Say it with me, my blog is going to be successful because I will create and follow the business plan. Studies prove that writing a business plan increases the likelihood of the business growing and increases the speed of growth. Now let’s apply this to the blog that we both know will be hard work but totally worth it when you’re a successful influencer. After you’ve secured a WordPress website, set up Bluehost, and determined a niche, it’s time to create the blog business plan. This post will teach you five keys to perfecting your blog business plan without rambling on and on. Now get out your pen and paper because we’re jumping right in!
Key #1, Provide Informative Details in the Mission Statement
Every great business plan needs a great mission statement. When crafting your blog’s business plan, be sure to make your mission statement actionable and purposeful. An actionable mission statement serves as a reminder of the growth you plan for your blog. A few questions you might want to answer are:
- How will I market my blog?
- At what frequency will I publish new blog posts?
- When will I begin selling products and services?
Additionally, a purposeful mission statement is one that realistically accounts for the reason your blog exists. I’ve included a snippet of my mission statement, but in a blog business plan more detail would be included. Questions that would encompass a purposeful mission statement are:
- Why was this blog created?
- What makes this blog different from other blogs?
- Who does this blog serve?
With all six of these questions in mind, you are sure to craft a quality mission statement for your blog’s business plan!
Key #2, Conduct Thorough Market Research for your Blog Business Plan
Now is the time to dig deep. It is on you to figure out how your blog will stand out from the thousands of other blogs in your niche. To do this, you must conduct market research which includes, but is not limited to analyzing popular trends within the market, identifying the top producers, and uncovering statistics about market saturation. If collecting data is challenging for you, here are my tips on where to focus your search to provide helpful information for your blog’s business plan:
- Do an incognito Google search for common words and phrases used in your niche. This will help you determine which blogs are top producers in the market.
- Browse social media for popular hashtags, videos, and trends related to your market. Some platforms I suggest searching are YouTube, Twitter, Pinterest, and Instagram.
- Look for free resources, podcasts, and classes about blogging to benchmark blog growth techniques and best practices.
Remember that a blog’s business plan can be edited as necessary but providing thorough information before you begin publishing and marketing will help guide you for success!
Key #3, Curate an Audience Analysis
Although you may not yet have people interacting with your blog’s content it is crucial to determine your target audience. When brainstorming your audience analysis try to consider who you want to consume your content then add this information to your blog’s business plan. This is helpful for those of you just starting out and needing to pinpoint the ideal customer as opposed to trying to make content for the masses. To narrow down your target audience, decide:
- What topics interest my ideal customer?
- Would someone that consumes my content be on a specific social media platform?
- What is the age range for my target audience?
Answering these questions in your blog’s business plan will generate better marketing strategies and ultimately more profits when you begin monetizing your blog!
Key #4, Strategize a Stream of Income in your Blog Business Plan
It’s never too early to plan for your profits! In this section of your blog’s business plan you must think of long term potential. Eventually you want your blog to make money right? So now is the time to estimate the who, what, and when of future products and services sold on your blog. Below are a handful of ways you can monetize your blog:
- Including affiliate links in your blog posts.
- Allowing advertised content on your blog.
- Selling one on one coaching sessions related to your content.
There are several ways to monetize your blog and the goal should be to formulate multiple streams of revenue. Just remember that your blog’s business plan should set realistic financial goals with time frames and the dollar amount you aim to net!
Key #5, Mitigate Legal Risks in your Blog Business Plan
Last, but certainly not least, a strong blog business plan must mention legal matters. Examples of legal matters to review include:
- Will your blog evolve into an LLC?
- Will you eventually need to trademark your logo?
- Have you created contract templates for future collaborations?
There are several legal matters that must be outlined in your blog’s business plan. Whether you choose to hire an attorney or you utilize resources found on the internet, I suggest tackling legal matters sooner rather than later. Doing so will provide a security net and make your life easier when your blog starts gaining more traffic!
Ultimately, crafting your blog’s business plan may seem like a lot of work, but trust me you’ll appreciate this as it serves as framework for long-term potential. This document is the difference between dreaming big and actually taking action. While there is more to a blog business plan than previously mentioned in this post, please remember the five keys to perfecting your blog’s business plan.
- Provide Informative Details in your Mission Statement
- Conduct Thorough Market Research
- Curate an Audience Analysis
- Strategize a Stream of Income
- Mitigate Legal Risks
With these keys to success you are undoubtedly setting yourself apart from other bloggers. If you’re interested in a more detailed post about creating a blog business plan, I suggest checking out this one that helped me craft my own blog business plan!
