9 Quick Steps to Writing a Business Plan for Your Blog

Does your blog have a business plan? Or you are blogging without a plan? Of what importance is a business plan to a blogger? Well, I will advice you read on to find the answers you seek.

Research shows that over 70% of businesses are operating without business plans; in fact, the statistics is even higher when it comes to online businesses, blogging included. I bet you are also guilty of this. It is an established fact that a requisite for success in business is a plan. Now if a plan is a recipe for business success, why are most bloggers blogging without it? Well, I think that's a question you should answer yourself. Drawing up a plan for your blog is not compulsory but if you are serious about treating your blog as a business; then I will advice you put up a plan for your blog.

Just recently, I completed the process of selling a portion my blog. What I am trying to say in essence is that I just concluded the process of raising capital for my blog. To be sincere with you, I don't think I would have achieved the feat without a business plan. Now aside from raising funds for your blog, a plan can help you in the following ways:

3 Ways a Business Plan can Add Value to your Blog

a. A plan will keep you focused
The first and the most critical way a plan can help you is in the area of focus. When it comes to running a business, there are definitely a lot of issues fighting for attention; and this may lead to distraction. Nothing is more common than the story of bloggers who are jumping from one money-making scheme to another. The primary reason why these bloggers are so easily distracted is because they have no plan. The reason I stayed focused on one blog for three years was because I had a plan; I knew where I was going, I also knew my end point.

A plan can also help keep you in check even after you succeed. One reality about success is that it tends to make you arrogant. I know a lot of bloggers that started from scratch, grew big and forgot the initial purpose why they started blogging. A plan will help you avoid being among these set of arrogant bloggers. Regularly evaluating your plan will keep your effort in focus.

b. A plan is the key to developing a blogging strategy
A plan can function as a benchmark for you while crafting a short and long term strategy for your blog. Most bloggers only plan short term but if your blog is going to be relevant in the near future, then you must start planning today.

c. A plan will prove to investors that you are competent
What if you decide to sell your blog tomorrow? What if an investor shows interest in your blog? What will you do? A good way to show an investor your competence as an entrepreneurial blogger is to grant him a sneak preview at your business plan and other financial records of your blog. Doing this will prove to the investor that you know your business like the palm of your hand; and this can boost the value of your blog.

Now since I have taken my time to explain why your blog needs a plan, let's go into the details of how to write a business plan for your blog.

9 Quick Steps to Writing a Business Plan for your Blog

1. The executive summary
The executive summary is what familiarizes your blog with any individual reading your plan. It includes a concise overview of the idea backing the establishment of the blog, your purpose, objectives and overall strategy.

2. Blog Details
This is where you highlight the notion behind the blog's conception and how you came up with the idea to create the blog. In this part, you have to describe specifically the idea, research result, niche analysis and your targeted audience.

3. Your blog objectives
In this section, you need to describe the aim of your blog, its short and long-term goals, its vision and mission statement; and the blog's growth strategy.

4. Your Bio
This is where you highlight your blog management team and what their purposes are. Are you the sole owner of the blog? Or you are just a partner? In this section, you will need to explain the blog ownership structure; and the faces behind the blog. Information needed here include the names and backgrounds of members of the management team and their tasks. Also to be added is their area of specialization, prior accomplishments, strengths and weaknesses, etc.

5. Your Monetization Strategy
Are you running a non-profit blog? If no, how do you plan to generate revenue from the blog? You have to explain that in this part of your business plan. Will you monetize your blog with affiliate programs, advertisements, donations, product sales or services? You have to put it down in writing here.

6. Your market potential
This is where you highlight in details the fundamentals and outcome of your research.

Why did you target the niche your blog is situated in?
Is the niche small or huge?
Is the niche a growing trend or a declining one?
Is the niche narrow or broad?
What is the local and global search volume of your keywords?
How many percent of the total search volume can you pull to your blog?

These are questions you must answer before even creating your blog.

7. Your marketing strategy
How will you broadcast to the world that you can satisfy their needs? How do you intend to attract traffic to your blog? How much is your intended budget for publicizing your blog? Will you promote your blog in print media, television, on the Web or all of these? Will your marketing tactics focus more on search engine optimization, joint ventures, free campaigns or paid campaigns? What marketing tools will be needed and at what cost? Who are the major competitors in your niche? How do they attract traffic to their blog? How did they monetize their blog? What percentage of market share do they control? All these need to be listed out in your plan.

8. Your financial projection
This is where you compile a summary of your projected financial earnings. This is actually the part that interests investors more.

9. Your exit strategy
This is the section that most bloggers don't want to talk about. Most bloggers think they will live and die with their blog but in reality, it's not possible. You must relinquish control of your blog someday; whether you like it or not. So instead of leaving your blog to fate, why not plan for it in advance? A good plan must include a part that lays out the yardstick with which you will use to decide when to call it quits. Even if you don't intend selling your blog, just prepare an exit strategy. An exit strategy is a sign of financial intelligence; it is also a contingency plan just in case things don't go as planned.

In conclusion, I strongly believe this outline will be of help when writing your own business plan and just before I drop my pen; I want to ask a question. Do you really think a business plan can add value to a blog? I would love to hear your opinion in the comment below.

And just before i drop my pen, I am giving you a once in a lifetime opportunity to download my Master List of Best Startup Business ideas and learn How to Make a Million Dollars Fast in less than a year.