If you are anything like me, the idea of writing a business plan WAYYY stressed me out. I put if off for a long time and only finally got it done because it was an assignment in a business course I was taking.

As soon as I got it done though, I wondered why I’d put it off for so long. It was SO helpful!

A business plan lines out your goals, your values, your offerings, and your approach to business for the year. When reviewed at least quarterly it can be used to keep you on track and from deviating too far from your original goals (because we all get excited when we see new ideas and we just want to do ALL the things!).

A business plan does take some work the first time, but once you have one in place, updating it every year is fast and easy!

Do you have a business plan? If not, I’ve got some help for you over the next few days to help you get your first one going! Are you ready for some homework? I promise, it’s not too crazy!

Assignment #1

You need to do a SWOT analysis. Sounds scary! It’s not! SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. You need to know all of these going into your business plan. They help you know what to capitalize on, and when things get tough they help you remember that you already knew about that tough spot!

First, start with your strengths. What do you bring to your business?

Are you a great listener? Do you like to read? Does your degree or schooling give you any strengths? List out your strengths! And don’t be modest here, you want to know what tools are in your tool belt. Can’t think of anything? Ask a trusted friend! You DO have strengths!

After (or as) you list your strengths, write out how that strength plays into business.

Need an example? Here’s my strengths section from my very first SWOT analysis when I was running a photography business.

• Strengths
  • Calm and relaxed while doing a session. 
    • Puts clients at ease
    • Doesn’t add tension to frazzled moms or anxious brides
  • Love Learning
    • The desire to continue learning is strong. As I work to learn more about photography, business, and leadership the more I am able to integrate it into the client experience, business, and photography skills. 
    • Hard to go stagnant if learning is constantly going on. 
  • Writing/English Degree
    • Blogging, correspondence with clients
  • People-Oriented
    • I enjoy being around people and getting to know them, even if making good conversation is not as natural for me. I want to serve them, make them happy, and build them up. 
  • Perfectionism
    • When utilized right, this can be a strength to push me towards excellence. When used wrong this can be paralyzing when I feel I fall short of what I could have of should have achieved.

Next, do the same for your weaknesses. I know…no one likes this part. This part can be hard. My advice, don’t dwell on it and don’t unearth every single weakness you can think of. Be realistic and be kind to yourself. Here’s what I had (just for examples):

• Weaknesses
  • Lack of confidence in myself.
    • I am able to act confidently during a shoot, but when it comes to looking at my progression and my knowledge I definitely feel a great lack of confidence. 
  • Non-bubbly/charismatic
  • Push Over/Don’t like saying no
    • Will let myself schedule too many shoots around the holidays.
    • Will do way more for lower prices because I don’t want to say no.  
  • Lack of understanding of business
  • Impatience with myself and my speed of progress
  • Perfectionism
    • When utilized right, this can be a strength to push me towards excellence. When used wrong this can be paralyzing when I feel I fall short of what I could have of should have achieved. 

Great! Now we move on to Opportunities!

Here you want to list out the opportunities you have in your life that might open up doors or buoy up your business. Think clubs you are in, church networks, work, neighborhood, etc.

• Opportunities
  • Blogging background
    • Pinstrosity blog experience and possibility of getting word out there
  • Church Network
    • I work with the teenage girls in the region and their parents. 
  • Cameron’s Work
    • Getting to know families in the area
  • Rising Tide Society
    • The FB group for the Phoenix Tuesdays Together group
    • Try to make it to a few of the meetups
    • Go over the monthly guides to glean info (because it’s FREE!)

And finally, Threats!

Now, don’t think of this as sinister threats. These are simply areas that can cause trouble for your business.

Are you a parent? That’s a “threat” to the business. I know, I hated calling it that too. But this is where you think of threats not as being malicious, just things in life that make business a little more “interesting”.

This is where you look at your competition, the limitations you have, transportation issues, etc.

• Threats
  • Motherhood
    • I currently stay home with a 2-year-old while my husband works full time at the charter school. 
    • Baby #2 is due in March 2016. 
  • Location
    • Rural and lower income area of Arizona
    • Cultural differences/customs to learn (10 minutes from Navajo and Hopi reservations) 
    • Having moved here three months ago, we do not yet have much of a network built up and most current clients and inquiries are coming from people living in areas at least 5 hours away. 
  • Competition
    • Gila Valley Photographers
      • [Here I listed out those in similar stages to my business]
    • Local Photographers
      • [Again, list out specifics.]
  • One car family
    • Have to schedule things carefully so Cameron can get to work, I can get the kids to a sitter, and be able to get to and from sessions

Great! You’ve got it! Save that and set it aside. Tomorrow I’ll post up Assignment #2! (There are only 3 assignments to do and then we plug them into the Business Plan, don’t worry!)