Blog Business Plan Series Day 5
[This is post is not a sponsored or affiliate post. I did not receive any compensation to write this post. All the opinions shared are my own.]
We are nearing the end of the Blog Business Plan! It feels great to have almost completed a business plan for the blog.
In case you have missed the first 4 days of the series here is a quick summary. On Day 1 we reviewed the blog mission / vision statement, your ideal reader, and your blog culture or theme. We also reviewed your blog goals and objectives, methods to reach success, and growth goals.
Day 2 we tackled your blog categories, schedule, and business tasks. We also dove into blog product ideas, services to offer, affiliates, advertising, and other ways to monetize your blog.
Day 3 focused on market comparison, traffic goals, and social media.
Day 4 Marketing off the internet, making sales, and continued education.
We are working on our blog financial budget and blog style plan today.
I want to give a HUGE shout out to Regina from byRegina. She is the amazing blogger who wrote the blog business plan outline we are using for this series. She has incredible knowledge about the blogging business and a tremendous amount of resources on her blog. I STRONGLY urge you to visit her blog byRegina and take a look.
Let’s get started!
Part 9.0 Financial Plan
Every business must develop and review their financial plan. For most of us it is not the fun part of the business but necessary to managing a healthy business. We are going to focus on a simple blog budget. I am the CFO my other company and I understand how detailed a financial plan can become.
Budget and Expenses Parts 9.1 and 9.2
We are just starting out, however, so let’s keep it simple and easy to execute. The spreadsheet I created focuses on the expenses; items, services, or other purchases made to develop and support a business.
You can modify the spreadsheet to suit your needs. The last column DIFFERENCE is programmed to calculate a total for you (I know… I’m nice like that)!
Maison des Jeunes / Wrestlers Mom
I will not separate the blog expenses out because, for accounting purposes, it does not make a difference.
You may decide to do separate budgets for each of your blogs (if you have more than one). It is not difficult but it does need more work.
Revenue Part 9.3
Similar to the blog budget you will want to track your revenue sources. For instance:
+Partnerships: Creative Girls, iSway, SharetheSale, etc.
+Sponsored Posts: Who and how much;
+Subscriptions / Memberships; and so on.
Create a spreadsheet to quickly document where you are making your income. This is a LIFESAVER at tax time!
Production Part 9.4
Now, I didn’t even consider this aspect of a blogging business until I read through Regina’s outline. Of course, my time counts for something. I can’t write it off on my taxes but it is good to know because:
+Setting fees for posts
+Setting fees for speaking
+Pricing other items
+YOUR TIME — yea, it’s worth something! Set a reasonable hourly rate. I’ve heard $15 to $50. You need to decide how valuable your time and talents are.
+Project costs — You want to do a post on remodeling your kitchen. Hmmm… if it is simply to have something to blog about then that is an expensive blog post. If you are doing a post on creative pumpkin carving — keep track of your costs. This will help you decide how much the post actually cost to produce.
Sales Projections Part 9.5
Every business eventually calculates what it is expected to earn in certain increments. For instance: my internet company — I calculate the monthly, quarterly, and yearly income. I decide the average monthly growth. Then I use those numbers to ESTIMATE or predict our future income. It also helps my husband hit his sales goals for a given period.
Of course, it is not an exact science but it does give you some place to direct the business and make sure you are on track. You definitely do not want to get to the end of the year and find out you are way underwater. If sales revenue is slipping during a month you can develop a special marketing plan to increase sales.
Let’s play with this:
Average: 125+137+89 / 3 = $117 per month. So we can predict that April, May, and June we will make at least $117 a month. Then we decide a reasonable growth rate — 10% — and add that to each month. I tend to be very conservative in my estimations.
Part 10.0 Blog Style Plan
A what? I know, I didn’t know what it was until I looked at Regina’s Blog Style Guide. Ah ha!
We talked about the culture and vibe of your blog on Day 1. Here we get very specific about the look and feel of the blog.
I have not gone through the guide as yet but am planning to work on it this weekend. I think it is invaluable information.
+Consistent type styles for headers, titles, subheaders, text
+Consistent color palette
+Consistent photo style, watermarks, display, and editing
[TIP] Look around your home, what do you like about it, what does the decor say about your style; look at your clothing – what does it say about you? Visit Pinterest and make a board of items you really like — THIS IS YOUR STYLE. Remember the blog comparisons we did on Day 3? Use this information to help you decide your style. It’s that easy.
Your readers are looking for consistency and a clear voice from you. It seems difficult and overwhelming at first but if you take it slowly and thoughtfully you can decide your style and apply that to your blog.
Tomorrow we are wrapping up the series with analytics, social tracking, and statistics.