Let me ask you a question – and please answer it honestly.
Does the idea of business planning scare you?
If it does, you’re not alone. As an experienced Business Mentor I have heard lots of ‘reasons’ from micro and side hustle business owners about why they haven’t written a business plan.
REASONS or EXCUSES?…
… It’s boring, time consuming, don’t need one as it’s only me etc. etc.
More often than not, the real reason many micro and side hustle business don’t write a business plan is …
FEAR
I completely understand the fear they feel about setting out a clear mission and a vision for their business (remember, I’ve been there!). If you’re the (only) one in charge, creating a plan can be terrifying.
Why? Well, once you’ve written it down it all becomes ‘real’ and you have to achieve it! There’s no crossing your fingers and relying on luck, making three wishes, or working hard every day in the blind hope that success will magically follow.
When it comes to business planning, self-doubt and fear of failure can cripple even the most seemingly confident people
But every day, I support micro and side hustle business owners in the creation of simple, sensible plans based on their VISION – no matter how scared they are.
I do this because I know their business plan is the tool that will transform their all-in-their-head wish-list into solid achievements; it will turn their passion into profit.
If you want to create a business that is successful, one that makes you money, one that is in alignment with what you do and who you are, the one thing you need in place is a VISION. If you do not have a vision; if you do not know where your business is going, it’s not going to be successful!
Without a business plan that embodies your vision, how will you know what success looks like and when you have achieved it? How will you understand – and navigate – the potential barriers in your way?
Operating a business without a plan is like getting in your car and driving, with no destination in mind. You could end up in the perfect place, but you could also run out of petrol and reach a dead end.
Wouldn’t it be better to map out your route in advance, to the best destination you can imagine?
Your Mission Informs Your Vision
In business planning terms, there’s a big difference between your MISSION and your VISION.
Your mission informs you, as the business owner, of what it is you want to achieve. Think of it as your business headline! It’s the thing that keeps you going; it’s the thing that gets you out of bed on the dark days; it’s the embodiment of the passion you feel for your business.
Your vision, meanwhile, will help you create the right objectives and goals you need to achieve your mission. In other words, your vision will lead you towards success.
A Vision is More Than a Dream…
…it can be a dream come true!
While the word “vision” can conjure up misty images of the supernatural, your business vision is going to be crystal-clear.
I’ll be honest: I don’t underestimate the courage it takes to translate your mission into a clear vision. It can be a difficult process; not just because you’re scared of committing your vision to paper, but because it can be hard to know just what to write.
But if you can be truly honest with yourself about what you want your business to achieve, your vision will transform into a practical plan that will really help bring you success.
You can bring that business wish-list to life!
How to Craft Your Vision
The great news is that vision-setting isn’t a difficult, artistic process. It’s very practical (so much so, that it can soon become addictive – seriously!)
You could start simply, by calculating your living costs and your business operating costs. That figure is the amount you need to turnover in the business in order to keep the business running and pay the mortgage.
Once you have that figure you can use it to set the prices for your products and services.
Then, when you know what the prices are for your products and services, you can work out how many of them you need to sell in order to make the turnover figure you created – in other words, you will know how many customers you will need to attract each week, month etc.
For example, if you have to make £1,000 every month, and you charge each customer £100 for your product or service, then you know you’re going to need 10 customers per month.
It’s as simple and as logical as that!
I hope this example also proves that there’s no need for you to be a professional analyst, or study for a complicated accounting qualification, to plan for your business. These are simple calculations that you can easily do on your phone.
Don’t forget to keep on reviewing your mission and vision, as well as adjusting your business plan, as your business progresses. This will help you check on what’s working and, more importantly, what isn’t, so you can do even more of the former and none of the latter!
Regular reviews will also show you how far you’ve come, so you can give yourself a hearty pat on the back every once in a while (something all hard working business owners deserve!)
If you’ve got any questions or comments about your own business mission and/or vision, please feel free to share them below.
Or, you could always book a call and we could talk it through.