Have you developed a business plan for your blog? Does your blog need a business plan? Of what relevance is a business plan to a blogger? If these are the questions running through your mind, please read on as I will provide the answer in details.
If a survey were to be carried out with respect to the topic above, it will be observed that over 85% of blogs are being run without business plans and I can also bet that as at the point of you reading this article, you don’t have one.
It is well known that one prerequisite to successfully starting and building a business is a business plan. Now if a business plan is an ingredient to business success, why can’t it also be utilized for a blog?
Writing a business plan for your blog is definitely not mandatory but if you intend to treat your blog as a business, then I will advice you put down a business plan for your blog.
Why you need a Blog business plan?
a) Your plan will help you maintain focus
The first and probably the most important thing a business plan can do for you is to help you maintain focus. One thing about success is that it can make you cocky. I know so many bloggers online that started out small, grew big and forgot the initial purpose of creating a blog.
A business plan can help you avoid being among these set of cocky bloggers. Reviewing your blog business plan on a regular basis will help keep your effort in focus.
b) It will help you develop a short and long term strategy for your blog
A written business plan can serve as a yardstick for you in developing a short and long term strategy for your blog. Most bloggers only plan short term but if your blog is going to churn out extraordinary profits in the near future, then the planning begins today.
c) It will show investors that you know what you are doing
What if tomorrow, you were approached by investors who picked specific interest in the growing popularity of your blog? What will you do? One of the best ways to show an investor that you are a smart business owner or blogger is to allow him take a peep at your business plan and other financial records of your blog. Taking this action alone will prove to the investor that you know your onions and you can definitely negotiate a better deal for your blog.
In the business world, getting the attention of an investor without a strong business plan is like trying to extract blood from a stone.
Having explained briefly why your blog needs a business plan, let’s go into the details of how to come up with a winning business plan for your blog. Here is a nine step guide to writing a powerful business plan for your blog that guarantees success:
How to Write a Simple One Page Business Plan for a Blog
1. The executive summary
The executive summary is what introduces your blog to anyone reading the business plan. It includes a brief summary of the idea behind the creation of the blog, your blog objectives and overall strategy. Someone reading your executive summary should be able to get an overview of what your blog stands for.
2. A small section on company startup
This section of your business plan is where you have to state clearly the concept behind the blog’s creation and how you or your partner came up with the idea to launch the blog. In this section of your business plan, you are expected to explain in detail the business idea, research result, niche analysis and your blog’s targeted audience.
3. Your blog objectives
You will have to use this section to explain the objectives of your blog, its short and long-term goals, its vision and mission statement. You will also have to put down in writing your blog’s growth strategy.
This section will be used define your blog management team and what their purposes are. Are you the sole founder of the blog or you co-founded it with a partner? This is where you let us know about the blog ownership status; this is where we get to see the faces behind the blog. This section should include information such as the names and backgrounds of lead members of the blog management team and their responsibilities. Also to be included are their area of expertise, prior achievements, their strengths and weaknesses.
5. Your Monetization Strategy
How do you intend to make money from your blog? That’s what you have to explain in this section. Are you going to monetize your blog with affiliate programs, advertisements, product sales or services? You have to write it down here.
6. Your market potential
This is where you explain in details the basis and result of your research.
Why did you target the niche your blog is situated in?
- Is the niche a small or large one?
- Is the niche narrow or broad?
- What is the local and global search volume of your niche keywords?
- How many percent of the total search volume can you attract to your blog? Is your target niche growing or dying?
These are the questions you need to answer before even launching your blog.
7. Your blog marketing plan
How do you plan to tell the world you have something they need? How will you attract targeted audience to your blog? How much are you willing to spend to publicize your blog? Are you going to advertise your blog in print media, television, on the Web or all of these? Which marketing tactics will yield more result? Is it search optimization, joint ventures, free campaigns or paid campaigns? What marketing tools will be required?
Who are the major competitors in your niche? How do they attract traffic to their blog? How did they monetize their blog? What percentage of market share do they control? All the questions above needs to be sorted out in the blog marketing section of your business plan.
8. Your financial projection
This section of a business plan should have a summary of your expected financial forecasts, including spreadsheets showing the method that you used to reach these projections. You also have to show expected earnings. You can factor this out by analyzing the earnings of other blogs in your niche and using theirs to plot your estimated future earnings.
9. An exit strategy
This is the part where most bloggers don’t want to talk about. Almost all bloggers hope to live and die with their blog but in reality, it’s not possible. You will definitely have to let go of your blog some day. So instead of just allowing that day to happen, why don’t you plan for it in advance?
All good business plans include a section that lays out the benchmarks you will use in deciding to call it quits. Even if you believe you will be buried alongside your blog, still plot an exit strategy. An exit strategy is a sign of financial intelligence.
In conclusion, I believe this business plan outline will serve as a guide when writing a business plan for your blog. As a final note, always remember that your blog’s business plan may turn out to be an added advantage for you tomorrow.
Remember every business runs with an idea and so is a blog. Do let us know if your Blogging business has a business plan or you are blogging without any plan?