This post is by Jared Michael Lowe of lowefactor°
The idea of creating a business plan for your blog can seem frustrating, daunting and probably not needed. Trust, I was like that ten months ago, when I started lowefactor. I felt, why go through the stress of creating something that’ll sit in a folder on my Mac never to be opened. Major overlook! Sometime after this past New York fashion week and before my site traffic tripled, PR people and would be sponsors were calling; at that point it made sense to have a business plan for my booming business! I had to rethink the benefit of having a business plan for my blog.
If anything, drafting a business plan for your blog could be a great guide to accomplish what your objectives and long term goals are, plus it’ll help you stay on your toes on what you want to achieve from blogging and when that wonderful time comes around: monetizing. Here are some tips I suggest:
Create a main focus
When you started your blog, what was your main focus? Sure that could have been ages ago, but what type of blog/ blogger are you. Designate a section, typically in the beginning, of your business plan with your main focus. Keep in mind; what you want your site to do, who you want to reach, and how you will go about doing it.
Set short term objectives and long term goals
I always say: set short term objectives for you to reach today, tomorrow and the next few weeks for the long term goals months away. This will help you get your grand prize. Your short term objectives may affect your long term goal, i.e. reaching over 1000 twitter followers to show to a potential sponsor when requesting to do a giveaway or extra promotion on your twitter. By creating short term objectives, you will be on the fast track to achieving your long term goals that will shape the direction of your blog.
Have a concise marketing strategy for your blog
I must admit, this is especially hard for me. Pretty much anything from doing a giveaway to a simple tweet via your twitter could be considered some sort of marketing for your blog. Try and come up with several marketing campaigns/ strategies to put in a 3 or 6 month time block. They do not have to be etched in stone, but ideas and plans that you can jot down and refer to.
Highlight what you can do outside your blog, in your plan
Perhaps you’re adept in social media and have good relationships with a few PR firms; it wouldn’t hurt to put your personal skills in your business plan for your blog. Why? It could be an added addition into whether a not a sponsor would like to work with you, outside of providing banner ads on your site. Perhaps you can boost their online presence through social media with your know how.
Create a financial page
Also, designate a section in your plan for finances. This section should include a summary of finances you have put into your blog as well as your expected financial forecast. For example, your recent trip to the IFB conference should be in your financial plan, as well as what you hope to earn (and how you go by doing so) 6 months down the line.
As we approach another year, (can you believe 2010 is leaving us so soon?) it is best to set a new 2011 with a well thought out business plan for your blog.
If you have any additional tips, please feel free to share!
Image by gilles chiroleu
thank you so much for this! the step-by-step break down is especially helpful for someone like me who wants to put things in motion but doesn’t exactly know where to start – you make business planning seem more approachable. less scary.
great article!