Clever Girl Finance: The Side Hustle Guide

CHAPTER 3Your Business Plan

The foundation of your side hustle’s success starts with a plan.

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CREATING A BUSINESS PLAN THAT MAKES SENSE TO YOU

So, let’s talk about your business plan! Yup, even with a side hustle, it’s important to have a strategy in place for your business, and that’s what your business plan is all about. Whether your business is brand-new or tenured, having a laid-out plan will provide you with a roadmap of actionable steps. By creating this plan, you’ll get to really assess your business idea and determine what you want to ultimately accomplish. It’s an important step, because going through the process of creating a business plan can potentially help you avoid making costly mistakes with your hard-earned money.

Having a business plan is also essential if you need to pivot or make adjustments in the way you plan to run your business or with the products and services you offer. In this scenario, you’d be able to easily look at your existing strategy and take an objective assessment of where you need to make changes. For instance, as a result of the COVID-19 pandemic that impacted every aspect of life in 2020, many business owners had to adjust the way they ran their businesses to accommodate for the health precautions necessary for everyone to stay safe. You could also decide to make a pivot or adjustment due to a shifting economy, changing your business model, adjusting your ideal customer, or simply because you’ve chosen to take your ...