Owning a business can be scary. But with the right business planning, you can accomplish anything! Today on the podcast Debra Banks is sharing with us her 8 Pearls Biz Plan Framework. It’s a step-by-step tool to help you launch your business. I love it because it’s actionable! From understanding your market to pricing yourself to continuing to learn & grow, she’s leaving nothing off the table. You don’t want to miss this one!
Business Planning with the 8 Pearls Biz Plan Framework
Debra’s giving away her 8 Pearls Biz Plan Framework for free! You can download it here. She calls them pearls because they are small nuggets of truth but when strung together create a beautiful framework that works together. The best part? It’s step-by-step and actionable. My favorite things!
1. Passion/Purpose
The first step in Debra’s framework is identifying your passion & purpose. This is where you figure out why you are in business! I LOVE this one because it’s something that we deep dive into in my Crush Your Goals with Christi mini-course. Keeping your purpose at the center of your business will help you keep going when the going gets tough. It also helps you determine whether you are staying true to your values. If your vision starts to get clouded or you get distracted, you can always go back to your passion/purpose to make sure you stay on track.
2. People/Problems
Part 2 is identifying the people that you want to serve and the problems they are having. Who is your ideal audience? What challenges are they facing? How can you help them overcome those challenges? If you want more in-depth help with this, I recommend checking out Donald Miller’s Building a Storybrand. You want to get in the shoes of your potential customers and show them what their life will look like after working with you. What transformation will they experience? Describe it in detail so they want to work with you!
3. Product/Price
Next, you want to determine the products you will offer and at what price. These are the services or products you will use to help your clients overcome their pain points. There is more that goes into this than just deciding. You’ll want to do some market research as well. Debra’s freebie gives more tips on this too! Get really clear on what you offer so that you can describe it to people and begin the next step, promotion!
4. Promotion
The next step is your promotion strategy. How will you market your products to your potential customers? Will it be organic, paid, or a mix of both? You want to write down your exact strategy. Debra is a big fan of writing things down, and I agree. You want to keep this in a place where you will see it so you can refer back to it!
5. Partners
The next step in Debra’s Business Planning Framework is determining the partners that will work with you. These aren’t partners in a business, but people who will come alongside you to help you. It could be a business coach, a virtual assistant, or anyone else who helps you like affiliates or contractors. These are the people who will help you put your plan into action!
6. Profit
Next is Profit, which Debra says is her favorite. Again, like any business planning situation, you want to write this down. What is your projected profit? What will your cash flow policy look like? Do you know exactly how much money you will be spending and how much you hope to make? If you don’t, then you’re flying blind, and that’s not good. You want to set up systems to help you land your profit projections. Want specific help with dialing in your profit? I recommend checking out Profit Rx by Braden Drake.
7. Pivot
Pivoting is a part of business. Once you have steps 1-6 in place, you may discover that you need to make some changes. How will you pivot your plan to make your profit projections? In 2020, business owners everywhere had to pivot. Are you ready for something like that? Pivoting is not a sign of weakness but a sign of strength. It takes courage to know when it’s time to change something up!! You won’t know when it’s time to pivot unless you are keeping track and writing things down. You can do this!
8. Plan
As the last part of the business planning framework, Debra suggests doing a SWOT analysis of your business. That’s where you take a look at your internal strengths & weaknesses as well as the external opportunities & threats. She has a handy chart in her Freebie, so again, make sure you’ve downloaded that! Self-awareness is crucial in entrepreneurship.
Business Planning Doesn’t Have to Be Difficult
You can come up with a plan for your business. It’s just a matter of knowing what steps to take, and I’m glad Debra is here to help us out! You can find out more about her business by visiting AIMbizacademy.com and checking out her workshop. Thanks again for being here, Debra!
About Debra
Debra Banks is an author and speaker. She is the founder of AIM Biz Academy which offers online courses, workshops, and coaching for small businesses. Entrepreneurs create an actionable roadmap for their business vision through the signature workshop, 8 Pearls Biz Plan Workshop. The workshop provides a step-by-step guide to aim for and reach business targets.
Debra is certified as an NLP Life Coach, Health Coach, and Yoga Instructor. She is a two-time graduate of the University of Virginia with a Master’s in Business Administration and a Bachelor of Science in Finance.
Don’t forget to check out the Crush Your Goals with Christi mini-course.
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