Sarah from the Boutique Hub explains why entrepreneurs need a business plan: it serves as a roadmap and a discovery platform to clarify mission, goals, target customers, value proposition, and to anticipate problems. She urges listeners to write and regularly update a living business plan and points to Boutique Hub trainings for further guidance.
Hey, guys, it's Sarah again with the Boutique Hub. I'm coming to you today to answer yet again another one of our most frequently asked questions. Do I need a business plan? Well, my quick answer is going to be, yes, you do. And I hope you don't stop watching this video because now I'm just going to put a little bit more work on you. But, guys, I want to say it's imperative that you have a business plan. If for no other reason, then you write down on paper your plan, your why, your goals, your aspirations, you make it real, right? It's more than just a roadmap. I talk an awful lot about roadmaps in your business, that it's very important for you to understand where you are today and where you want to be and how exactly you're going to get there. And if there's a detour along the way, how you're going to get back on track, because it's going to happen. But a business plan is also an opportunity. It can be more of like a discovery platform, right? Where you actually deep dive into the mission and what you want to achieve within this business and how you plan to achieve it. And by doing that, I guarantee you, you are going to unveil some true discoveries about your business and opportunities. Where can you reach out to more customers? Where are you going to find your value proposition? What is going to make you stand out in this really, really noisy world of retailers? Guys, these are all very important things if you want to grow in your business and be successful again. Success doesn't just happen for all of you that really want to get into this business and put in the hours and gain the new customers and gain traction and compete, it's going to take time and energy, right? And that time is limited. We all only have 24 hours in a day, seven days a week, so we have to spend it wisely, right? So starting out, being dedicated and writing down a business plan and really diving into your business and dissecting it helps bring it to fruition. It helps make it a reality. Now, keep in mind, your business plan is never done. This is a work in progress, right? But it is imperative that you dive into these different elements of your business and ask yourself important questions. How are you going to do this? Who are you going to be speaking to? What platforms are you going to be utilizing? Right? What is that migraine problem that you are solving for your customers? And as your business grows, you will need to update your business plan, right? But it's really important to be ready with a plan. It's very important that you're not behind the eight ball when it comes to getting funding for something or finding a new space, right? And the only hold up is the fact that you don't have a business plan. So my goal to you is to write it down. Even if you're the only one that ever sees it or you think we'll ever see it, right? Have it, have it as a guide. Have it as that quote unquote roadmap, right? That discovery platform that is going to help you open your eyes to the who, the what, the where, the when, the why, the how in your business. It will help you identify problems that are going to happen in the future and how are you going to get around those, how are you going to forge on? Because this business is not easy. Takes a lot of time, takes a lot of effort. It takes a lot of get your chin up and just keep moving forward, right? That business plan, as silly as it might sound, is going to really help you with that. So my short answer is yes, you need a business plan. Sit down, write it down, type it out, make it a living, breathing thing. Because that's what your business is. Your business is a living, breathing thing. If you neglect, won't survive. As my dog joins me back in here for the end of this video, I'll sign off, but I will come back to you with more answers to frequently asked questions. If you have some comments, please drop them below. Click the link below here. Also to go to more trainings provided by the Boutique Hub, information on Retail Bootcamp and the Boutique Owner Basics course, which we dive into business plans as well as. So until next time guys, see you later.
