While blogging can be a worthwhile hobby, you may end up not getting the traffic and the attention you expect if you treat it like one. Now I have a few questions. Do you consider blogging like a business? Have you created any business plan for your blog? I’m sure you don’t have such. Hurry Up!!! It is not too late to write a business plan for your blog. A survey report says that 85% of existing blogs have grown up without any plans. It is somewhat essential to develop your own strategy for successful running of a blog.
Given that a business plan is integral to business success. If yours is a business blog, it is advisable to write a business plan for that. In fact, it serves as a guide all through the boom and slump of running your blog business. For this article, the purpose is to take you through a step-by-step procedure on how you can put together a business plan.
Why you need to write a business plan for your blog?
Generally, there are 3 primary reasons:
- A business plan is a kind of roadmap that helps you to stay focused on your mission. Sometimes success comes with overconfidence and afterwards people failed to remember why they have started the business. A business plan helps you to avoid such circumstances.
- The plan serves as a yardstick for developing both the short and long term strategies for your blog:
- It is an excellent way for prospective investors to test out that you actually understand what you are doing.
Steps To create a winning Business Plan for Your Blog
1. Write The Executive Summary
The executive summary serves to introduce your blog to anybody reading the business plan. It encompasses a brief overview of the concept behind the setting up the blog, the blog objectives, as well as the overall strategy. Anyone reading the executive summary should get the gist of what your blog entails.
2. The Company Start Up Section
In this section, you have to state clearly the idea behind the blog’s creation, including how you conceived the idea to launch it. Likewise, you are expected to give a detailed explanation of the business concept, research results, niche analysis, as well as your blog’s targeted audience.
3. Outline You Objectives
Every business plan begins with defining the business’ product. This may be a tangible product or a service. In order to take the blog forward, it is imperative that you understand what you intend to offer your audience. Are you looking into making them laugh, teaching them how to create a centrepiece, or providing them with inspiration writing? You will also have to explain the blog’s short term and long-term goals, in addition to its mission and vision statements.
4. The Biography
Use this section to outline your blog management team, including their respective purposes. This is where you provide the blog ownership details; this is where your audience gets to know the faces behind the blog. The Biography section should include information like the names and backgrounds of lead blog management team members as well as their responsibilities. Do not forget to include their areas of specialization, past achievements, their strengths, and weaknesses.
5. Outline Your Long-Term Goals
As a blogger, you need to understand where you are going, to be able to determine how you will get there. Clearly outline where you intend to take your blog. Are you planning to monetize it? What are your revenue goals? Do you intend to use the blog to launch and market a commodity? What is your timeline?
6. You Blog Marketing Strategy
Now that you know your target audience, you need to define how you will reach them. How much cost are you willing to incur to promote your blog? On what social media platforms do you plan to engage your audience? What topics are often searched for online? What are your competitors doing to make their blogs successful?
You need to answer these questions plus several others in the blog marketing section of the business plan.
7. Your Financial Projection
In this section, provide a summary of your estimated financial forecasts. Include the spread sheets showing the methods used to arrive at the projections. Likewise, show the expected earnings. This can be determined by analysing the earnings of your competitor blogs, and using them to plot your projected future earnings.
8. Your Exit Strategy
Most bloggers avoid this section because they believe they will live with the blog throughout their lifetime. In reality, however, this is not possible. There will come a day when you have to let go of the blog. Therefore, it is prudent to plan for that day in advance.
A good business plan includes a section outlining the benchmarks you will use to determine when to call it quits. An exit strategy is a reflection of financial intelligence.
With this guide, you will be able to put up a comprehensive business plan for your blog. Execute the tasks as described in the plan and you will sure achieve your goal in the near future.