Before building my business plan it is paramount that I conduct research into what makes a good business plan and what to include in the final plan to best project my goals and trajectory for the business’ future. As stated in my pitch blog post and video, this is part of the Future Cultures challenge of addressing the future in some way through a Digital Artefact, mine being a business plan for my social media management business.
LinkedIn update
In the pitch I stated I wanted to use LinkedIn to develop my professional portfolio. The research I have found on the importance of LinkedIn has found that you should use your LinkedIn profile to position yourself as an expert in your field. “LinkedIn is a great opportunity to build a business reputation, broaden your professional network and help businesses and connections know exactly who you are and what you do”. I used these steps outlined by Kangan.edu and developed my profile accordingly.
In terms of why a business professional should be using LinkedIn, “promoting and branding the self has also become a normalized, accepted phenomenon in ordinary people’s lives… professional adults of all ages manifest themselves online to emphasize their skills and proficiency, hence attracting contacts, contracts, customers, or employers” (van Dijck, 2013).
“An updated profile is a great way to ensure that you can be found by right people at the right time. It’s also an excellent way to find job opportunities and connect with recruiters”
LinkedIn
My LinkedIn Profile Update
Research: weeks 1 – 4
Initial Business Plan research
I used podcasts for most of my research into effective business plans as it was an efficient use of my limited schedule.
This podcast highlighted 7 key areas to focus on when completing a business plan that is easy to understand and follow.
- Research the industry
- Define purpose of the business plan
- Build a company profile
- Explain the financials
- Marketing Plan
- Make the plan adaptable – set a recurring task to revisit
- Highlight the uniqueness of the business
The Business Bible highlighted some social media concerns from an influencer point of view which is more relevant to my interest in social media rather than a business plan however, gave me some good insight into how different people manage their profiles and multiple businesses at once under the one brand or persona.
- Who is the customer?
- How will you reach that customer?
- How will the business operate and be structured?
- What are the financial projections?
Also highlights the concept of the ‘Lean Business Model Canvas’ which is a one-page business plan that answers these questions which can be launched and iterated quickly.
Initial Research from Pitch
- “The purpose of a Business Plan is to define the business and explain in as much detail as possible how the venture will operate in the current market” – Hormozi, et al. (2002).
- “A good business plan not only helps entrepreneurs focus on the specific steps necessary for them to make business ideas succeed, but it also helps to achieve short-term and long-term objectives” (Longo, 2019).
Industry Research
- Audiences on social media are spending exuberant amounts of time online – businesses need to move towards expanding their potential on social media in order to reach their target audience
Pro’s of social media management industry as a career:
- Can travel whilst working
- Creative freedom
- Job market expected to grow 10% in the next 8 years
- Working with a diverse range of industries
- Demand for social media marketing is growing
Hard vs Soft skills
How to build a clientele
- tune into key words
- tailor content for specific buying / searching stage
- interact without being pushy
- be patient
Initial Business Plan building
- Industry research to begin the plan
- Hard vs soft skills needed in social media management
- Trends, tools and people to follow in the industry
- Plan to re-evaluate quaterly
chats with chels 
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