Flying Solo
  • Tips & Advice
    • Getting started
    • Marketing
    • Sales
    • Productivity
    • Business technology
    • Health + wellbeing
    • News
    • Spotlight
  • Listen & Watch
    • Podcasts
    • Member Spotlight
  • Resources
    • Starting Out Kit
    • Courses
  • Forums
  • Directory
Flying Solo How to write a clever business plan that you can put into action straight away
  • Tips & Advice
    • Getting startedIf you’re starting a new business in Australia, you’ll find stacks of resources to help ensure you get off on the right foot. Find out if you’re well suited to running your own show with our nifty quiz.
        • Seven ways to get the best tax return possible for your business

          Seven ways to get the best tax return possible for your business

          June 15, 2022
        • Why the five foundations of financial security are especially important for women

          Why the five foundations of financial security are especially important for women

          June 9, 2022
        • Six handy tax tips to help with your small business EOFY

          Six handy tax tips to help with your small business EOFY

          June 8, 2022
    • MarketingGetting to grips with small business marketing is an essential element of solo success. Find the support you need here. Need more help? Check out our step-by-step course to solo success.
        • 6 things you need to know when working with a graphic designer

          6 things you need to know when working with a graphic designer

          June 30, 2022
        • How a simple quiz can boost your leads and gain you valuable data

          How a simple quiz can boost your leads and gain you valuable data

          June 27, 2022
        • What is a Virtual CMO and why you might need to hire one

          What is a Virtual CMO and why you might need to hire one

          June 23, 2022
    • Sales
        • How a simple quiz can boost your leads and gain you valuable data

          How a simple quiz can boost your leads and gain you valuable data

          June 27, 2022
        • Four outdated sales styles you definitely need to kick to the curb

          Four outdated sales styles you definitely need to kick to the curb

          April 6, 2022
        • Do what they don’t: 7 things to do better than your competitors

          Do what they don’t: 7 things to do better than your competitors

          March 31, 2022
    • ProductivityKnowing what’s involved in setting up and running a small business in Australia, this section will help your productivity. Check out our step-by-step course to solo success.
        • How knowing the four types of persuasion will help you nail the perfect pitch

          How knowing the four types of persuasion will help you nail the perfect pitch

          June 29, 2022
        • The five foundations that create a lasting business

          The five foundations that create a lasting business

          June 29, 2022
        • Five ways entrepreneurs can invest in themselves to succeed

          Five ways entrepreneurs can invest in themselves to succeed

          June 17, 2022
    • Business technologyWith business technology changing so rapidly it can be hard to keep up-to-date with the latest developments. In this section, we provide straightforward, easy to understand articles about online business tools and other business technology. From choosing a customer relationship management system or an inventory management system to app development, computer and software security and data backups, you are sure to find something useful for your small business in this section. Check out our step-by-step course to solo success.
        • Can’t afford developer costs? Try a no-code website builder!

          Can’t afford developer costs? Try a no-code website builder!

          June 16, 2022
        • eCommerce is for every business: Why you should bring your biz online

          eCommerce is for every business: Why you should bring your biz online

          June 1, 2022
        • How traditional businesses can take advantage of Web3

          How traditional businesses can take advantage of Web3

          May 26, 2022
    • Health + wellbeingYour health and wellbeing is as important as mastering the challenges of small business management and development. Check out our step-by-step course to solo success.
        • 5 mentally healthy habits to take into the new financial year

          5 mentally healthy habits to take into the new financial year

          June 28, 2022
        • Desperate for some quiet and clarity in this busy world? Mindfulness is the key

          Desperate for some quiet and clarity in this busy world? Mindfulness is the key

          June 6, 2022
        • What a sudden life pivot taught me about putting my own happiness first

          What a sudden life pivot taught me about putting my own happiness first

          June 2, 2022
    • News
        • EOFY update from the Small Business Ombudsman: changes to super plus tax help available

          EOFY update from the Small Business Ombudsman: changes to super plus tax help available

          June 14, 2022
        • What are the major parties doing about the small business issues that matter?

          What are the major parties doing about the small business issues that matter?

          May 20, 2022
        • Reserve Bank of Australia hikes rates by 0.25%, warning more rises to come

          Reserve Bank of Australia hikes rates by 0.25%, warning more rises to come

          May 3, 2022
    • SpotlightBusiness Class Members showcase their profiles and the services they offer to small business customers in Australia.
        • “How I built my online side hustle into a massive success in just 3 years”

          “How I built my online side hustle into a massive success in just 3 years”

          February 23, 2022
        • In the Spotlight: Pat Mannix, Cotchy.com.au

          In the Spotlight: Pat Mannix, Cotchy.com.au

          January 17, 2022
        • Soloist spotlight: Wendy MacManus, Wendy & Holly Shoes

          Soloist spotlight: Wendy MacManus, Wendy & Holly Shoes

          November 18, 2021
  • Listen & Watch
    • Podcasts
          • Flying Solo: Going It Alone In Business
            The weekly podcast for those going solo in business, hosted by Cec Busby.

    • Member Spotlight
          • Flying Solo Small Business Spotlight
            Featuring innovative businesses and soloists from around Australia

  • Resources
    • Starting Out Kit
          • Starting Out Kit
            Take the first steps to starting your side hustle or small business now

    • Courses
          • Work your Way: Go it alone in business
            The complete guide to designing your own business.

  • Forums
  • Directory
          • ALL
          • Advertising & Marketing
          • Architects & Interiors
          • Arts & Crafts
          • Audio-visual & music
          • Automotive
          • Beauty & Fashion
          • Consulting & Coaching
          • Business Support & Administration
          • Charities & Not for profits
          • Design & Illustration
          • Domestic & Personal services
          • Engineering & Machinery
          • Environmental
          • Events & Entertainment
          • Family Services
          • Finance & Insurance
          • Food & Hospitality
          • Furniture & Fittings
          • Health & Wellbeing
          • Home & Garden
          • Homewares
          • HR & Careers
          • Legal Services
          • Networks, Directories & Networking
          • Other
          • Photography
          • Printing
          • Project management
          • Promotions & Gifts
          • Property
          • Public Relations & Media
          • Speakers & Facilitators
          • Sport & Leisure
          • Technology
          • Telecommunications
          • Tourism & Travel
          • Tradespeople
          • Training & Education
          • Web Services
          • Writing, Editing & Publishing
Login
Join the community
Sign In

Forgot Your Password?
Don't have an account yet? Sign up →
Small Business & Finance Network
Advertise

Join the community

Economy Class Get started with solo business basics
Free
  • Access to the Flying Solo forum
  • Receive the Flying Solo newsletter
  • Read the latest news and expert articles

Sign up

  • *
  • This field is for validation purposes and should be left unchanged.

Sign in

Forgot Your Password?

I have an account. Sign In
Business Class Build your network and get your business noticed $149.95 + GST Billed annually

Everything in Economy Class plus:

  • Members-only directory listing
  • Business journey profile published on Flying Solo
  • Free access to all digital courses
  • Access to members-only events and experiences
Go Premium
Compare membership options

Home » How to write a clever business plan that you can put into action straight away

Going solo

How to write a clever business plan that you can put into action straight away

Jayde Walker - October 12, 2021 5 MIN READ
Business plan

In partnership with

Planning on turning your vision into a reality? Whether you’re starting a side hustle or a full-time business, it pays to know how to write a business plan that will set you up for success.

An actionable business plan gives sole traders and new business owners valuable benefits. It’s your guidebook for the future.

Not only can it set you up for success, but it’s useful if you’re applying for finance and tracking business activities once you’re up and running. Without these insights, it’s harder to make a profit and achieve your goals.

Finance expert David Koch (who is the founder of this website, Flying Solo), says: “A useful business plan should be something that gets you clearer about what products and/or services you’re providing and to who, and provides guidance as to how you’re going to do that. It should be fairly brief – ideally one page – and displayed somewhere so that it’s easily referenced on a regular basis. Of course, it will be updated periodically, but the best businesses make a plan, do the plan, and make sure they’ve given it a really good shot before revising the plan.”

There are many online templates for business plans, but before you start filling yours out, apply these principles to design a plan that sets you up for magic.

1. Create a series of small steps

Ask a runner what the secret to completing a marathon is and they’ll likely tell you, just put one foot in front of the other and start.

Business is similar.

Taking the first step is often the hardest (and the scariest). But when you break it down into a series of small activities, it’s much easier to tackle. Create a plan, commit to the first step and work your way through; this will give you clear direction and focus, without feeling so overwhelmed.

Action:

  • Develop a basic blueprint to follow with digestible steps.
  • Move from ‘thinking’ to ‘doing’.

2. Determine your vision and mission

What does your business stand for? The best vision and mission statements are strategic, brief and achievable.

They should reflect your brand’s values, your purpose and create an emotional connection with your audience. You can also use your statement to define your USP (Unique Selling Proposition).

Action:

  • Take the time to get it right.
  • Be real and relevant, but don’t make promises or add anything unrealistic.
  • Keep it short (a few sentences for each).

Find out the difference between a vision statement and a mission statement in Flying Solo’s free Starting Out Kit.

3. Make it measurable

Define SMART goals for your business; Specific, Measurable, Achievable, Resourced and with a realistic Timeframe.

Your plan should include short and long-term objectives, backed by a strategy to guide you on how to get there. Include clear-cut tactics and sales targets, like the number of new customers you plan to attract, organic traffic to your website and business growth.

Action: 

  • Create benchmarks and milestones to measure yourself against.
  • Review regularly and adjust goals as necessary, according to changing circumstances or unexpected events.
  • Don’t be afraid to pivot as you find different ways of doing something or receive feedback from customers that push you in a new direction, after all – it’s important to meet your customer’s ever-changing needs.

4. Bring the details to life

Bring your vision and business structure to life with these inclusions:

  1. History: Outline your business background and introduce key people.
  2. SWOT: Analyse the Strengths and Weaknesses of your idea and identify potential Opportunities and Threats.
  3. Finances: Forecast start-up costs, capital requirements and cash flow. Track your profit and loss with balance sheets and open a business transaction account to oversee expenses and keep personal funds separate. CommBank’s Business Transaction Account has a zero monthly account fee option and connects to accounting software.*
  4. Assets: What do you need to run your business? This may include equipment, premises, IT, licences and insurance.
  5. Strategies: For sales, marketing and customer retention.

Action:

  • Don’t gloss over weaknesses – if you’re not honest about potential risks and challenges, you can’t create a plan to prepare for them, like new tech, staffing, legislative issues, cash flow management and changes in consumer demand.
  • Calculate initial costs like registration, rent and utilities, suppliers, branding and marketing, and funds for day-to-day business activities.

5. Know your audience and competitors

The more you know about your customers, the easier it is to communicate with them and provide a product or service that meets their needs. If you don’t know what they want, how can you deliver the goods and succeed?

You’ll also need to understand your competitors. Look at what they do right, but find gaps by reviewing what they get wrong as well. This way you can use your competitive advantage and show customers your superior differences.

Action:

  • Conduct market research; why are your customers shopping with you, what motivates their decisions and where will you find them?
  • Analyse expected customers through their demographics, interests, location and psychographic needs.
  • Think about the value you can offer.
  • Identify direct and indirect competitors, include their strengths and weaknesses.
  • Stay in tune with your customer’s needs and the problems you can solve for them by regularly reviewing and adapting.

6. Write down, share and revise

You don’t need anything fancy to pen your plan – just get your idea down!

Sharing your vision can help keep you accountable for your business venture. Seek feedback from your partner, a close friend or family member, business coach, financial advisor or colleagues – anyone who can offer constructive advice.

Action:

  • Keep it short with user-friendly formatting and no jargon, the reader should have a clear idea of your vision from a 10-minute skim.
  • Put your plan into practice, but use it as a working document only and update it as you go.

Ready?

Download our free Your Business Plan checklist – Tick these 12 boxes to help you articulate your plan

Flying Solo Starting Out Kit - no buttonFlying Solo is proud to launch our first-ever free Starting Out Kit for side hustles and new businesses. Full of checklists and downloadables, you’ll learn how to nail your niche, write a killer business plan and marketing plan, and more. All thanks to our partner, CommBank.

Download our free Starting Out Kit here to start your business plan

 


This article is brought to you by Flying Solo in partnership with CommBank.

*You can view the Terms and Conditions for Business Transaction and Savings Accounts, CommBank’s Financial Services Guide and the Electronic Banking Terms and Conditions and should consider them before making any decision about these products and services. The target market for this product will be found within the product’s Target Market Determination, available here. Bank fees and charges may apply.

This information is intended to provide general information of an educational nature only. As this information has been prepared without considering your objectives, financial situation or needs, you should, before acting on this information, consider its appropriateness to your circumstances. Any opinions, views of contributors, conclusions or recommendations are reasonably held or made, based on the information available of compilation, but no representation or warranty, either expressed or implied, is made or provided as to the accuracy, reliability or completeness of any statement made in this information.

Feature image: Olya Kubruseva/Pexels

Previous article “You’ll know deep down when it’s time to fly solo”: 5 signs you’re ready to start your own business
Next article  Exceeding expectations: top tips to improve your customer experience and emerge stronger in the year ahead
Via Going solo
Tags business planCommBank Starting Out Kitside hustlestarting a business
Jayde Walker

Jayde Walker is a creative copywriter from Perth.
What could be mistaken as a Cameron Crow movie (Almost Famous), Jayde Walker started out as an underage music journalist with one goal – to be a writer. Today, she’s a professional Content Writer and outreach prodigy who’s been helping businesses tell their story for over 15 years. Jayde was first published in the West Australian in 1999 and wrote for local and international music magazines. After six years as a Senior Content Writer, Jayde now helps businesses create better content, connect with customers and get the most value from their stories through the little typewriter. Jayde specialises in writing about property investment, building design, small business, travel and home improvement industries.

Share This
  • COMMENTS

Trending

  • Woman relaxing with eyes closed on park bench 5 mentally healthy habits to take into the new financial year under Wellbeing
  • woman ticking quiz checkboxes on glass screen How a simple quiz can boost your leads and gain you valuable data under Digital marketing, Sales strategies
  • wooden blocks stacked in five piles The five foundations that create a lasting business under Growth
  • Liz Fleming inset on background showing hand drawn productivity graph Six productivity hacks to boost your biz and save you time under Productivity

Listen

SUBSCRIBE TO Flying Solo

The very best of Flying Solo straight to your inbox.

  • We'll sometimes send messages from our partners. You can opt-out anytime.

We'll sometimes send messages from our partners. You can opt-out anytime.

Latest News

Branding 6 things you need to know when working with a graphic designer
Miriam van Heusden - June 30, 2022
Michelle Bowden Professional development How knowing the four types of persuasion will help you nail the perfect pitch
Suze English - June 29, 2022
wooden blocks stacked in five piles Growth The five foundations that create a lasting business
Alan Manly - June 29, 2022
Woman relaxing with eyes closed on park bench Wellbeing 5 mentally healthy habits to take into the new financial year
Kelly Exeter - June 28, 2022
woman ticking quiz checkboxes on glass screen Digital marketing How a simple quiz can boost your leads and gain you valuable data
Katrina McCarter - June 27, 2022
Liz Fleming inset on background showing hand drawn productivity graph Productivity Six productivity hacks to boost your biz and save you time
Suze English - June 24, 2022
Woman working at table at home with laptop Marketing What is a Virtual CMO and why you might need to hire one
Adam Stewart - June 23, 2022
Hand holding smartphone with Instagram on screen Digital marketing Five essential SEO tips to get your business seen on Instagram
Emily-Rose Hills - June 22, 2022

Here’s why you need to upgrade your Flying Solo membership pronto!

  • Share your business journey in an exclusive member profile
  • Get free lifetime access to our Going It Alone digital course
  • Participate in members-only events and experiences
  • Boost your business’ visibility with a Directory listing

$149.95 + GST
Billed annually
Learn More Join Now
  • Andrew Caska

    Caska IP Patent Attorneys

    'Flying Solo opened up so many doors for us - I honestly don't know where I'd be without it"


Copyright 2022 Flying Solo Pty Ltd - Digital Publishing and Video Production Agency Sydney

ABOUT US | CONTACT | ADVERTISE | PRIVACY POLICY