Does a Solopreneur Need a Business Plan?
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Even solopreneurs and side hustlers need a business plan. After all, big enterprises have business plans so why shouldn’t you?
The difference is a solopreneur does not need a massive multipage document with appendices. In fact, you don’t even need to write it down (though that may help you). You can just have it in your head.
The important thing is that you have thought about your business, what you need to make it work, and where it might take you.
What is your vision?
Think about what you want your business or side hustle to be and do. And what is it about the business idea that makes you want to invest the time, effort, and money to achieve it?
What are you going to sell?
What products or services will your business sell?
Why should people buy from you rather than from another solopreneur, side hustler or even established larger company?
What is the background?
Consider what made you decide you want to start your own small business.
Why is this kind of business the right one for you?
What experience do you have to offer that will ensure it has the best chance of success?
What about competitors?
Do you know who the competitors are? How will you distinguish yourself from them in the eyes of potential customers?
How will you outperform your competitors?
What marketing will you do?
How are you going to reach your potential customers?
How will you measure how successful you have been?
What funds have you got?
You’ll need some funds no matter how small your side hustle is — even if it’s just to pay for something small like a simple website.
Think about how much money you will need. And how much you can afford to spend.
