existing audience, as well as helping to grow your readership.

Encourage people to sign up by having a great lead magnet. Don’t forget to be consistent and send out newsletters to your readership, directing them to where you want them to go.

Social Media 

Social media can be an excellent way to build community around your blog. Ideally, your blog’s community will be engaged, and social media is where you can really make that happen.

You can even use social media to drive more traffic to your blog. Just don’t forget to be authentic and engage with your audience in a genuine way!

5.  Develop Standard Operating Procedures

Content Calendars 

Creating content calendars can be extremely helpful as you continue to refine your blog posting processes and operating procedures. 

This lays out exactly what you’ll be posting and when, making it easier for you to create content regularly.

Your content should always be high quality and of value to your audience. Knowing what you’re going to post and when allows you to plan your content to make sure this is true every time!

Should You Outsource?

You may find at some point that the growth of your blog has exceeded your individual ability to fulfill its needs. At this point, you may want to consider outsourcing parts of your blog .

This is also why it’s important for you to lay out your business plan early on — what are the essential tasks that only you can do? 

What other menial tasks could you outsource, without affecting quality, value, or your bottom line?

Time Spent on Blog

There’s going to come a point when your blog side hustle is now your main hustle, and when that time comes you’ll need to be able to respect the commitment required.

How much time is reasonable for you to spend on your blog? Is it going to be financially sustainable? How will the time you spend on your blog affect its future valuation should you choose to sell it?

Try to define your time commitment to your blog and balance this with the rest of your life.

6. Sales & Marketing

There are so many different ways to market your blog, some of which we’ve already outlined in this article. Whatever you choose, just make sure that it remains true to your blog’s brand!

7. Performance Tracking

Don’t forget : Once you’ve put everything else in place, you’ll want to use various tools to track your performance. 

Google Analytics is a great place to start, but there are many free and paid-for tools available, too.

Only by tracking your performance will you be able to make positive changes for success.

8. Launch Your Blog

And, you’re off! Now that you’ve put in all the prep work, it’s time to get your blog off the paper and into the world. Start your blog today !

The Bottom Line

Anyone can have a blog, but to have a successful blog takes a lot of blood, sweat, and tears.

By creating a blog business plan, you can ensure that you’ve got a framework to work from, measure your progress, motivate you, and make sure that you stay true to your values.

If you’re ready to take your blog from a side hustle to a business, then following the above steps will ensure that you’re prepared to do so. 

Just remember to stay true to why you started your blog in the first place, as well as your values and blog ethos. Best of luck!

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How to Build a Detailed Business Plan That Stands Out [Free Template]

Updated: March 29, 2022

Published: March 11, 2022

While starting a company may seem easier now than ever before, entrepreneurs have an uphill battle from the moment they start a business. And without a clear, actionable business plan for selling, marketing, finances, and operations, you're almost destined to face significant challenges.

This is why crafting a business plan is an essential step in the entrepreneurial process.

In this post, we'll walk you through the process of filling out your business plan template, like this free, editable version :

Download a free, editable one-page business plan template.

We know that when looking at a blank page on a laptop screen, the idea of writing your business plan can seem impossible. However, it's a mandatory step to take if you want to turn your business dreams into a reality.

That's why we've crafted a business plan template for you to download and use to build your new company. You can download it here for free . It contains prompts for all of the essential parts of a business plan, all of which are elaborated on, below.

This way, you'll be able to show them how organized and well-thought-out your business idea is, and provide them with answers to whatever questions they may have.

Free Business Plan Template

The essential document for starting a business -- custom built for your needs.

• Outline your idea.
• Pitch to investors.
• Secure funding.
• Get to work!

You're all set!

Click this link to access this resource at any time.

Building a Successful Business Plan

In the next section, we'll cover the components of a business plan , such as an executive summary and company description. But before we get to that, let's talk about key elements that should serve as building blocks for your plan.

For some entrepreneurs, the thought of writing a business plan sounds like a chore — a necessary means to an end. But that's a bad take.

A solid business plan is a blueprint for success . It's key to securing financing, presenting your business, outlining your financial projections, and turning that nugget of a business idea into a reality.

At the core, your business plan should answer two questions: why your business and why now?

Investors want to know why your business is entering the market, i.e. what problem it's solving and how it's different from what's currently out there. They also want to know why now is the right time for your type of product or service.

At a minimum, your plan should:

• Be more realistic than idealistic: Too often, business plans focus too much on how things could be instead of how they are. While having a vision is important, your plan needs to be rooted in research and data.
• Legitimize your business idea : If an idea fails on paper, it's a signal to go back to the drawing board. In doing so, you avoid losing precious time or money chasing an unrealistic idea.
• Position your business for funding: To get your business off the ground, chances are you'll need financial backing. Even with a solid business idea, investors, lenders, and banks still need convincing. An effective business plan will outline how much money you need, where it's going, what targets you will hit, and how you plan to repay any debts.
• Lay the foundation: Investors focus on risk – if anything looks shaky, it could be a dealbreaker. Ideally, your business plan will lay down the foundation for how you'll operate your business — from operational needs to financial projections and goals.
• Communicate your needs: It's nearly impossible to communicate your needs if you don't know what they are first. Of course, a business’ needs are always changing — but your plan should give you a well-rounded view of how your business will work in the short and long term.

So back to the question of why and why now – consider three things:

• Your industry – How does your product or service fit within your industry? Are you targeting a specific niche? Where do you see the industry going in the next five to 10 years?
• Your target audience – Who are you targeting? What challenges are they facing? How will your product or service help them in their daily lives?
• Your unique selling proposition (USP) – What sets you apart from your competitors? Is it your product/service features? Your company values? Price?

Once you know the answers to these questions, you'll be equipped to answer the question: why your business and why now.

How to Build a Business Plan

• Executive Summary
• Company and Business Description
• Product and Services Line
• Market Analysis
• Marketing Plan
• Legal Notes
• Financial Considerations

Featured Resource: Free Business Plan Template

1. cover page.

Your business plan should be prefaced with an eye-catching cover page. This means including a high-resolution image of your company logo, followed by your company's name, address, and phone number.

Since this business plan will likely change hands and be seen by multiple investors, you should also provide your own name, role in the business, and email address on the cover page.

At the bottom of this page, you can also add a confidentiality statement to protect against the disclosure of your business details.

The statement can read as follows: " This document contains confidential and proprietary information created by [your company name]. When receiving this document, you agree to keep its content confidential and may only reproduce and/or share it with express written permission of [your company name] ."

Remember to keep your cover page simple and concise — and save the important details for other sections.

Why it matters: First impressions are everything, and a clean cover page is the first step in the right direction.

Example of a Cover Page

2. Executive Summary

The executive summary of your business plan provides a one- to two-page overview of your business and highlights the most crucial pieces of your plan, such as your short-term and long-term goals.

The executive summary is essentially a boiled-down version of your entire business plan, so remember to keep this section to the point and filled only with essential information.

Typically, this brief section includes:

• A mission statement.
• The company's history and leadership model.
• An overview of competitive advantage(s).
• Financial projections.
• Company goals.
• An ask from potential investors.

Why it matters: The executive summary is known as the make-or-break section of a business plan. It influences whether investors turn the page or not — so effectively summarizing your business and the problem it hopes to solve is a must.

Think of the Summary as a written elevator pitch (with more detail). While your business plan provides the nitty-gritty details, your Summary describes — in a compelling but matter-of-fact language — the highlights of your plan. If it's too vague, complicated, or fuzzy, you may need to scrap it and start again.

Example of an Executive Summary Introduction

"The future looks bright for North Side Chicago, particularly the Rock Hill Neighborhood. A number of high-end commercial and residential developments are well on their way, along with two new condo developments in nearby neighborhoods.

While the completion of these developments will increase the population within the neighborhood and stimulate the economy, the area lacks an upscale restaurant where residents and visitors can enjoy fine food and drink. Jay Street Lounge and Restaurant will provide such a place."

3. Company & Business Description

In this section, provide a more thorough description of what your company is and why it exists.

The bulk of the writing in this section should be about your company's purpose – covering what the business will be selling, identifying the target market, and laying out a path to success.

In this portion of your business plan, you can also elaborate on your company's:

• Mission statement
• Core values
• Team and organizational structure

Why it matters: Investors look for great structures and teams in addition to great ideas. This section gives an overview of your businesses' ethos. It's the perfect opportunity to set your business apart from the competition — such as your team's expertise, your unique work culture, and your competitive advantage.

Example of a Values/Mission Statement

"Jay Street Lounge and Restaurant will be the go-to place for people to get a drink or bite in an elegant, upscale atmosphere. The mission is to be North Side's leading restaurant, with the best tasting food and the highest quality service."

3. Product & Services Line

Here's where you'll cover the makeup of your business's product and/or services line. You should provide each product or service's name, its purpose, and a description of how it works (if appropriate). If you own any patents, copyrights, or trademarks, it's essential to include this info too.

Next, add some color to your sales strategy by outlining your pricing model and mark-up amounts.

If you're selling tangible products, you should also explain production and costs, and how you expect these factors to change as you scale.

Why it matters: This section contains the real meat of your business plan. It sets the stage for the problem you hope to solve, your solution, and how your said solution fits in the market.

There's no one-size-fits-all formula for this section. For instance, one plan may delve into its ability to market in a more cost-effective way than the competition, whereas another plan focuses on its key products and their unique features and benefits.

Regardless of your angle, it's critical to convey how your offerings will differ from the competition.

Example of a Product/Service Offering

"The menu at Jay Street Lounge and Restaurant will focus on Moroccan cuisine. The stars of the menu (our specialties) are the Moroccan dishes, such as eggplant zaalouk, seafood bastilla, tagine, and chickpea stew. For those who enjoy American dishes, there will also be a variety of options, from burger sliders and flatbread pizza to grilled steak and salads.

The food at Jay Street will have premium pricing to match its upscale atmosphere. During the summer months, the restaurant will have extra seating on the patio where clients can enjoy a special summer menu. We will be open on all days of the week."

4. Market Analysis

It helps to reference your market research documentation in this section, like a Porter's Five Forces Analysis or a SWOT Analysis ( templates for those are available here ). You can also include them in your appendix.

If your company already has buyer personas, you should include them here as well. If not, you can create them right now using the Make My Persona Tool .

Why it matters: Having an awesome product is, well, awesome — but it isn't enough. Just as important, there must be a market for it.

This section allows you to dig deeper into your market, which segments you want to target, and why. The "why" here is important, since targeting the right segment is critical for the success and growth of your business.

It's easy to get lost (or overwhelmed) in a sea of endless data. For your business plan, narrow your focus by answering the following questions:

• What is my market? In other words, who are my customers?
• What segments of the market do I want to target?
• What's the size of my target market?
• Is my market likely to grow?
• How can I increase my market share over time?

Example of a Market Analysis

"Jay Street Lounge and Restaurant will target locals who live and work within the Rock Hill Neighborhood and the greater North Side Chicago area. We will also target the tourists who flock to the many tourist attractions and colleges on the North Side.

We will specifically focus on young to middle-aged adults with an income of $40,000 to $80,000 who are looking for an upscale experience. The general demographics of our target market are women between 20 to 50 years old.

A unique and varied Moroccan-American menu, along with our unique upscale atmosphere, differentiates us from competitors in the area. Jay Street will also set itself apart through its commitment to high-quality food, service, design, and atmosphere."

5. Marketing Plan

Unlike the market analysis section, your marketing plan section should be an explanation of the tactical approach to reaching your aforementioned target audience. List your advertising channels, organic marketing methods, messaging, budget, and any relevant promotional tactics.

If your company has a fully fleshed-out marketing plan, you can attach it in the appendix of your business plan. If not, download this free marketing plan template to outline your strategy.

Free Marketing Plan Template

Outline your company's marketing strategy in one simple, coherent plan.

• Pre-Sectioned Template
• Completely Customizable
• Example Prompts
• Professionally Designed

Why it matters: Marketing is what puts your product in front of your customers. It's not just advertising — it's an investment in your business.

Throwing money into random marketing channels is a haphazard approach, which is why it's essential to do the legwork to create a solid marketing plan.

Here's some good news — by this point, you should have a solid understanding of your target market. Now, it's time to determine how you'll reach them.

Example of a Marketing Plan Overview

"Our marketing strategy will focus on three main initiatives:

• Social media marketing. We will grow and expand our Facebook and Instagram following through targeted social media ads.
• Website initiatives. Our website will attract potential visitors by offering updated menus and a calendar of events.
• Promotional events. Jay Street will have one special theme night per week to attract new clients."

6. Sales Plan

It doesn't matter if your sales department is an office full of business development representatives (BDR) or a dozen stores with your products on their shelves.

The point is: All sales plans are different, so you should clearly outline yours here. Common talking points include your:

• Sales team structure, and why this structure was chosen.
• Sales channels.
• Sales tools, software, and resources.
• Prospecting strategy.
• Sales goals and budget.

Like with your marketing plan, it might make sense to attach your completed sales plan to the appendix of your business plan. You can download a template for building your sales plan here .

Why it matters: Among other things, investors are interested in the scalability of your business — which is why growth strategies are a critical part of your business plan.

Your sales plan should describe your plan to attract customers, retain them (if applicable), and, ultimately, grow your business. Be sure to outline what you plan to do given your existing resources and what results you expect from your work.

Example of a Sales Plan Overview

"The most important goal is to ensure financial success for Jay Street Lounge and Restaurant. We believe we can achieve this by offering excellent food, entertainment, and service to our clients.

We are not a low-cost dining option in the area. Instead, the food will have premium pricing to match its upscale feel. The strategy is to give Jay Street a perception of elegance through its food, entertainment, and excellent service."

7. Legal Notes

Your investors may want to know the legal structure of your business, as that could directly impact the risk of their investments. For example, if you're looking for business partners to engage in a non-corporation or LLC partnership, this means they could be on the line for more than their actual investment.

Because this clarification is often needed, explain if you are and/or plan to become a sole proprietor, partnership, corporation, LLC, or other.

You should also outline the steps you have taken (or will need to take) to operate legally. This includes licenses, permits, registrations, and insurance.

The last thing your investor wants to hear after they've sent you a big chunk of change is that you're operating without proper approval from the local, state, or federal government.

Why it matters: The last thing your investor wants to hear after they've sent you a big chunk of change is that you're operating without proper approval from the local, state, or federal government.

Example of Legal Notes

"Jay Street Lounge and Restaurant is up-to-date on all restaurant licenses and health permits. Our business name and logo are registered trademarks, presenting the possibility of expanding locally."

8. Financial Considerations

Ultimately, investors want to know two things:

• When they will earn their money back.
• When they will start seeing returns on their initial investment.

That said, be clear, calculated, and convincing in this section. It should cover:

• Startup costs.
• Sales forecasts for the next several months/quarters.
• Break-even analysis for time and dollars.
• Projected profit and loss (P&L) statement.

Facts and figures are key here, so be as specific as possible with each line item and projection. In addition, explain the "why" behind each of these sections.

However, keep in mind that information overload is a risk, especially when it comes to data. So, if you have pages upon pages of charts and spreadsheets for this section, distill them into a page or two and include the rest of the sheets in the appendix. This section should only focus on key data points.

Why it matters: One of the most important aspects of becoming "investor ready" is knowing your numbers. More importantly, you need to understand how those numbers will enhance your business.

While it's easy to write a number down on paper, it's more important to understand (and communicate) why you need capital, where it's going, and that your evaluation makes sense.

Example of Financial Projections

"Based on our knowledge and experience in the restaurant industry, we have come up with projections for the business.

Starting with an expenditure of $400,000 in year 1, we forecast sales of $1,500,000 and $2,800,000 for years two and three. We expect to achieve a net profit of 15% by year three."

9. Appendix

A detailed and well-developed business plan can range anywhere from 20 to 50 pages, with some even reaching upward of 80.

In many cases, the appendix is the longest section. Why? Because it includes the supportive materials mentioned in previous sections. To avoid disrupting the flow of the business plan with visuals, charts, and spreadsheets, business owners usually add them in the last section, i.e. the appendix.

Aside from what we've already mentioned – marketing plan, sales plan, department budgets, financial documents – you may also want to attach the following in the appendix:

• Marketing materials
• Market research data
• Licensing documentation
• Branding assets
• Floor plans for your location
• Mockups of your product
• Renderings of your office space or location design

Adding these pieces to the appendix enriches the reader's understanding of your business and proves you've put the work into your business plan without distracting from the main points throughout the plan.

Why it matters: An appendix helps the reader do their due diligence. It contains everything they need to support your business plan.

Keep in mind, however, that an appendix is typically necessary only if you're seeking financing or looking to attract business partners.

Use a Business Plan Template to Get Started

Writing a business plan shouldn't be an insurmountable roadblock to starting a business. Unfortunately, for all too many, it is.

That's why we recommend using our free business plan template. Pre-filled with detailed section prompts for all of the topics in this blog post, we're confident this template will get your business plan started in the right direction.

Editor's note: This post was originally published in June 2017 and has been updated for comprehensiveness.

Don't forget to share this post!

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How to Write a Business Plan?

• Roadmap for Success: At its core, a business plan acts as a strategic guide, providing detailed steps on how your business will achieve its objectives. It helps you navigate the startup phase, manage growth effectively, and tackle unforeseen challenges with a well-thought-out strategy.
• Securing Funding: For startups and businesses looking to expand, a business plan is crucial for securing loans or attracting investors. It demonstrates to potential financial backers that your business has a clear vision, a solid strategy for profitability, and a plan for delivering returns on their investment.
• Informed Decision-Making: A well-prepared business plan offers valuable insights into your market, competition, and potential challenges. This information is vital for making informed decisions, from day-to-day operations to long-term strategic shifts.
• Market Analysis and Strategy: It allows you to conduct an in-depth analysis of your target market, understand customer needs, and position your product or service effectively. The marketing strategy outlined in your business plan helps in identifying the best channels and tactics to reach your audience and achieve market penetration.
• Financial Planning: One of the most critical components of a business plan is the financial forecast. It outlines your funding requirements, expected revenue, profit margins, and cash flow projections. This section is essential for budgeting, financial management, and ensuring the financial viability of your business.
• Goal Setting and Performance Measurement: A business plan sets clear, measurable goals and objectives. It provides a framework for monitoring performance, measuring success, and making necessary adjustments to stay on track.

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Business planning, website development, product or service selection, marketing and promotion, is it a good idea to start an online business, can i start an online business with $100, what are different types of online marketing strategies, the bottom line.

• Small Business
• How to Start a Business

Starting an Online Business: A Step-by-Step Guide

Crafting a Winning Business Plan: Setting Goals and Strategies

Katie Miller is a consumer financial services expert. She worked for almost two decades as an executive, leading multi-billion dollar mortgage, credit card, and savings portfolios with operations worldwide and a unique focus on the consumer. Her mortgage expertise was honed post-2008 crisis as she implemented the significant changes resulting from Dodd-Frank required regulations.

If you want to get into the online business game, it’s a good time to start. The COVID-19 pandemic reshaped online consumer spending, including how people shop online and how they research products.

Today, 76% of Americans buy products online. Furthermore, roughly a third of people purchase items online weekly. From setting up an ecommerce business to offering web design services, there are countless avenues to explore as an entrepreneur.

Below, we’ll walk through each step to building an online business.

Key Takeaways

• When starting an online business, comprehensive market research is critical for identifying your target audience and learning how to resonate with your customers and understand their needs.
• Creating a business plan is an important step for outlining your business goals. It also includes your product description, target market, and financial projections, among other core components.
• Building your website involves setting up a domain name, finding a hosting company, and designing a strong website with consistent branding that allows your customers to navigate it intuitively.
• Choosing the right product or service to sell is essential. It’s important to think about how you’re addressing an unmet need.
• Several digital marketing strategies can be utilized, from content marketing to paid advertising, to help your business grow.

Successful online entrepreneurs study hard in order to have a thorough understanding of their market. This is important for knowing exactly how to reach your target market , because these are the people who will buy your products and drive your business growth.

At its core, market research is about understanding your customers’ needs, pain points, and solutions. It is designed to help your business better meet these needs.

Steps to Conduct Market Research

Market research involves understanding key aspects of your current and future customers. To get a clear sense of your target market, outline the characteristics of your audience—for example, age, location, gender, income, job title, and key pain points.

Once you have identified your target audience, conduct research on the following topics, which will tell you about how they make decisions and how you can better position your business:

• What are the challenges that your target market faces?
• Where do they research a given product or service?
• What are their views on pricing for this product or service?
• What factors influence their decision to make a purchase?
• Who are your competitors?

To put this market research into action, there are a number of different avenues you can take:

• Focus groups
• Competitive analysis
• Brand awareness research
• Market segmentation research

Consider the following questions that may be asked in an interview or focus group to learn more about your audience:

• “How do you search for that product?”
• “How useful was it?”
• “What words do you use when you search on Google?”

When you have completed your market research, identify what you have learned as well as your next steps based on these insights.

Creating a business plan is a key first step for all business owners . It is important for companies looking to secure funding resources. It also serves as a blueprint to summarize your key business objectives and goals.

To write a business plan , incorporate these eight main sections, which are often found in traditional templates:

• Executive summary : This is typically a one-page section that explains your objectives and includes your mission statement, core team, and why your company is positioned for success.
• Company description : This describes what you offer, your competitive advantages, and your business goals.
• Market analysis : This is where you explain your target market, market size, market trends, and competitive landscape.
• Organization and management : Explain who is working on your team and their professional background and experience.
• Service or product line : Describe the product or service you are offering, including any copyright or plans for patenting.
• Marketing and sales : Discuss your marketing and sales strategy. Discuss your pricing, key metrics, and sales plan.
• Funding request : If you are a company looking for funding, here is where you outline the capital you are requesting and where it will be allocated.
• Financial projections : Include projections for your company’s revenue and expenses. Consider including an income statement, balance sheet, and cash flow statement in this section.

A business plan is important because it helps clarify your action points, who you are, and what you offer, all in a coherent template.

Getting your business online is the next key step. In an ever-changing environment, it is important to know the tools, trends, and strategies for building a strong online presence to allow your business to grow.

Registering Your Domain

The first step is registering your name, or your website address. This can be in the form of your business name “.com.” To purchase your domain name, you can go to sites like GoDaddy or Namecheap . If you decide to build your website using WordPress, you will need to use a site such as these to host your website.

Web Hosting Companies

Alternatively, you can buy your domain name at a hosting company. These are companies like Shopify , Wix , or Amazon Web Services , that may also offer tools to build your website and release content on them. 

Website Design

A well-designed website is important for many reasons. Using a website builder, such as Mailchimp or Squarespace , can allow you to choose a theme, customize your pages, create relevant content, and set up a payment page.

Other key aspects of your website design include its functionality, simplicity, and ease of use. Allowing your potential customers to navigate the site intuitively will be key to their experience. Brand consistency—in your logo, colors, and typeface, for example—is also key to creating a unified brand.

Another essential part of website design is its mobile application. You’ll want to ensure that your website runs smoothly on mobile, that images load properly, that the text is legible, and that buttons are intuitive to click.

This step focuses on how to choose the right product or service to sell. At the heart of this choice is the goal of solving a customer’s problem. But there are a number of strategies you can use to identify your product idea.

For example, you might consider analyzing companies with high-profit margins, products that align with your passion, burgeoning trends, items trending on online marketplaces, and/or customer reviews.

With this in mind, analyze how this product will get to your customers. Additionally, you may consider products that are not available in stores in your local market but are offered in communities such as Europe or Japan, for example.

Marketing strategy and promotion is an essential driver of business growth. As the digital landscape evolves, it’s important to have an effective marketing plan that resonates with changing consumer preferences and needs.

Here are questions that companies can consider as they create their marketing strategy, navigating today’s environment:

• Impact, value, and growth : What are the goals and key performance indicators (KPIs) that will measure success for your business? How will you explain the value that the business provides to its customers and/or society? Create an “elevator speech”—a 30-second description of what you offer and why it’s special.
• Customer need and brand promise : How does the brand meet a customer’s need through its products and services?
• Customer experience : How will the business deliver the best experiences at each stage of the customer journey?
• Organizational model : How will the business operate to serve the customer with the most impact?

These will help you understand what types of strategies can have real impact.

Types of Marketing Strategies

Consider the following digital marketing strategies that can be used for your online business:

• Email marketing
• Social media marketing
• Paid advertising
• Search engine optimization (SEO)
• Content marketing
• Influencer marketing

Each of these presents a different way to reach your target audience, drive conversions, or build brand awareness, depending on your marketing goals.

You need to determine that for yourself. But before starting an online business, it’s important to assess the time, investment, and resources you’ll need to get it off the ground. While the barrier to entry can be quite low, it’s worth considering your goals and strategies for making it a reality.

However, compared with starting up a traditional brick-and-mortar business, the risks of launching an online business may be reduced due to lower upfront costs such as rent, staff, and materials, among others.

The short answer: yes. While it depends on the type of business you hope to pursue, there are many ways to set up an online business at very little cost. For example, you could offer your services doing freelance work, photography, bookkeeping, or personal training. The primary costs involved include setting up your business website, which can cost as little as $2 to $20 each year with companies such as GoDaddy.

There are a number of digital marketing strategies that online businesses can use, such as content marketing, email marketing, paid advertising, SEO, and influencer marketing. Each of these strategies can be useful, depending on your product and goals.

Starting an online business can be a powerful way to launch a new product or service while reaching a wider audience. With market research, a solid business plan, a strong website, and a digital marketing strategy, you can get started in growing your company effectively. As customers increasingly make decisions virtually, building an online business is vital to any business owner’s success.

Pew Research Center. “ For Shopping, Phones Are Common and Influencers Have Become a Factor—Especially for Young Adults .”

U.S. Small Business Administration. “ Market Research and Competitive Analysis .”

U.S. Small Business Administration. “ Write Your Business Plan .”

Ogilvy. “ Getting Future Ready with Marketing Transformation ,” Page 15.

GoDaddy. “ How Much Does a Domain Name Cost? Find Out! ”

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How to Write a Business Plan: Step-by-Step Guide + Examples

Noah Parsons

24 min. read

Updated April 17, 2024

Writing a business plan doesn’t have to be complicated. 

In this step-by-step guide, you’ll learn how to write a business plan that’s detailed enough to impress bankers and potential investors, while giving you the tools to start, run, and grow a successful business.

• The basics of business planning

If you’re reading this guide, then you already know why you need a business plan . 

You understand that planning helps you: 

• Raise money
• Grow strategically
• Keep your business on the right track 

As you start to write your plan, it’s useful to zoom out and remember what a business plan is .

At its core, a business plan is an overview of the products and services you sell, and the customers that you sell to. It explains your business strategy: how you’re going to build and grow your business, what your marketing strategy is, and who your competitors are.

Most business plans also include financial forecasts for the future. These set sales goals, budget for expenses, and predict profits and cash flow. 

A good business plan is much more than just a document that you write once and forget about. It’s also a guide that helps you outline and achieve your goals. 

After completing your plan, you can use it as a management tool to track your progress toward your goals. Updating and adjusting your forecasts and budgets as you go is one of the most important steps you can take to run a healthier, smarter business. 

We’ll dive into how to use your plan later in this article.

There are many different types of plans , but we’ll go over the most common type here, which includes everything you need for an investor-ready plan. However, if you’re just starting out and are looking for something simpler—I recommend starting with a one-page business plan . It’s faster and easier to create. 

It’s also the perfect place to start if you’re just figuring out your idea, or need a simple strategic plan to use inside your business.

Dig deeper : How to write a one-page business plan

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• What to include in your business plan

Executive summary

The executive summary is an overview of your business and your plans. It comes first in your plan and is ideally just one to two pages. Most people write it last because it’s a summary of the complete business plan.

Ideally, the executive summary can act as a stand-alone document that covers the highlights of your detailed plan. 

In fact, it’s common for investors to ask only for the executive summary when evaluating your business. If they like what they see in the executive summary, they’ll often follow up with a request for a complete plan, a pitch presentation , or more in-depth financial forecasts .

Your executive summary should include:

• A summary of the problem you are solving
• A description of your product or service
• An overview of your target market
• A brief description of your team
• A summary of your financials
• Your funding requirements (if you are raising money)

Dig Deeper: How to write an effective executive summary

Products and services description

This is where you describe exactly what you’re selling, and how it solves a problem for your target market. The best way to organize this part of your plan is to start by describing the problem that exists for your customers. After that, you can describe how you plan to solve that problem with your product or service. 

This is usually called a problem and solution statement .

To truly showcase the value of your products and services, you need to craft a compelling narrative around your offerings. How will your product or service transform your customers’ lives or jobs? A strong narrative will draw in your readers.

This is also the part of the business plan to discuss any competitive advantages you may have, like specific intellectual property or patents that protect your product. If you have any initial sales, contracts, or other evidence that your product or service is likely to sell, include that information as well. It will show that your idea has traction , which can help convince readers that your plan has a high chance of success.

Market analysis

Your target market is a description of the type of people that you plan to sell to. You might even have multiple target markets, depending on your business. 

A market analysis is the part of your plan where you bring together all of the information you know about your target market. Basically, it’s a thorough description of who your customers are and why they need what you’re selling. You’ll also include information about the growth of your market and your industry .

Try to be as specific as possible when you describe your market. 

Include information such as age, income level, and location—these are what’s called “demographics.” If you can, also describe your market’s interests and habits as they relate to your business—these are “psychographics.” 

Related: Target market examples

Essentially, you want to include any knowledge you have about your customers that is relevant to how your product or service is right for them. With a solid target market, it will be easier to create a sales and marketing plan that will reach your customers. That’s because you know who they are, what they like to do, and the best ways to reach them.

Next, provide any additional information you have about your market. 

What is the size of your market ? Is the market growing or shrinking? Ideally, you’ll want to demonstrate that your market is growing over time, and also explain how your business is positioned to take advantage of any expected changes in your industry.

Dig Deeper: Learn how to write a market analysis

Competitive analysis

Part of defining your business opportunity is determining what your competitive advantage is. To do this effectively, you need to know as much about your competitors as your target customers. 

Every business has some form of competition. If you don’t think you have competitors, then explore what alternatives there are in the market for your product or service. 

For example: In the early years of cars, their main competition was horses. For social media, the early competition was reading books, watching TV, and talking on the phone.

A good competitive analysis fully lays out the competitive landscape and then explains how your business is different. Maybe your products are better made, or cheaper, or your customer service is superior. Maybe your competitive advantage is your location – a wide variety of factors can ultimately give you an advantage.

Dig Deeper: How to write a competitive analysis for your business plan

Marketing and sales plan

The marketing and sales plan covers how you will position your product or service in the market, the marketing channels and messaging you will use, and your sales tactics. 

The best place to start with a marketing plan is with a positioning statement . 

This explains how your business fits into the overall market, and how you will explain the advantages of your product or service to customers. You’ll use the information from your competitive analysis to help you with your positioning. 

For example: You might position your company as the premium, most expensive but the highest quality option in the market. Or your positioning might focus on being locally owned and that shoppers support the local economy by buying your products.

Once you understand your positioning, you’ll bring this together with the information about your target market to create your marketing strategy . 

This is how you plan to communicate your message to potential customers. Depending on who your customers are and how they purchase products like yours, you might use many different strategies, from social media advertising to creating a podcast. Your marketing plan is all about how your customers discover who you are and why they should consider your products and services. 

While your marketing plan is about reaching your customers—your sales plan will describe the actual sales process once a customer has decided that they’re interested in what you have to offer. 

If your business requires salespeople and a long sales process, describe that in this section. If your customers can “self-serve” and just make purchases quickly on your website, describe that process. 

A good sales plan picks up where your marketing plan leaves off. The marketing plan brings customers in the door and the sales plan is how you close the deal.

Together, these specific plans paint a picture of how you will connect with your target audience, and how you will turn them into paying customers.

Dig deeper: What to include in your sales and marketing plan

Business operations

The operations section describes the necessary requirements for your business to run smoothly. It’s where you talk about how your business works and what day-to-day operations look like. 

Depending on how your business is structured, your operations plan may include elements of the business like:

• Supply chain management
• Manufacturing processes
• Equipment and technology
• Distribution

Some businesses distribute their products and reach their customers through large retailers like Amazon.com, Walmart, Target, and grocery store chains. 

These businesses should review how this part of their business works. The plan should discuss the logistics and costs of getting products onto store shelves and any potential hurdles the business may have to overcome.

If your business is much simpler than this, that’s OK. This section of your business plan can be either extremely short or more detailed, depending on the type of business you are building.

For businesses selling services, such as physical therapy or online software, you can use this section to describe the technology you’ll leverage, what goes into your service, and who you will partner with to deliver your services.

Dig Deeper: Learn how to write the operations chapter of your plan

Key milestones and metrics

Although it’s not required to complete your business plan, mapping out key business milestones and the metrics can be incredibly useful for measuring your success.

Good milestones clearly lay out the parameters of the task and set expectations for their execution. You’ll want to include:

• A description of each task
• The proposed due date
• Who is responsible for each task

If you have a budget, you can include projected costs to hit each milestone. You don’t need extensive project planning in this section—just list key milestones you want to hit and when you plan to hit them. This is your overall business roadmap. 

Possible milestones might be:

• Website launch date
• Store or office opening date
• First significant sales
• Break even date
• Business licenses and approvals

You should also discuss the key numbers you will track to determine your success. Some common metrics worth tracking include:

• Conversion rates
• Customer acquisition costs
• Profit per customer
• Repeat purchases

It’s perfectly fine to start with just a few metrics and grow the number you are tracking over time. You also may find that some metrics simply aren’t relevant to your business and can narrow down what you’re tracking.

Dig Deeper: How to use milestones in your business plan

Organization and management team

Investors don’t just look for great ideas—they want to find great teams. Use this chapter to describe your current team and who you need to hire . You should also provide a quick overview of your location and history if you’re already up and running.

Briefly highlight the relevant experiences of each key team member in the company. It’s important to make the case for why yours is the right team to turn an idea into a reality. 

Do they have the right industry experience and background? Have members of the team had entrepreneurial successes before? 

If you still need to hire key team members, that’s OK. Just note those gaps in this section.

Your company overview should also include a summary of your company’s current business structure . The most common business structures include:

• Sole proprietor
• Partnership

Be sure to provide an overview of how the business is owned as well. Does each business partner own an equal portion of the business? How is ownership divided? 

Potential lenders and investors will want to know the structure of the business before they will consider a loan or investment.

Dig Deeper: How to write about your company structure and team

Financial plan

Last, but certainly not least, is your financial plan chapter. 

Entrepreneurs often find this section the most daunting. But, business financials for most startups are less complicated than you think, and a business degree is certainly not required to build a solid financial forecast. 

A typical financial forecast in a business plan includes the following:

• Sales forecast : An estimate of the sales expected over a given period. You’ll break down your forecast into the key revenue streams that you expect to have.
• Expense budget : Your planned spending such as personnel costs , marketing expenses, and taxes.
• Profit & Loss : Brings together your sales and expenses and helps you calculate planned profits.
• Cash Flow : Shows how cash moves into and out of your business. It can predict how much cash you’ll have on hand at any given point in the future.
• Balance Sheet : A list of the assets, liabilities, and equity in your company. In short, it provides an overview of the financial health of your business. 

A strong business plan will include a description of assumptions about the future, and potential risks that could impact the financial plan. Including those will be especially important if you’re writing a business plan to pursue a loan or other investment.

Dig Deeper: How to create financial forecasts and budgets

This is the place for additional data, charts, or other information that supports your plan.

Including an appendix can significantly enhance the credibility of your plan by showing readers that you’ve thoroughly considered the details of your business idea, and are backing your ideas up with solid data.

Just remember that the information in the appendix is meant to be supplementary. Your business plan should stand on its own, even if the reader skips this section.

Dig Deeper : What to include in your business plan appendix

Optional: Business plan cover page

Adding a business plan cover page can make your plan, and by extension your business, seem more professional in the eyes of potential investors, lenders, and partners. It serves as the introduction to your document and provides necessary contact information for stakeholders to reference.

Your cover page should be simple and include:

• Company logo
• Business name
• Value proposition (optional)
• Business plan title
• Completion and/or update date
• Address and contact information
• Confidentiality statement

Just remember, the cover page is optional. If you decide to include it, keep it very simple and only spend a short amount of time putting it together.

Dig Deeper: How to create a business plan cover page

How to use AI to help write your business plan

Generative AI tools such as ChatGPT can speed up the business plan writing process and help you think through concepts like market segmentation and competition. These tools are especially useful for taking ideas that you provide and converting them into polished text for your business plan.

The best way to use AI for your business plan is to leverage it as a collaborator , not a replacement for human creative thinking and ingenuity. 

AI can come up with lots of ideas and act as a brainstorming partner. It’s up to you to filter through those ideas and figure out which ones are realistic enough to resonate with your customers. 

There are pros and cons of using AI to help with your business plan . So, spend some time understanding how it can be most helpful before just outsourcing the job to AI.

Learn more: 10 AI prompts you need to write a business plan

• Writing tips and strategies

To help streamline the business plan writing process, here are a few tips and key questions to answer to make sure you get the most out of your plan and avoid common mistakes .  

Determine why you are writing a business plan

Knowing why you are writing a business plan will determine your approach to your planning project. 

For example: If you are writing a business plan for yourself, or just to use inside your own business , you can probably skip the section about your team and organizational structure. 

If you’re raising money, you’ll want to spend more time explaining why you’re looking to raise the funds and exactly how you will use them.

Regardless of how you intend to use your business plan , think about why you are writing and what you’re trying to get out of the process before you begin.

Keep things concise

Probably the most important tip is to keep your business plan short and simple. There are no prizes for long business plans . The longer your plan is, the less likely people are to read it. 

So focus on trimming things down to the essentials your readers need to know. Skip the extended, wordy descriptions and instead focus on creating a plan that is easy to read —using bullets and short sentences whenever possible.

Have someone review your business plan

Writing a business plan in a vacuum is never a good idea. Sometimes it’s helpful to zoom out and check if your plan makes sense to someone else. You also want to make sure that it’s easy to read and understand.

Don’t wait until your plan is “done” to get a second look. Start sharing your plan early, and find out from readers what questions your plan leaves unanswered. This early review cycle will help you spot shortcomings in your plan and address them quickly, rather than finding out about them right before you present your plan to a lender or investor.

If you need a more detailed review, you may want to explore hiring a professional plan writer to thoroughly examine it.

Use a free business plan template and business plan examples to get started

Knowing what information to include in a business plan is sometimes not quite enough. If you’re struggling to get started or need additional guidance, it may be worth using a business plan template. 

There are plenty of great options available (we’ve rounded up our 8 favorites to streamline your search).

But, if you’re looking for a free downloadable business plan template , you can get one right now; download the template used by more than 1 million businesses. 

Or, if you just want to see what a completed business plan looks like, check out our library of over 550 free business plan examples . 

We even have a growing list of industry business planning guides with tips for what to focus on depending on your business type.

Common pitfalls and how to avoid them

It’s easy to make mistakes when you’re writing your business plan. Some entrepreneurs get sucked into the writing and research process, and don’t focus enough on actually getting their business started. 

Here are a few common mistakes and how to avoid them:

Not talking to your customers : This is one of the most common mistakes. It’s easy to assume that your product or service is something that people want. Before you invest too much in your business and too much in the planning process, make sure you talk to your prospective customers and have a good understanding of their needs.

• Overly optimistic sales and profit forecasts: By nature, entrepreneurs are optimistic about the future. But it’s good to temper that optimism a little when you’re planning, and make sure your forecasts are grounded in reality. 
• Spending too much time planning: Yes, planning is crucial. But you also need to get out and talk to customers, build prototypes of your product and figure out if there’s a market for your idea. Make sure to balance planning with building.
• Not revising the plan: Planning is useful, but nothing ever goes exactly as planned. As you learn more about what’s working and what’s not—revise your plan, your budgets, and your revenue forecast. Doing so will provide a more realistic picture of where your business is going, and what your financial needs will be moving forward.
• Not using the plan to manage your business: A good business plan is a management tool. Don’t just write it and put it on the shelf to collect dust – use it to track your progress and help you reach your goals.
• Presenting your business plan

The planning process forces you to think through every aspect of your business and answer questions that you may not have thought of. That’s the real benefit of writing a business plan – the knowledge you gain about your business that you may not have been able to discover otherwise.

With all of this knowledge, you’re well prepared to convert your business plan into a pitch presentation to present your ideas. 

A pitch presentation is a summary of your plan, just hitting the highlights and key points. It’s the best way to present your business plan to investors and team members.

Dig Deeper: Learn what key slides should be included in your pitch deck

Use your business plan to manage your business

One of the biggest benefits of planning is that it gives you a tool to manage your business better. With a revenue forecast, expense budget, and projected cash flow, you know your targets and where you are headed.

And yet, nothing ever goes exactly as planned – it’s the nature of business.

That’s where using your plan as a management tool comes in. The key to leveraging it for your business is to review it periodically and compare your forecasts and projections to your actual results.

Start by setting up a regular time to review the plan – a monthly review is a good starting point. During this review, answer questions like:

• Did you meet your sales goals?
• Is spending following your budget?
• Has anything gone differently than what you expected?

Now that you see whether you’re meeting your goals or are off track, you can make adjustments and set new targets. 

Maybe you’re exceeding your sales goals and should set new, more aggressive goals. In that case, maybe you should also explore more spending or hiring more employees. 

Or maybe expenses are rising faster than you projected. If that’s the case, you would need to look at where you can cut costs.

A plan, and a method for comparing your plan to your actual results , is the tool you need to steer your business toward success.

Learn More: How to run a regular plan review

Free business plan templates and examples

Kickstart your business plan writing with one of our free business plan templates or recommended tools.

Free business plan template

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One-page plan template

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Sample business plan library

Explore over 500 real-world business plan examples from a wide variety of industries.

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How to write a business plan FAQ

What is a business plan?

A document that describes your business , the products and services you sell, and the customers that you sell to. It explains your business strategy, how you’re going to build and grow your business, what your marketing strategy is, and who your competitors are.

What are the benefits of a business plan?

A business plan helps you understand where you want to go with your business and what it will take to get there. It reduces your overall risk, helps you uncover your business’s potential, attracts investors, and identifies areas for growth.

Having a business plan ultimately makes you more confident as a business owner and more likely to succeed for a longer period of time.

What are the 7 steps of a business plan?

The seven steps to writing a business plan include:

• Write a brief executive summary
• Describe your products and services.
• Conduct market research and compile data into a cohesive market analysis.
• Describe your marketing and sales strategy.
• Outline your organizational structure and management team.
• Develop financial projections for sales, revenue, and cash flow.
• Add any additional documents to your appendix.

What are the 5 most common business plan mistakes?

There are plenty of mistakes that can be made when writing a business plan. However, these are the 5 most common that you should do your best to avoid:

• 1. Not taking the planning process seriously.
• Having unrealistic financial projections or incomplete financial information.
• Inconsistent information or simple mistakes.
• Failing to establish a sound business model.
• Not having a defined purpose for your business plan.

What questions should be answered in a business plan?

Writing a business plan is all about asking yourself questions about your business and being able to answer them through the planning process. You’ll likely be asking dozens and dozens of questions for each section of your plan.

However, these are the key questions you should ask and answer with your business plan:

• How will your business make money?
• Is there a need for your product or service?
• Who are your customers?
• How are you different from the competition?
• How will you reach your customers?
• How will you measure success?

How long should a business plan be?

The length of your business plan fully depends on what you intend to do with it. From the SBA and traditional lender point of view, a business plan needs to be whatever length necessary to fully explain your business. This means that you prove the viability of your business, show that you understand the market, and have a detailed strategy in place.

If you intend to use your business plan for internal management purposes, you don’t necessarily need a full 25-50 page business plan. Instead, you can start with a one-page plan to get all of the necessary information in place.

What are the different types of business plans?

While all business plans cover similar categories, the style and function fully depend on how you intend to use your plan. Here are a few common business plan types worth considering.

Traditional business plan: The tried-and-true traditional business plan is a formal document meant to be used when applying for funding or pitching to investors. This type of business plan follows the outline above and can be anywhere from 10-50 pages depending on the amount of detail included, the complexity of your business, and what you include in your appendix.

Business model canvas: The business model canvas is a one-page template designed to demystify the business planning process. It removes the need for a traditional, copy-heavy business plan, in favor of a single-page outline that can help you and outside parties better explore your business idea.

One-page business plan: This format is a simplified version of the traditional plan that focuses on the core aspects of your business. You’ll typically stick with bullet points and single sentences. It’s most useful for those exploring ideas, needing to validate their business model, or who need an internal plan to help them run and manage their business.

Lean Plan: The Lean Plan is less of a specific document type and more of a methodology. It takes the simplicity and styling of the one-page business plan and turns it into a process for you to continuously plan, test, review, refine, and take action based on performance. It’s faster, keeps your plan concise, and ensures that your plan is always up-to-date.

What’s the difference between a business plan and a strategic plan?

A business plan covers the “who” and “what” of your business. It explains what your business is doing right now and how it functions. The strategic plan explores long-term goals and explains “how” the business will get there. It encourages you to look more intently toward the future and how you will achieve your vision.

However, when approached correctly, your business plan can actually function as a strategic plan as well. If kept lean, you can define your business, outline strategic steps, and track ongoing operations all with a single plan.

See why 1.2 million entrepreneurs have written their business plans with LivePlan

Noah is the COO at Palo Alto Software, makers of the online business plan app LivePlan. He started his career at Yahoo! and then helped start the user review site Epinions.com. From there he started a software distribution business in the UK before coming to Palo Alto Software to run the marketing and product teams.

Table of Contents

• Use AI to help write your plan
• Common planning mistakes
• Manage with your business plan
• Templates and examples

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How to Write an Online Business Plan in 2024

Written by Vanessa Petersen on July 26, 2023 Blog , Sell Online .

You’ve committed to turning your ecommerce or online business idea into something real. You want your small business to produce revenue and change the course of your life, but what’s your first step in realizing your dream? Developing a plan. If you’re not sure about how to write an online business plan, you’ve come to the right place.

One of the most essential tasks involved in starting any kind of business is to write a business plan. An online business plan won’t look that different from a traditional business plan and will include many of the same elements.

In this post, we’ll show you how to write an online business plan, including all the components and sections. We’ll also walk through how WooCommerce can help you put your plan to action and achieve your business goals.

Why write a business plan? 

Starting your own business is a great experience and something that will shape your life, fill you with self-confidence and independence, and inspire other people around you. A new business is also a serious endeavor that will take time, money, sweat, lots of decisions, and a degree of risk.

A traditional business plan template helps you document and keep track of your business goals, challenges, opportunities, and all the steps and processes involved with making your idea work. It will help you conduct thorough market research and set you up for success.

When you write a business plan, it can confirm that you’ve found the best online business to start , or provide clarity about the need to pivot.

It details all the things you will need to do in order to successfully launch and grow your business, and may include revenue projections, timelines for specific goals, concept art for products, and architectural drawings for any brick and mortar aspects of your business. 

Business plans help create a structure for your company’s development and keep you grounded in reality, focused, and not distracted by less important matters. 

If you have more than one person helping run the business, the business plan also keeps everyone unified around the same set of goals and objectives. 

Another reason to write a business plan is for situations where you are presenting your idea to someone else and asking them to invest. In that scenario, your business plan is also a sort of sales document. It makes the argument for why your business idea is so good and well-considered that an investor should want to be a part of it. 

But even if you’re self-funding your entire business — which is more common with online businesses — you still want to write the plan for the reasons given earlier.

The benefits of running an online business

Starting an online business or ecommerce store offers many of the same great benefits as any other business, but without as much risk. If you’re thinking of starting a business, here’s why an online one is a great option:

It has low startup costs

Without a storefront, you eliminate so many costs of running a business. With all the bills that come with having property — like rent, parking, furnishings and decor, etc. — there’s a much higher investment required to start a brick-and-mortar-based business. Online businesses still have startup costs, but they are much lower. 

It gives you freedom over your schedule

With an online business, you have more freedom to set your own hours, because you don’t always have to be open during the usual times. You can build your business to suit the lifestyle you want. Rearrange your time to get things done in the fastest possible way and take time off when you need it. 

You can start small

Once you have a location, it’s yours, and you have to make it work. With an online business, you can start very small, offering just a few products or even just a single service. You can more easily test the waters without making huge commitments with inventory, and other physical investments.

You can more easily pivot

If your online or ecommerce business doesn’t do as well as you expected, it’s easier to pivot and adapt to something new because you haven’t committed so much to making your original idea work. There are many business success stories where the business owner adjusted their idea after gaining some experience, and then it took off. It’s a lot easier to do that when you aren’t tied to a physical location.

But, there’s one thing online businesses have in common with every other type of business: You need a robust business plan to help guide your idea from concept to a successful reality that makes money and fulfills your dreams and goals. 

So, let’s get into business planning. 

How do I write my own online business plan?

Most formal business plans and business plan templates include seven sections, plus an executive summary. You’ll need to keep in mind who you’re writing your business plan for. If you are taking this to potential investors or will be seeking a business loan, your business plan needs to sell the idea of your business as a great investment opportunity and communicate the skills, expertise, and commitment you personally bring to the table. 

Here are the key sections of a traditional business plan format:

• Executive summary
• Company description
• Market analysis
• Organization and management
• Service and product line
• Sales and marketing plans
• Financial projections
• Funding request (if working with investors or partners)

Here’s a brief look at each step of creating an online business plan:

Draft an executive summary

In the executive summary, the first section of almost every business plan template, you’ll present your vision and focus on building excitement. If the business plan is a sales document, the executive summary is the lead. It gets the reader engaged and excited to hear more. 

Your executive summary should achieve two goals:

• Deliver the basic facts about your business
• Motivate the reader to keep going and get them excited about your idea

What facts should you include? Whatever helps the reader understand your business idea. Describe the industry and niche. Mention the target market. Briefly state the needs or problems your products and services will be solving. Touch on the potential for growth in terms of revenue and customers. 

For motivation, describe your mission statement and company values. What will set you apart from the competition? What is your value proposition as a business owner? What makes you different? Again — keep this brief. You’ll elaborate later. 

It might be a good move to write all the other sections first, then finish with the executive summary so it will be the most concise and best version of how you describe your business.

Write a company description

Here, you’ll give a brief overview of your company. What are your strengths, skills, and areas of expertise as a business owner that will position you for success? If you have a compelling story behind why you’re starting your business, you can include that too.

Conduct a SWOT analysis 

If you’re not sure where to start, consider doing a SWOT analysis , which is a diagram outlining your strengths, weaknesses, opportunities, and threats. 

It’s a common part of many business plans and will help paint a realistic picture of what your business can achieve, and what stands in the way. You won’t include all of this in the company description, but your strengths and opportunities may fit here. 

Create a mission and vision statement

The company description is also the place to create a mission statement and a vision statement. What’s the difference between these? 

The vision is where you’re going, the mission is how you’ll get there. A vision statement paints a picture of a future reality for your customers and perhaps the world at large, as a result of your company’s influence. A mission statement expresses how you will achieve that.

The company description can elaborate on your vision and mission beyond just a single sentence, and later you can fine-tune what you write into a succinct pair of statements. Feeling some writer’s block? See company description templates by industry for some inspiration.

Include any unique attributes

If your company will involve particular attributes such as manufacturing, supply chains, dropshipping, affiliates, coaching or advising, online courses, or other relevant particulars, include that in your company description, too. 

State your business location, industry, niche, and other details

Also, state the location of your business, even though it’s online. Name your industry and niche target market again, and describe the nature of your company. For example, is it an ecommerce business, a consulting firm, delivery service, wholesale, or ad-based website? These are just some of many types of online business structures. 

You may also want to include whether your business is in any special class of business that might position it for special loan or grant opportunities like women-owned businesses or veteran-owned businesses.

After reading your description, readers should have a good understanding of what your business is about, why it exists, and how it works. Here’s a detailed look at company descriptions , with an example.

Perform a market analysis

A market analysis uses industry research to assess the scope of your business’s target market and describe the current competition in your industry. It can help you estimate the potential for success and prepare for the challenges you may face when you launch your online business or ecommerce shop.

Doing this research, and including it your business plan, can also help you:

• Identify industry trends
• Pinpoint opportunities 
• Diminish risks and reduce costs
• Generate new ideas for products and services
• Learn from the failures and shortcomings of your competitors
• Find ways to stand out from your competitors
• Discover new markets
• Refine your marketing plans

Now let’s dig into the elements involved in a thorough market analysis.

Understand your audience

Here, you will explain in detail who your target customers are and why they want or need what you’ll be selling. What problems or needs does your product solve? What will motivate people to buy from you? And why can’t they get it somewhere else just as easily? An ecommerce business competes against other ecommerce businesses as well as brick-and-mortar stores and shopping malls. Stores with omnichannel strategies compete with both. Why would someone choose you?

Share your key customer demographics, psychographics, and interests. Who will you be serving? What drives them? 

What are their values? If your product, service, or personal brand will appeal to a customer segment that also shares particular values, that’s a strength, not a weakness, and you can use that to win them over. 

Perform customer segmentation

Break down different categories of target customers your business plans to serve. One category could be age. Another might be life situations such as retirees, parents, divorcees, or living with older relatives. You could create a segment of people with particular health conditions, or who live certain lifestyles. 

But you can also get way more specific than that. Runners are different from hikers, who are different from bikers, yoga enthusiasts, and gym enthusiasts. Different supplements, philosophies about food, motivations for eating various foods — all of these present near endless possibilities for more narrowly defining your customer segments, all under the broad category of ‘health.’ And you might serve multiple segments. 

The more customer segments you know, the more effectively you can market to them. In an online store, good product descriptions call out the various customer segments that product is designed for.

Also, give a sense of the potential size of your target market. How many people need what you’re selling? Show how this market is large enough to justify your business and drive revenue. You might do this by studying revenue reports from other companies in your industry. Or look at specific products related to yours and research their sales and revenue performance. 

You may also perform a survey of some kind, or an online quiz, and use that to express the needs your potential customers have that aren’t currently being met.

Perform a competitive analysis

Study your competition. What are they doing well? What areas are they underserving? Where are they underperforming? Make note of what other companies in your industry are struggling with or failing at so that you can deliver something more valuable and gain a competitive advantage.

It could be product quality, customer service, or selection. Maybe their ecommerce store is badly designed and hard to use. Perhaps there’s a huge industry serving the masses, but customers who have more particular tastes or needs aren’t being well-served by the big companies. Those customers might spend more on something that delivers what they really want. 

Maybe your key competition has been rocked by scandal. Maybe a company went out of business, was sold, or closed down due to retirement and there’s an opening in the market you want to leverage. 

The main point of the competitive analysis is to persuade investors that there’s an underserved market that your business plans to cater to. You must be able to promise something that no one else is currently delivering. Otherwise, why should your business exist? Put them at ease by demonstrating proper market research.

Refer to your SWOT analysis and present any potential threats from the competition here, too.

Outline management and organizational structure

Next, present your management and legal structure. Is your company an LLC, sole proprietorship, S corporation, partnership, or some other arrangement? Who’s in charge of what? If you have different departments, list out the leadership for each one. If relevant, you might even include some information about the expertise of your leaders concerning the areas under their charge and the tasks they’ll be performing.

Remember — if your business plan will be used to persuade investors to help fund your business idea, this sort of information will reassure them that your company has strong and competent leadership. 

If there’s a chain of command, use a diagram or other method for laying out who reports to whom. 

List your products and services

What are you selling? You’ll touch on this briefly in the earlier sections, but here is where you’ll expand on the details. If you have an array of similar products, such as food flavors or clothing variations, list as many as seem relevant. But focus on the spirit of the business plan — you’re simply communicating what your business is about, not listing every SKU in your projected inventory. 

Also, include information about your products such as quality, durability, expirations, patents, and whatever else will give a clear picture of what you’re selling.

For service businesses and memberships that may include multiple packages, bundles, or tiers, describe each of these so your readers get a sense of how you’ll appeal to different types of customers and price points. 

Develop a sales and marketing strategy

Having products is great, but how do you intend to sell them? How will people find your business? How will anyone know you exist? And once they know, what will motivate them to buy from you and not from your competition? What is your unique value proposition — the thing that sets you apart from your direct competitors?

You’ll need to develop an initial marketing plan to help promote your business, products, and services to your target customers.

And remember, competition isn’t limited just to other businesses. Sometimes, competition is against the customer’s time, or their budget, or mere indifference — the conflict between doing something and doing nothing. Your SWOT analysis should touch on several of these potential barriers to the success of your online business.

Your marketing plan will obviously change over time, but give your readers and potential investors a sense of how you plan to launch and grow your business. 

Discuss media channels you plan to use, such as pay-per-click (PPC) ads , social media , email marketing , affiliate marketing , direct mail, referrals, joint ventures, search engine optimization (SEO), webinars, influencer marketing , and live events. Describe the ones you actually plan to use, and explain the core strategy you’ll begin with and how you will measure success. 

Also, include a sense of your marketing budget. If you will have a dedicated marketing team, or actual sales professionals using a particular process or sales script, discuss that as well. 

For ecommerce businesses, include a discussion of how you plan to leverage platforms like WooCommerce, which features a host of extensions that can help manage your business , engage customers, save money, and promote growth .

Make financial projections

You’ve made a lot of claims in your business plan, but how will your investors be convinced of your future success? At some point, you have to show them the money. 

If this is a brand new business with no income, where will your finances come from for the first year? Give realistic financial projections for anticipated profits and losses, as well as growth expectations for the first five years. Include financial documents if you have them, including profit and loss statements, balance sheets, and cash flow statements. Include costs of employment, manufacturing, and other investments both one-time and ongoing.

Your financial projections should reference your:

• market analysis 
• anticipated sales volume 

Investors will feel more confident when they can see your business plan does not rely entirely on just one or two ‘wins.’ For example, if your entire plan hinges on selling on eBay or Amazon , what happens if Amazon suspends your store, changes the terms, or you struggle to get noticed there? 

If your plan depends on winning over a few Instagram influencers, what if they don’t come through? It’s really easy to say what you hope will happen. But actually making it happen is another thing. Business success happens more easily when you apply a multi-channel marketing and sales approach. 

Your financial projections will feel based in reality, when you can demonstrate some prior successes, either in other businesses you’ve already launched, test audiences, local sales you made, prior experience, or data from other businesses. 

Explain your funding request — if applicable

If you intend to ask investors to help fund your business idea, present your request in the final main section of your business plan. If you’ve already secured funding from other sources, include that here as well. An investor will feel better knowing they are not the only one who believes in the potential of your business. 

Will your funding request be for a one-time payment, monthly, annually, or at some other interval? How do you plan to repay their investment? Will you allow them to charge interest? How much ROI can you promise them? 

How WooCommerce can help

WooCommerce can help you build a scalable online business that supports your business plan. No matter what you’re selling, WooCommerce offers a suite of flexible tools that allows you to customize your store to meet your needs and goals. 

Here are just some of the benefits your business will enjoy when you choose to build your store with WooCommerce:

• Sell absolutely anything you can imagine . From physical items and digital downloads to subscriptions, memberships, bookings, courses, and affiliate products, WooCommerce provides everything you need. Want to run a wholesale store? You can do that, too!
• Harness the power of WordPress . Since WooCommerce is a plugin specifically for WordPress, you can take advantage of powerful features like the block editor and blogging capabilities. 
• Capture payments securely. Choose from a large number of payment gateways, from popular options like PayPal and Stripe, to more niche processors for specific locations and types of regulated products. And with tools like WooPayments , you can keep customers on-site, capture a variety of currencies, and even accept digital wallets like Apple Pay and Google Pay.
• Customize your shipping options. Offer free shipping, charge based on weight, set fixed prices, or calculate shipping costs based on real-time carrier rates. You can even use extensions like Table Rate Shipping to create complicated shipping rules based on conditions that you set. And with WooCommerce Shipping , you benefit from discounted shipping labels and the ability to print right from your dashboard. 
• Connect to your social media channels. Use extensions to sync your store with social media platforms like Facebook, Instagram, and Pinterest. You can even sell on those platforms alongside your store without having to update inventory and information manually.
• Integrate with marketing tools. Quickly connect your store to any number of marketing tools, from email platforms like MailPoet to CRMs like Jetpack CRM . You can also implement a number of marketing strategies, from abandoned cart emails to loyalty programs.
• Keep track of your numbers. Ecommerce accounting is a big part of running an online business. While you can easily view data in your dashboard, you can also sync with tools like QuickBooks to make your accountant’s life a little bit easier.
• Manage inventory. Update your inventory levels manually or connect to tools like Scanventory to sync with your warehouse. Running low or out of stock? Add a wishlist option so customers get an alert as soon as it’s available.

As you can see, WooCommerce is well-equipped to handle any type of online store and support you as you grow. Here are a few more reasons that WooCommerce should be your go-to choice for implementing the ecommerce side of your online business plan:

WooCommerce itself is free! Many extensions for WooCommerce can also be found for free in the WordPress.org plugins library or on the Woo Marketplace . If you need to start your website with a limited budget, but want to build on a platform that can grow to support a thriving, high-traffic store, WooCommerce is an excellent option.

You have full control over your store

Unlike other ecommerce solutions that are tied to the platform’s own web hosting, WooCommerce is designed to be used with WordPress along with any hosting provider of your choice. You are also free to use whatever payment processor you want without any additional fees from WooCommerce. You can also customize your site’s appearance and functionality more extensively than you can with other ecommerce platforms and with less (or no) coding knowledge.

Thousands of free and premium extensions

There are over 800 free and premium extensions for WooCommerce on WooCommerce.com alone and over 1,000 in the WordPress.org plugins library . There are also hundreds of independent developers and agencies that offer premium and custom extensions for WooCommerce so that you can customize your store with the exact features you need. 

Excellent support and large community of users

WooCommerce is used by over 3.9 million stores — 23% of all online stores worldwide . The support team is available to answer questions and the documentation library is extensive and thorough. There are also plenty of independent resources for learning how to use WordPress and WooCommerce.

Dedicate time and resources to put your online business plan in action

A successful business plan is one that empowers and guides the business owner to launch their online or ecommerce business, and possibly secure funding. But it only works if you use it.

One advantage of starting an ecommerce store or online business is that you aren’t as locked down by deadlines. With a physical location, once you start paying the rent, you better have your business plan ready to put into action. 

But the beauty of being online is that you have more flexibility on the front end. Despite having more wiggle room with your timelines, you still need to keep your momentum going forward. Staying on track with your business projects and goals is one of the keys to reaching profitability sooner and turning your business plan into reality. A few quick tips:

• Schedule your time. Block out hours and specific days to work on your business.
• Treat it like a job, not a hobby. Build on your momentum week after week.
• Always keep learning. Research your industry, competition, target audience, and potential customers. Learn marketing — you can never know too much.
• Try stuff! Take risks, make calls, create campaigns, write content.

Your business plan template should give you a concrete list of tasks and business objectives. Once you write a business plan, then you can implement it.

Frequently asked questions about writing an online business plan

What are the seven steps of a business plan.

The seven key elements of a business plan are the executive summary, company description, market analysis, organization and management, services and products, marketing plan, and financial projections. If you’re making a funding request, that would be an eighth section.

Where can I find business plan templates?

You can find a free business plan template online, for general business plans as well as for specific industries. However, since each business is different and your plan must be authentic and specific to your company — a business plan template can only get you so far. 

If you need design inspiration for your own custom business plan template or want to start with a pre-designed template that you can customize, you can purchase one for a relatively low cost through a stock resources site like Envato Market or Creative Market .

Do I need a business plan if I am already running an online business or ecommerce shop?

Business plans aren’t only for people who are launching new businesses. You can create a business plan at any time to help you maintain or change the direction of your store or just to get a better picture of the health of your business. Below are a few different types of business plans that you might want to consider for your established online business:

• Operational business plan. Outlines the structure of your business operations, staffing, and logistics.
• Feasibility plan. Feasibility plans are like mini business plans that cover new business ideas and outline steps for implementation.
• Growth business plan. This plan is for businesses that want to demonstrate opportunities and plans for growth to attract investors.
• Maturing business plan. This plan is for businesses looking to merge with or acquire other companies, significantly expand, or go public.
• Strategic business plan. Any time your business wants to shift strategies regarding products or marketing or any other major changes to your previous business plan, you’ll want to create a new strategic business plan to address your new goals and the steps involved in achieving them.

What software should I use for my online business plan?

Your business plan should include some images, graphs, and graphic elements in the layout, so you’ll want to at least use word processing software to put your business plan together. If you have access to Google Workspace, Microsoft 365, Canva, or Adobe Creative Cloud, you’ll have some other options that might lead to a more professional layout.

Here’s a list of free and paid software that can help you put together your online business plan outline:

What do investors want to see in a business plan?

The most important piece of information to show investors in your business plan is potential for profitability. Investors don’t want to throw money at a sinking ship, no matter how cool and exciting the business sounds. 

Most investors also want to make sure that they’ll see a decent return on their investment in a relatively short time period — probably around 5-7 years. How much of a return they’ll expect will depend on your industry and what kind of investor they are. 

Investors will also want to see that you clearly understand your business, your industry, and that you have concrete, actionable steps for achieving, maintaining, and growing profitability. They’ll want to make sure that the key people on your team also understand your business and the roles they play and they’ll want to see that each person has a good amount of experience in their field and the required skill sets to fulfill their job duties, if not go above and beyond. 

Any details you can include that highlight unique aspects of your business will also be important. Any area where you have a competitive edge, are offering a unique or proprietary solution, have established any celebrity endorsements, have the backing of other investors, or have secured special grants will be of special interest to investors.

Create your plan for success

Now that you understand what goes into creating a formal business plan, it’s time to write one! Take the time to think through and consider each aspect of the list included in this article, and you’ll be well on your way to finding success.

And WooCommerce is here to support your business every step of the way, with powerful and flexible tools that help your business grow. Start selling online today !

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If you ever have a question, you can instantly chat with a LivePlan expert.

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Frequently asked questions, how does a business plan builder like liveplan compare to free templates or other tools.

LivePlan is way more than business planning software , and far more powerful than a business plan template. Not only does it guide you through each step of writing your business plan - which you won’t get from a template - you won’t have to use spreadsheets to do your financials or create charts and graphs. As your business evolves, LivePlan helps you track your performance, lets you define the tasks needed to grow your business, and contains competitive industry benchmarks. No other template or tool comes close to the support, guidance, and ease that LivePlan brings to creating a business plan.

Do I need to have anything ready, like research or financials, before using LivePlan to build my business plan

No! Using LivePlan you can dive right in to starting your business plan with no preparation necessary. Working through LivePlan, you’ll be guided through where you need to supplement your knowledge of your market and industry. Of course, as you create your business plan you may need to gather additional data to add important details to your plan.

What is SBA approved formatting and will LivePlan help me create a business plan for the SBA?

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How To Write a Business Plan: A Step-By-Step Guide

April 23, 2024.

No matter how unique your ideas are, launching a successful business without a well-crafted plan is tough. That’s why learning how to write a business plan is key to seeing success from the start. 

An actionable business plan helps you and potential investors understand exactly where you want to go and how to get there. And if you aren’t trying to secure funding, a lean business plan can summarize the highlights to help you in other areas. Here’s everything you need to write a business plan that clarifies your company’s vision.

Business Plan Basics

A business plan outlines the company’s products or services, how it makes money, and its customers. It should also identify the business’s long-term goals and how it’ll achieve them.

But what does a business plan look like? There’s no singular format, but most contain the following core elements:

• Executive Summary . The executive summary is a high-level summary of your business plan’s key points. Include this early in the document, but write it last so you can accurately describe what’s in it.
• Company Description . This section covers your company’s mission, leadership team, and goals. If your business has operated for several years, include a history.
• Market Analysis . This is where you’ll write out your market research. Gather data on your industry. That includes target customer segments and the current competitive landscape. This info demonstrates the viability of your business idea. 
• Product and Service Offerings . Describe your company’s offerings and what sets them apart from competitors. This is your unique value proposition.
• Marketing Plan . Outline your marketing tactics and overall strategy. Mention your plan for pricing, promoting, selling, and distributing your products. This helps investors know you have a strategy in place to grow your business. 
• Logistics and Operations Plan . After describing your products and how you plan to generate demand, lay out how you intend to drive, accept payment for, and support sales.
• Management Overview . Potential investors want to know who they’re betting on. This section provides crucial information about who’s in charge. Include their track records of success, relevant expertise, and roles and responsibilities.
• Financial Analysis and Projections . If you have them, include any historical financial details and performance metrics. This includes assets, liabilities, expenses , projected financial statements, cash flow statements, and anything else offering insights.
• Appendix . This final section is a catch-all for any miscellaneous but valuable background information. Examples might be licenses or patents.’

RELATED ARTICLE — How to Keep Track of Business Expenses

How To Create a Business Plan

With a clear understanding of these documents, it’s time to learn how to write one. Here’s how to put together a strong business plan for your company:

• Carry out a Market Analysis on target demographics, competitors, industry trends, and market.
• In the Company Description and Products and Service Offerings sections, explain what makes your offerings unique.
• Outline your Marketing Plan and sales strategy. Describe your target market and ideal customer. Include factors like geographic region, age range, and education level.
• Map out your Financial Analysis and Projections. If you’re an established business, include data like profit-and-loss statements, a balance sheet delineating your assets and liabilities, and cash flow statements or projections. If you’re still in the early stages, focus just on financial projections instead. Mention anticipated startup costs and your current cash flow.
• Your Logistics and Operations Plan explains how you’ll execute your ideas. Describe any relationships with suppliers, office space, or equipment. Make sure to mention production logistics and any shipping and fulfillment plans. This demonstrates that you understand the day-to-day operations of producing your product.
• Introduce yourself and/or your Management Team and principal hires. Emphasize past successes in related sectors and any unique expertise your staff has.
• Regardless of what order you prepare your business plan in, write the Executive Summary last. Do this by turning your market research and value proposition into tangible objectives and key milestones. This section is typically the first your readers see, so it should make them want to read more.

Be sure to get feedback from colleagues, industry contacts, and friends and family. The more eyes you get on your business plan, the less likely you are to make mistakes or leave out details.

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What Are Business Plans For?

Writing and adhering to a business plan allows you to think through every aspect of your business. This helps you clarify your vision and shows where your ideas aren’t as developed.

But business plans don’t just clarify the company’s mission and direction. Entrepreneurs hope to answer this tough question with a business plan: how to attract investors. A well-written document can instill confidence by showing how supported it is. This is the main reason many business owners create a comprehensive overview.

And investors aren’t the only ones you’re trying to impress. An inspiring business plan attracts top talent in your industry. It proves that your team is organized, knows what it wants, and has ideas for the future.

Exploring Different Types of Business Plans

Business plans can be categorized based on type and style. Let’s explore three of the most common types.

A traditional business plan is the most common. This is what lenders and investment funds want to see before making any decisions. Traditional business plans are typically long. That’s because they provide a thorough overview of your company’s abilities, finances, and prospects

If you’re not courting investors, you might prefer a lean business plan. This type of document is shorter, focusing on the highlights instead of completeness. A lean business plan is great for brainstorming or onboarding new team members with reduced time and effort. But, because they’re less comprehensive, lean business plans aren’t ideal for seeking outside investment. Investors might not see how viable your business is without the added details. 

Finally, if your organization is a nonprofit, focus on the impact you hope to make for your chosen cause, not how you’ll grow revenue. But donors may want to see a more detailed business plan before making sizable donations.

RELATED ARTICLE — How to Write an Invoice in 5 Steps

Caveats To Watch Out For

An actionable step-by-step business plan requires a strong understanding of how it will help you reach your company’s goals. Now that you know how to start a business plan, here are some common mistakes to avoid when you start writing:

• Putting on Rose-colored Glasses . When you believe in your company and its mission, it’s easy to be too optimistic about future prospects. You might also overlook potential roadblocks. Be sure to keep one foot on the ground to avoid misrepresenting your company’s potential.
• Focusing Too Much on the Details . If your company is new or not yet established, focus on high-level strategy and vision. Save the details for when you’ve generated some actionable data.
• Setting Fuzzy Goals . Keep milestones concrete and measurable to meaningfully track progress.
• Overcomplicating . There’s nothing wrong with being comprehensive, but creating an overly intricate strategy makes it harder to execute. Keep it simple.
• Setting It in Stone . Your business plan won’t be much of a guide if you’re constantly making changes. But it’s important to move on from ineffective strategies or unachievable goals. Striking the right balance between stable ideas and flexible methods ensures your business plan is a help, not a hindrance.

5 Tips for an Effective Business Plan

Now that you know what to avoid, let’s learn some tips for making your business plan as effective as possible:

• Clearly Articulate Your Value Proposition . What unsolved problem does your company provide the solution for?
• Don’t Skimp on Market Research . A seemingly great idea won’t sell if no one is interested in buying it.
• Set Quantifiable Goals You Can Track . It’s difficult to measure progress toward vague, qualitative milestones.
• Hype up Your Team . Lenders and investors want to see that qualified personnel run your company.
• Manage Expectations . Don’t make promises you can’t keep. Surpassing your targets is impressive; falling short isn’t.

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10 Simple Tips to Write a Successful Business Plan

"The absolute biggest business plan mistake you can make is to not plan at all." So writes Noah Parsons in his helpful blog post 17 Key Business Plan Mistakes to Avoid in 2023 . But how does one pull together all of the necessary components of a cohesive plan? It can feel overwhelming.

Eric Butow, CEO of online marketing ROI improvement firm Butow Communications Group, has teamed up with Entrepreneur Media to update the second edition of our best-selling book Write Your Business Plan to provide you with a simple, step-by-step process for creating a successful business plan. In the following excerpt, he gives ten tips to gather all of the critical information you will need to succeed.

1. Know your competition.

You need to name them and point out what makes you different from (and better than) each of them. But do not disparage your competition.

2. Know your audience.

You may need several versions of your business plan. For example, you may need one for bankers or venture capitalists, one for individual investors, and one for companies that may want to do a joint venture with you rather than fund you.

3. Have proof to back up every claim you make.

If you expect to be the leader in your field in six months, you have to say why you think that is. If you say your product will take the market by storm, you have to support this statement with facts. If you say your management team is fully qualified to make the business a success, be sure staff resumes demonstrate their experience.

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• Easy step-by-step business plan generator
• Built-in financial calculators
• 500+ sample plans and templates

4. Be conservative in all financial estimates and projections.

If you feel certain you'll capture 50 percent of the market in the first year, you can say why you think so and hint at what those numbers may be. But make your financial projections more conservative. For example, a 10 percent market share is much more credible.

5. Be realistic with time and resources available.

If you're working with a big company before you buy a business, you may think things will happen faster than they will once you have to buy the supplies, write the checks, and answer the phones yourself. Being overly optimistic with time and resources is a common error entrepreneurs make. Being realistic is important because it lends credibility to your presentation. Always assume things will take 20 percent longer than you anticipated. Therefore, twenty weeks is now twenty-four weeks.

6. Be logical.

Think like a banker and write what they would want to see.

7. Have a strong management team.

Make sure it has good credentials and expertise. Your team members don't have to have worked in the field. However, you need to draw parallels between what they've done and the skills needed to make your venture succeed. Don't have all the skills you need? Consider adding an advisory board of people skilled in your field and include their resumes.

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8. Document why your idea will work.

Have others done something similar that was successful? Have you made a prototype? Include all the variables that can have an impact on the result or outcome of your idea. Show why some of the variables don't apply to your situation or explain how you intend to overcome them or make them better.

9. Describe your facilities and location for performing the work.

That includes equipment you use to create your products and/or services. If you'll need to expand, discuss when, where, and why.

10. Discuss payout options for the investors.

Some investors want a hands-on role. Some want to put associates on your board of directors. Some don't want to be involved in day-to-day activities at all. All investors want to know when they can get their money back and at what rate of return. Most want out within three to five years. Provide a brief description of options for investors, or at least mention that you're ready to discuss options with any serious prospect.

To dig deeper, buy Write Your Own Business Plan and get 1 month of free access to business planning software Liveplan Premium.

Starting an online business in 2024: Seven essential steps

Launching a small business online in 2024 is more streamlined than it was a decade ago, yet it still demands a blend of technical acumen, business savvy and a hefty dose of commitment and effort.

While tools and platforms have made it easier to set up an online business, the competition has also intensified. Standing out in a crowded online space requires a unique value proposition, a solid business plan and a proactive approach to marketing and customer engagement.

Follow these seven crucial steps to guide your online business journey.

Step 1: Define your idea

What's your innovative business concept? It must address a problem that people are willing to pay you to solve. Align your idea with your passions, skills and strengths. Conduct thorough research online and offline to pinpoint your niche.

Step 2: Handle administrative tasks

With your idea solidified, attend to the finer details. Name your business, register the domain  and craft a business plan outlining the objective, goals and a roadmap for the next few years.

Step 3: Invest in essentials

Equip yourself with the tools you will need to thrive. Shop around for the best deals, considering second-hand or refurbished items where feasible. By investing strategically in essential tools and resources, you'll create a strong foundation for your online business.

Step 4: Procure or create products and services

Prepare your offerings for launch. Source products or craft handmade items. Offer discounted rates or freebies to family and friends – you'll need these to garner initial reviews.

Step 5: Develop your brand

Craft a distinct brand identity comprising your logo, colour scheme, typography, tone and imagery. Stand out from competitors and consider using affordable logo makers if needed.

Step 6: Build your website

Your website is your digital storefront. Invest in reliable hosting and either hire professionals or use a website builder to create a user-friendly, professional website.

Step 7: Market your business

You need to market your business. While progress may be gradual initially, consistency in quality and service is extremely important.

Embark on continuous marketing efforts, such as:

• Social media.
• E-mail marketing.
• Local market events or launch parties.

Remember: It is vital to prioritise exceptional customer service for lasting success. It builds trust and loyalty, enhances your reputation and increases customer retention and revenue.

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• Home Internet

Best Multi-Gig Internet Plans of 2024

Do you have a need for speed? Check out these top broadband providers and their multi-gigabit plans if you're looking for fast connectivity at home.

Article updated on April 28, 2024 at 5:00 AM PDT

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• Prices: $20 - $900 per month
• Speeds: 100 - 50,000Mbps
• Key Info: Unlimited data, no contracts, fast rural internet connection

• Price: $150 per month
• Speed: 2,000Mbps
• Key Info: Unlimited data, no contract, no equipment fees

• Price: $100 per month

Internet speeds have gotten considerably faster in recent years, and customers are clearly interested in the new high-speed tiers. According to OpenVault's most recent report on US broadband usage , taken at the end of 2023, gigabit internet adoption is up to 32%, which makes it the second most popular internet tier.

Our craving for high-speed internet will only increase: The Fiber Broadband Association believes that by the end of this decade, a four-person household will require over 2,100 megabits per second (or just over 2 gigabits) in download speed. 

You may be thinking, "It's not 2030 yet!" True, making that big of an upgrade is probably overkill for many. But internet service providers aren't waiting to offer multi-gigabit packages to their customers. Within the last two years, we were introduced to new multi-gig internet plans from AT&T, Frontier, Optimum, Verizon and Ziply Fiber, to name a few. Other ISPs, including Comcast Xfinity and Google Fiber, already had multi-gig offerings of their own too.

This list will focus on the best multi-gig internet offerings from major ISPs. However, I want to note that smaller regional providers also have competitive plans. For instance,  Midco  offers 2Gbps and 5Gbps plans to its customers in South Dakota. Minnesota's USI boasts a 10-gig fiber plan. The citizens of Chattanooga, Tennessee, have access to one of the country's fastest residential plans, a 25Gbps tier from the city-owned fiber broadband of EPB . With that in mind, let's look at some of the best 2-gigabit and multi-gig internet plans available from national providers.

Ziply Fiber: 50 Gig

Fastest multi-gigabit internet plan.

Our take - Plans with max speeds of 2, 5 or even 10Gbps are becoming more common. But 50Gbps? That's unheard of, at least until Ziply Fiber launched said speeds across its entire fiber footprint.

• Straightforward, competitive pricing
• No data caps, contracts or credit checks
• Dedication to fiber expansion, even in rural areas
• Lots of room to grow fiber service

That's way more speed than the average household would ever need, and at $900 per month, the plan probably costs more than most folks would want to pay. Fortunately, Ziply Fiber offers a variety of budget-friendly, high-speed plans ranging from 100Mbps to 10Gbps. All plans are contract-free and include unlimited data at no extra cost.

• Unlimited data
• no contracts
• fast rural internet connection

AT&T Fiber: 2 Gig

Best multi-gig internet plan for perks.

Our take - While the prize for the fastest AT&T plan goes to AT&T's 5-gig tier for $225 per month, you can get all the same perks for $100 less monthly with the provider's 2Gbps option. Specifically, you get AT&T ActiveArmor (free internet security), a $150 gift card and access to AT&T hotspots nationwide. While your cost per Mbps may not be as low as AT&T Internet 5000, it still carries a significant value for a lower monthly charge.

• No contracts required to receive the lowest available price
• No data caps for any fiber plans
• Valuable perks and promotional offers
• Much slower DSL plans are more prevalent than fiber options
• Data caps enforced on all non-fiber plans
• no contract
• no equipment fees

Google Fiber: 2 Gig

Best 2-gigabit internet plan.

Our take - This is your best, most affordable option to enter the multi-gig-verse. Google Fiber's 2 Gig plan features a 2Gbps download and 1Gbps upload speed for $100 monthly. That works out to just 5 cents per Mbps and is cheaper than any other provider's 2Gbps offering. (Note: Ziply Fiber's 2-gig plan starts cheaper, at $80 per month, but jumps to $120 monthly after the first year.)

• Speeds start at 1Gbps
• No equipment fees, data caps or contracts
• Continuing fiber expansion
• No cheap plan options Fiber network still has room to grow

There's no additional cost for the provided Wi-Fi 6 equipment, and you get unlimited data with no contracts required. 

The only downside is that Google Fiber is still only available in approximately 24 markets nationwide. The company aims to continue expansion in 2024, but that's of little consequence to those outside its serviceability windows in Alabama, Arizona, California, Colorado, Florida, Georgia, Illinois, Iowa, Kansas, Missouri, Nebraska, North Carolina, Tennessee, Texas, Utah and Washington.

Other 2-gigabit internet and multi-gig plans to consider

While the three options we listed above rose to the top of our list, they aren't available in all markets. Additional speedy plans, offered by other ISPs, might get your attention, but they have one or two caveats that kept them from our winner's circle.

• AT&T Fiber 5 Gig : AT&T once had the top spot in this list with its top-tier fiber internet offering. It was introduced at $180 a month for symmetrical 5Gbps speeds. Now, it lists for $225 monthly. That's still a staggeringly low cost of 5 cents per Mbps. But currently, that can be beaten by Frontier Fiber and Ziply Fiber. 
• Frontier Fiber 2 Gig and 5 Gig : Impressively, Frontier has rolled these plans out to all fiber households within its footprint, which means 4 million customers across 15 states. While AT&T's multi-gigabit plans are available to more people (5 million), it's not yet available in all AT&T markets. Frontier's offerings also feature free Wi-Fi 6E equipment rental, unlimited data, no contracts, no activation fee and free multi-device security. Even better? Frontier recently lowered the introductory rates to $100 monthly for 2 Gig and $155 monthly for the 5 Gig plan.
• Optimum 2 Gig Fiber and 5 Gig Fiber : Optimum , whose footprint includes both cable and fiber connections, has been working to vastly expand its fiber offerings. In select fiber markets, two multi-gig internet plans are available in Connecticut, Long Island, New Jersey and New York. The 2Gbps plan is $120 monthly, and the 5Gbps tier is $180 monthly. New customers for either multi-gigabit plan get free installation and all equipment included. New 2 Gig customers also receive a $500 Visa gift card.
• Verizon Fios 2 Gig : Verizon Fios is often near the top regarding customer satisfaction numbers . Its 2Gbps tier is competitively priced at $120 per month and includes a Whole-Home Wi-Fi system for free, a four-year price guarantee, a season subscription to NFL Sunday Ticket and six months of Disney Plus  for free. However, it didn't make the top of our list for the best multi-gig internet because it's currently only available in New York City and surrounding areas.
• Xfinity Gigabit Pro : To its credit, Xfinity has been offering its multi-gigabit tier longer than other national providers. At $300 a month, it's also the most expensive. While the 10Gbps plan is technically available in all cities within Xfinity's footprint, a site survey must first confirm availability for your address. Once you add the two-year contract requirement (with early termination fees looming if you bail early), $25-a-month equipment rental charge and stiff activation and installation fees (potentially totaling $1,000), those top speeds are very cost-prohibitive.
• Ziply Fiber 2 Gig, 5 Gig and 10 Gig :  Ziply Fiber caught our attention with its 50Gbps plan but boasts several multi-gig internet plans. The 2Gbps plan has an excellent promo rate of $80 a month, as does the 5Gbps plan, which is $120 per month. The 10Gbps plan is a pricey $300 per month, but that's a notable value of 3 cents per Mbps. All Ziply Fiber plans include unlimited data and require no contracts.

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Multi-gig internet plans FAQ

How can I get multi-gig internet?

In most cases, especially if you already have fiber internet service, you won't have to do anything beyond contacting your provider to upgrade to a multi-gig internet plan. There may be an installation fee (often waived if you order online), but usually, any additional equipment you need (a modem/router capable of multi-gig speeds) will be included.

However, to take advantage of Xfinity's Gigabit Pro plan, you'll need to reach out to Xfinity and schedule a site survey. Even if you're a current Xfinity customer or know you're in an Xfinity-serviceable area, Comcast will still need to inspect to see if your home is within the minimum distance from a fiber node. If everything checks out, it may take several weeks before your household can get Gigabit Pro fully installed.

What does multi-gigabit internet cost?

Generally speaking, the best multi-gig internet plans are relatively affordable if you have a fiber internet connection. Not only does fiber typically provide the best performance, featuring symmetrical or near-equal download and upload speeds, but it also presents the cheapest options. For example, Google Fiber's 2Gbps plan, which includes all equipment costs and fees in its monthly rate, checks in at 5 cents per Mbps and AT&T's 5Gbps tier rings in at 4 cents per Mbps. Ziply Fiber's 10Gbps plan, which rings in at $300 per month, is 3 cents per Mbps, and its 5Gbps tier is just over 2 cents per Mbps, the highest value we've seen. None of those requires a contract.

Conversely, Xfinity's Gigabit Pro is one of the priciest broadband packages. It costs $300 per month, and you can get it only if you sign up for a two-year contract. The cost per Mbps, at 5 cents, is good, but  there's a $25-a-month rental charge for equipment. There's also a pretty hefty additional expenditure right out of the gate: Households face an activation fee of up to $500 and an additional installation fee of another $500. That's $1,000 before you even get to the regular monthly charges.

Is it worth getting a multi-gig internet plan?

Perhaps. Even if you go with the most expensive plan out there, the monthly cost per Mbps of multi-gigabit internet is quite competitive. Plus, these plans' near-symmetrical upload and download speeds certainly set up your household with plenty of opportunities to utilize many connected devices, now and in the future.

However, most households right now don't need all that speed. If you go one step down and opt for a provider's gigabit plan, for example, you can get plenty of speed for anywhere between 5-10 cents per Mbps and often, your modem/router equipment fee is included too. It may not be as flashy as having the best multi-gig internet and the fastest residential plan currently available, but it'll get you some splashy speeds at a more affordable price. 

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