How to write a Business Plan... like a Boss
Nov 26, 2024
👋Welcome all Entrepreneurs to 'The Thriving Start-Up'
This weekly newsletter is here to guide you to Start, Grow & Thrive as you turn your business dreams into reality.
Creating a Business Plan for most Entrepreneurs can be daunting.
Not knowing where to start.
Thinking, “Bloody hell, it’s going to take ages and it’s going to be a huge document that I’ll never use again”.
In short, it’s overwhelming!
Can you relate?
Well, today I’d like to share a 1 page tool with you that I use with all of my clients - The Business Model Canvas
But first, yep, you’ve guessed it… it’s limerick time…
❝To plan out your business is wise,
It keeps goals clear under the skies.
With steps that align,
Your success will shine,
And profits are sure to rise!❞
📈 Why writing a Business Plan is so important
The traditional business plan is often a time-consuming document that can be overwhelming and may not get used once completed. The Business Model Canvas, however, is a practical, visual tool that focuses on the core elements of your business. It allows you to plan quickly, make adjustments, and enables your plan to be adaptable as you gather feedback and grow.
It gives you a quick bird’s eye view that’s fun to complete
Top Tip - Use coloured pens or post it notes
This approach:
✅ Simplifies Complex Ideas: Breaking down your business into nine key sections supports clarity
✅ Saves Time: It’s quick to create and easy to update, making it ideal for entrepreneurs, just like you, who need to move fast.
✅ Encourages Flexibility: The visual layout makes it easier to tweak and pivot your model without rewriting a full business plan… hoorah!
✅Focuses on Value: It emphasizes value creation and delivery, ensuring that your business is built around the needs of your customers, not assumptions.
The Business Model Canvas
🎯 Action Tips: Filling Out the 9 Pillars of the Business Model Canvas
1. Customer Segments
Define who your target customers are. These are the groups of people or organisations your business aims to serve. Identifying specific segments helps you tailor your value proposition to meet their unique needs.
⤷ Action: List all potential customer segments. Be specific—age, location, profession, or behavior. Prioritise them by importance.
2. Value Propositions
This is the core of your business. What unique value do you offer to each customer segment? Your value proposition should solve a problem or fulfill a need better than the competition. Think “What will delight my customer?”
⤷ Action: Write a clear statement of why customers would choose you. Focus on the benefits and what makes your product or service unique.
3. Channels
Channels are the ways you deliver your product or service to your customers. This includes all communication, distribution, and sales channels.
⤷ Action: Identify the best channels to reach each customer segment. Consider online platforms, a physical shop, partnerships and direct sales.
4. Customer Relationships
Determine how you will interact with your customers. This includes acquisition (getting customers), retention (keeping them), and upselling. Each relationship type should be aligned with your customer segments.
⤷ Action: Choose the type of relationship for each segment—personalised service, self-service, automated support, etc. Plan how you’ll nurture these relationships over time.
5. Revenue Streams
Identify how your business will make money. This includes all the ways you generate income from each customer segment. Be clear about what each customer segment is willing to pay for.
⤷ Action: List the primary revenue streams—one-time sales, subscriptions, leasing, or freemium models. Determine your pricing strategy and expected profit margins.
6. Key Resources
These are the assets you need to create, deliver, and sustain your value proposition. It includes physical, intellectual, human, and financial resources.
⤷ Action: Write down all the essential resources required to operate your business effectively—technology, skilled staff, and physical equipment.
7. Key Activities
These are the critical actions your business needs to perform to make the business model work. This includes production, problem-solving, networking, and platform maintenance.
⤷ Action: Outline the top activities you need to engage in daily or weekly to deliver your value proposition. Prioritise tasks that directly impact your business success.
8. Key Partnerships
Identify the external companies, suppliers, or partners that will help you achieve your goals. These partnerships can reduce risk, acquire resources, or scale faster.
⤷ Action: List potential partnerships—suppliers, distributors, technology providers, or affiliates. Note how each partner supports your business model and what you offer in return, e.g. Accountant - Self Assessments & Year End Accounts.
9. Cost Structure
This includes all the costs to operate your business. It helps you understand the financial requirements to keep your business operating.
⤷ Action: Detail your primary costs—production, marketing, staff, technology, and logistics. Identify areas where you can cut costs or achieve economies of scale.
I hope you enjoy using this as much as I do when I’m writing a Business Plan.
It hasn’t failed me yet! 😃
👋How I can help you
- Join the Waiting List for my new course where I will show you how to turn your idea into a dream Business in 30 Days
- If you’re ready to take your business dream seriously, I would love to work with you 1:1. I offer a 30 day programme to support you to Start, Grow & Thrive in business. Book a free discovery call and let’s talk about your business - HERE
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Behind The Thriving Start-Up
If you're dreaming of starting your own business while balancing a full-time job, know that you're not alone—and it is achievable. I'm passionate about helping other entrepreneurs bring their visions to life (and yes, I know everyone says that, but I truly mean it!). With focus, discipline, and a strong belief in your abilities, you, too, can turn your business vision into reality - and that’s the mission behind The Thriving Start-Up.
