Writing a business plan for a blog is something many bloggers fail to do.
If you want to succeed with blogging, you must treat it exactly like a business.
Have you ever considered what benefits a business plan offer your business? Or what the consequences are if you do not have one?
Well, in this article, we will be addressing these concerns and more on blogging business plans.
Kindly come with us as we offer detailed answers to these questions and more!
What is a business plan?
A good business plan is a prerequisite to starting and running any business, including blogging, successfully. Although it is not obligatory, putting together a business plan for your blogging business shows that you are ready and committed to running your blog as a good business.
Here are the reasons why a business plan is right for your blog.
With a good business plan to guide you, you definitely cannot lose focus. While you may start small, a business plan will ensure that you develop steadily and grow into a bigger brand without forgetting your initial purpose of creating your blog.
Creating short and long-term plans
A blog that wants to thrive and grow must develop a short and long-term strategy for such goals. And a reliable yardstick for this is an excellent business plan. The mistake most bloggers make is to plan only for the short term, and this ends up limiting their profits. With proper long-term planning, a blog is well-positioned to amass huge profits in the near future.
Plan for investors
Investors or sponsors are usually impressed by a business that is well prepared, both for the present and for the future. And the best evidence of adequate preparation you can offer an investor as a smart blogger is a solid business plan and clear financial records of your blog.
Now that we have discussed why a business plan is vital for your blog to let us look at the details of how to create a winning business plan for your blog.
For ease of understanding and application, we have divided this process into 8 steps.
Writing a simple business plan for a blog
This is the introductory aspect of your blog or business to anyone going through your business plan. In this part, the reader gets a summary of why your blog was created, and what you set out to achieve, as well as your plans to achieve them.
This section is where the reader gets the objectives your blog set out to achieve, both long-term and short-term vision, goals, and mission. Under this segment, you should also include the growth strategy your blog hopes to adopt.
Under this section, you get to introduce your blog management team and the responsibilities of each member. This section may be all about you if you are the sole founder, but in cases where you co-founded it with a partner, you should state the blog ownership status clearly. The section also reveals the faces behind the blog – your contributors, editors, and managers, including their names, roles, backgrounds, and achievements.
Since you are out to make profits, you must show your plans on how to make money from your blog. Do you plan to use affiliate programs, product sales, and services, or advertisements? Whatever your proposed methods are, you should explain them here.
You must have researched into the market before deciding to come into it with your blog. This section is where you present the basis of and findings from your research. Why did you choose that niche your blog is situated in? You should also describe your chosen niche in detail – the extent and what it has to offer. The search volume of your niche keywords is another important detail to mention here – both locally and globally. And you must have answered all these questions before going on to launch your blog.
Marketing is quite essential – the world needs to know that you offer something they need. You must show how you plan to attract your targeted audience to your blog, and your planned expenses to get this done through publicity. Which type of publicity do you plan to use – web, television, print media, or all? The best possible marketing tactics you have selected and why? The marketing tools you have chosen – paid or free campaigns, joint ventures, or search optimization? Why have you chosen one or more?
You must also talk about the biggest competitors in your niche; their method of attracting traffic; and how they turn this traffic and engagement into financial returns. Do they control a significant percentage of the market share? If yes, to what extent?
The right answers to these questions show that you have a solid marketing plan in place to propel your blog to the forefront among competitors.
In this section of your business plan, you are expected to provide a summary of the projected financial forecasts. This can be in the form of spreadsheets that shows clearly the methods used in arriving at such projections. Your expected earnings is another important detail that should be included here.
Your Exit Strategy
Most bloggers avoid this aspect – perhaps, they hope their blog lasts as long as they do. However, such is not always the case in reality. Your blog will eventually become non-functional in the future, and the best way to deal with such a case is to plan effectively for it in advance.
Excellent business plans are known to have a section where the proposed benchmarks for deciding to quit are presented. It is called the exit strategy, and it goes a long way in showing how intelligent a business owner is, financially.
We are confident that the outline provided in this piece will help you to craft an excellent business plan for your new or existing blog. Do not forget that with a good business plan for your blog, there are several benefits open to your business both in the short and long terms.