To Business Plan or Not to Business Plan… There is No Question
At a recent wedding industry show, I was talking to a someone who stopped by the Elevate by Bethel booth with some questions related to figuring out if she was taking her business in the right direction. She told me that she was a couple of years in, had made quite an investment, and was booking quite a few weddings, yet, she wasn’t sure if the direction she was taking was the right one and if it would produce the business she wanted. I asked her a bit more about what she did, and a few other questions to get a better understanding of her business, and then I asked the following question… “do you have a business plan?”
From a face that said she probably knew better, she answered, “no, I don’t have a business plan.”
Unfortunately, this is nothing surprising, since having talked with wedding business owners from all categories, I find that quite a few don’t have business plans, with many saying they were thinking about writing one or had started writing one, but never completed it. And, yes, I know that there are plenty of successful businesses in the wedding industry that have never had formal business plans, or even any business plan at all.
So why do I find a business plan so important?
To me, a business plan is the long-distance roadmap for your business, because it covers where you expect your business to be in a certain number of years, milestones along the way, and how you plan to get there. At a high-level, your wedding industry business plan should include the concept of your business, the long-term goals for it, and an overview of the plan that will make the long-term goals a reality – this is the vision and research stage that should get you hyped. However, your business plan should also include less exciting details that will give you an idea of why your business will be successful and when. This includes budgets, marketing, and financial projections, that will all give you an idea of not only will you reach the success you are seeking, but when you should reach it. In addition, a long-term business plan gives you the ability to compare the current reality to what you expected and thus make necessary changes along the way. It’s never a document you are really done with, I don’t think.
Plus, to be honest, a HUGE thing for me in creating a simple business plan initially, and revising it periodically, is just the benefit gained from putting my thoughts down on paper, of what I want the business to be, what makes me different, and what is my “why.”
I have to admit, sometimes a get a little preachy when it comes to making sure you have a business plan, but I truly believe in them, and truly believe it is never too late to create one (or to revise that really old one). If you are looking for some help, please feel free to reach out, since I can provide you everything from my “Nice and Simple Business Plan” template, as well as with one-on-one assistance in creating or revising your business plan.