Chapter 2
IN THIS LESSON
Welcome to Lesson 3! Now that you’ve nailed down your brand, it’s time to talk about planning and budgeting. Every successful business—no matter how small—needs a plan. Don’t worry! You won’t need a fancy spreadsheet or years of experience to figure this out. This lesson will walk you through simple steps to organize your ideas, create a basic business plan, and manage your budget.
Lesson Goals
By the end of this lesson, you will:
Create a simple business plan with clear goals and timelines.
Learn the basics of budgeting for your business.
Identify the essential resources you’ll need to get started.
Set achievable short-term and long-term goals.
Part 1: Why Every Business Needs a Plan
A business plan helps you stay organized, track your progress, and solve problems before they come up. Think of it like a roadmap—it shows where you’re starting, where you’re headed, and how you’ll get there. It doesn't need to be complicated, just a clear outline of what you want to achieve and how you’ll make it happen.
Here’s what to include in your plan:
Your Mission: Why does your business exist? (Hint: Use your brand message from Lesson 2!)
Products/Services: What exactly are you selling or offering?
Target Market: Who are your ideal customers? (Use your customer profile from Lesson 2.)
Goals: What do you want to achieve in 3 months? 6 months? A year?
Marketing Plan: How will people find out about your business (Instagram, flyers, word of mouth)?
Activity:
Create a mini business plan using the template above. You can write it out or type it up—whatever works best for you.
Part 2: Budgeting Basics for Beginners
Now that you have a plan, let’s talk budgeting. Even if you don’t have a lot of money to start with, budgeting helps you figure out what you need and how to manage what you have. Here’s a quick guide to help you get started.
Three parts of a budget:
Start-Up Costs: One-time expenses like supplies, website fees, or packaging materials.
Monthly Expenses: Things you need to pay for regularly (website hosting, shipping, advertising).
Revenue: How much money you expect to make.
Example Start-Up Budget for a Tote Bag Business:
Supplies (paint, blank tote bags): $100
Website fee (Wix, Shopify, etc.): $10/month
Shipping materials: $30
Advertising (Instagram ads): $50
Activity:
Make a list of the start-up costs you think you’ll need for your business. If you’re not sure, just take your best guess—you can always adjust it later!
Part 3: Setting Goals That Work
Setting goals helps you stay focused and motivated. Your goals should be specific, realistic, and have deadlines. Try using the SMART method:
Specific: Clear and detailed (e.g., “Get 100 Instagram followers in 3 months”).
Measurable: How will you know you’ve achieved it?
Achievable: Make sure it’s possible based on your time and resources.
Relevant: Does it align with your business idea?
Time-bound: Set a deadline.
Activity:
Write down one short-term goal (something you can achieve in 1-3 months) and one long-term goal (6-12 months). Use the SMART method to guide you.
Part 4: Resources – What Do You Need to Get Started?
Take a moment to list the resources you’ll need to launch your business. Resources could include:
Supplies: Raw materials or products you’ll sell.
Technology: A website, social media accounts, or design tools.
People: Friends or family who can help with tasks like marketing or shipping.
Time: How much time will you spend on your business every week?
Activity:
Make a list of resources you have now and resources you still need. Don’t worry if you can’t get everything right away—you’ll figure it out as you go.
Wrap-Up & Key Takeaways
A business plan helps you stay focused and track your progress.
Budgeting helps you manage your money and avoid surprises.
Set short-term and long-term goals to stay motivated and measure your success.
Identify the resources you need to launch your business—and start where you are.
Homework:
Complete your mini business plan and list your start-up costs.
Set at least one SMART goal for the next 3 months.
Identify any resources you need and brainstorm how to get them.
Next up: Marketing 101—we’ll explore how to get the word out about your business without spending a ton of money. Social media, word of mouth, and more! You're already making amazing progress—keep going!
