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The Business Plan: How to write a good one and why it will change your blog | Scandinavia Standard at The Hive Conference | April 2014

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Freya McOmish

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Transcript of The Business Plan: How to write a good one and why it will change your blog | Scandinavia Standard at The Hive Conference | April 2014

ALTERNATIVE:
Business Model

ALSO IMPORTANT:
A strong elevator pitch
How to write a good one
and why it will change your blog

MARKETING PLAN
WATERFRONT PARK
PORTLAND, OR
UNION SQUARE
SAN FRANCISCO, CA
CHASE PALM PARK
SANTA BARBARA, CA
CHAPARRAL PARK
SCOTTSDALE, AZ
KATY PARK
KATY, TX
LEE PARK
MEMPHIS, TN
CENTENNIAL PARK
ATLANTA, GA
COLLINS AVENUE
MIAMI, FL
TONSTER PARK
CHARLOTTEVILLE, VA
GLASGOW PARK
CHRISTIANA, DE
Do some research1
Do some research!
WHO ARE WE?
Cultural information on the Scandinavian capitals
interested internationally
Virtual Team Working
Virtual Team Working
WHAT IS A BUSINESS PLAN?
IS A BUSINESS PLAN RELEVANT TO A BLOG?
Pause for consideration
WHY DID
CREATE A BUSINESS PLAN?
THE FOUR Ps
MARKET ANALYSIS
BLOGS DON'T MAKE MONEY
BUSINESSES MAKE MONEY

WHAT IS THE VALUE PROPOSITION?
Define
the unique set of benefits your customers will get if they choose to purchase your offerings over competitor’s
offerings.

STRUCTURE
BENEFITS OF CREATING A BUSINESS PLAN
4
A way for small and local Scandinavian business to market,
If you’re planning to run your blog like a business, we strongly recommend researching what kind of business competitions take place in your area.

THIS DOESN'T MEAN THAT YOU CAN'T START A BLOG AS A HOBBY AND MOVE IT INTO A BUSINESS
Okay, you’ve convinced me.
Now how do I structure my business plan?

INDUSTRY BACKGROUND
THE BUSINESS PLAN
Freya McOmish
Rebecca Thandi Norman
presents
in English for tourists, new residents and expats
Launched in November 2013
advertise and present themselves to potential
English-speaking customers
Lifestyle information on Scandinavia for those
A business plan is a formal set of business goals, the reasons they are attainable and the plan for reaching those goals.
WHY SHOULD YOU CREATE
A BUSINESS PLAN?
`
1. Focus your attention on markets
2. Allow you to approach investors
3. Give you a list of achievable goals
4. Define your brand
1. The Copenhagen Business Service annual business competition for expats.

2. Backgrounds in law and business so writing long tedious documents is second nature.

YES
a business plan gives you a solid foundation to start from
Cover page and table of contents
Executive summary
Business description
Business environment analysis



Marketing plan
Operations plan
Management summary
Financial plan
Attachments and milestones
Industry background
Competitive analysis
Market analysis
BUSINESS DESCRIPTION
What is the status of the concept?
What markets the business will serve?
What kind of business it is?
Will you provide products or services?
Why people will use it?
What are the business objectives and why will it be successful?
What is your business philosophy?
What is the financial status?

What is the status of the concept?
What markets the business will serve?
What kind of business it is?
Will you provide products or services?
Why people will use it?
What are the business objectives and why will it be successful?
What is your business philosophy?
What is the financial status?

ASPECTS TO EXPLORE
IN THE DESCRIPTION

Content
Blog Products
Services
Affiliates + Partnerships
Ad Space
Pay Per Click, Pay Per View or Other Ad Programs
Memberships or Subscriptions
Document any other monetization techniques
3 MAIN AREAS
THAT MAKE UP
THE ENVIRONMENT
THE INDUSTRY
The industry is a group of companies that produce and sell products or service to a particular market.
THE COMPETITORS
Who else is doing the same thing or similar thing to you in your chosen industry?
THE
MARKET
Who are your target customers? Where are they from?
What characteristics describe them?
SWOT ANALYSIS
Strengths and Weaknesses are part of the internal environment.
Opportunities and Threats relate to the industry – the external environment.
EXAMPLE
STRENGTHS
WEAKNESSES
OPPORTUNITIES
THREATS
Strong logo and branding already developed
Direct knowledge of US, UK, SA, AUS and DK cultures
Strong partnership in which we hold each other accountable
...

Only able to cover Copenhagen at the moment
Neither speak Swedish, Norwegian or Icelandic
Not a lot of start-up capital
...
Primary research (focus group) and personal experience shows us that this service is needed - a service that provides expat information
Many local small businesses are eager for coverage in English
...
Competitors could branch out into the expat community
Low barriers to entry for websites, making it easy for future competitors to enter the market
...

Blogging in considered a new 'industry'
However, you need to define your industry further...
SIZING
THE INDUSTRY
There are over
152,000,000
blogs on the internet
13% inspire to purchase
21% decide on a purchase
19% decide on a purchase
19% get support / answers
17% find inspiration
BLOGGING INFLUENCES PURCHASES
A NEW BLOG IS CREATED IN THE WORLD EVERY HALF SECOND
BARRIERS TO ENTRY
What resources, knowledge and skills does it take to enter this industry?
COMPETITIVE ANALYSIS

Competitors can be companies within the same industry producing similar products or services.They can also be companies in alternative “rival” industries, producing products or services that fall into other industry categories, but solve the same customer problem.

Distinguishing your business from your competitors.
How does this translate into content, goods and services?
Identifying your competitors:




Differentiation:
WHO IS YOUR
TARGET MARKET?
Essential for a blog!
Who are your target customers?
Where are they from? What characteristics describe them?
Indicate how large the market of readers is
The good thing is, the market demand for blogs is growing!
ASSESSING THE MARKET SIZE
AND GROWTH
DEFINING YOUR TARGET MARKET
MASS
MARKET
NICHE
MARKET
WHAT KIND
OF MARKET SEGMENTS?
SEGMENTED
MARKET
ADVICE FOR CHOOSING YOUR TARGET MARKET
Define your ideal reader.
Define your ideal reader.
Your marketing plan is a
road map - how you motivate your customer to read your blog, and maybe purchase your product or service.

How do you bring your blog, readers and your monetization streams together?
A MARKETING PLAN SHOULD
Reflect on the mission and basic philosophy of your company.
Incorporate and use the results of your market research.
Make sure that your marketing plan pulls together the elements of your business opportunity and your business philosophy.
Product
Price
Promotion
Place
MANAGEMENT SUMMARY
Without the right people, your blog’s unique opportunities can’t move from concept to reality. This can be a major selling point!
Describe your team member’s qualifications
Outline the resources and competencies you need to hire

FINANCIAL PLAN
Section depends on two things:

1. Your unique financial situation.
2. Your audience - who you are writing the plan for.

ESTABLISHING BUDGET
OPERATING BUDGET
METHODS OF RAISING CAPITAL
• 1. Investors
• 2. Bank loan
• 3. Personal loan
• 4. Personal savings (limited)
• 5. Sponsorship
• 6. Advertising sales ahead of full-launch
• 1. Investors
• 2. Bank loan
• 3. Personal loan
• 4. Personal savings (limited)
• 5. Sponsorship
• 6. Advertising sales ahead of full-launch
ATTACHMENTS:
CHECKLIST
ATTACHMENT: TIMELINE
A BUSINESS PLAN ISN'T ENOUGH
BUT IT'S A HELLUVA START
ALTERNATIVE:
Business Model

ALSO IMPORTANT:
A strong elevator pitch
JUST GET ON WITH IT!
EXAMPLE
+
(EXAMPLE)
EXAMPLE

EXAMPLE
... ...
Full transcript