No fear dear, how to write the perfect side hustle biz plan
Want to start a small business or side hustle, but don’t know where to start? Are you scared to approach banks or investors? Starting a business and asking for money is scary, but Noumena has your back. Writing a business plan is a crucial first step. Read this guide on how to craft a detailed and well-informed business plan with ease. Additionally, I will create a sample business as an example.
Disclaimer: {sample business is inspired by non-profit Dress for Success}
Unique small biz idea
You need to figure out what your business is about! What is its name, mission, core values, etc? What is your business’s unique value proposition (UVP)? For example, I would like to create an app called “Business Baddie.” This app is an online thrift store for business clothes. It is inspired by businesses such as Dress for Success, Depop, Thredup, and Poshmark. We stand out because we solely focus on used business clothes that will elevate a woman’s wardrobe and dress for important occasions.
Target Demographic
Once you hammer out your business’ mission, it’s time to identify your target audience. Who will be attracted to your new business? What are you trying to solve? For example, Business Baddie hopes to reach low-income and first gen working women who do not have the resources to pay for full price corporate clothes. Thrift stores are not providing enough business clothes and are gentrified by wealthy young adults. We want working women to have access to quality business clothes. How will we make sure to serve our demographic? When a person joins the app they will be asked style questions and then personal questions that reveal financial situations and stressors.
Marketing Strategy
Now that we have established our audience and problem, we must create a marketing strategy. How will you promote your business online and/or offline? Will you use TikTok and/or Instagram to reach a young audience and maybe LinkedIn for an older demographic? For example, Business Baddie will hire style influencers, such as Jessica Blair, Aarica Nichole, Lara Adkins, and Riya Hamid, to promote the app on TikTok and Instagram. The style influencers will exhibit diversity in race, body type, and style. Our business will pay the influencers based on their performance.
Product
Next step is the product. What are you selling? How will it make an impact? My product is an app tailored to working class women who are in need of affordable business clothes. How do we get the clothes? We will receive donations from local department stores, thrift stores, and people who are willing to give away their corporate clothes. In this way, we will be a sustainable alternative to the fast fashion industry through the use of recycled clothes. Indirectly, I hope my product stimulates upward mobility for low income women and leaves a small carbon footprint.
Solopreneur?!
As a small business owner you have to decide if you are hiring employees or just flying solo. It is up to you! If you decide to hire people, think about the areas you need additional assistance. Marketing? Growth? Tech Team? For example, Business Baddie would need to hire a tech team to build the app, a marketing team to promote the app, and a budget team to track spending. Hiring people is not required, but could help alleviate the stress. If you decide to run your business on your own, Noumena can help you cover all your bases.
Short term and long term business goals
Before starting your business, you need to establish your goals. What are your first year goals? Five year goals? Make sure you make measurable goals. Business Baddie hopes to make $60,000 in revenue and most importantly positively impact women's lives. For the first year, we hope that 50-100 women utilize and buy items on our app.
Potential investors for your new small biz
Once you feel confident in your business plan, it is time to show the banks and potential investors. This is exciting, but also terrifying because you believe in the success of your business, but do your investors believe in you? I strongly suggest signing up for Noumena and applying for the CFO service. Though the CFO service does have a monthly cost, it will match you with expert business and finance professionals to help you grow and fund your business. It is overwhelming to be a solopreneur and the CFO service can help you with a plethora of things, including finances, bookkeeping, and accounting. Noumena can alleviate your stress and be your new business consultant.
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And if you think some investment capital might be the right first step for you in your biz, fill out our survey here!
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Sample business inspo :
