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Don’t Forget Your Live Streaming Business Plan

Live Streaming

While a business plan doesn’t equal instant success, a business or live stream without one certainly doesn’t mean increasing them either. You need to develop a plan to be sure you achieve your goals and drive a sustainable business. Don’t simply go with the flow and expect positive results. You need to create goals, clear action steps and research your industry and competition to have a chance as the competition is fierce today.    

 

The following are the major components required to creating a live streaming business plan: 

Discover Your Niche

What does your live stream focus on? What are the things you are passionate about or what to share with other viewers? A niche is a specific category or industry. It is designed to help better market your channel and create more streamlined content. For example, video gaming is by far the most popular niche or industry to stream online. 

 

Study the Competition 

Study and observe your competition. This is done through a market analysis where you research and evaluate your competition and your target audience to ensure you know what to do too successfully. For example, what are your competitors doing to stand out and be different? Why are they successful? What strategies are they implementing, and why does it help make them successful? Is there a way you can do better, or is there a whole within this niche to tap into and improve?

 

Determine Your Value Proposition 

After you study your competition, it is time to narrow down your content further. Your niche is the industry, but now you need to discover what value you can bring to it. Why should viewers come to your stream and subscribe or donate over others? Who are you? What do you do? What is your stream all about? Who is your target market or ideal viewer, and why? What problems do you want to solve? 

 

Highlight Your Resources

Then you need to highlight the resources and costs it takes to run the business. What resources, tools, and other things do you need to fund your live streaming business? 

 

Create Your Monetization Strategy

How do you plan to monetize your live streaming business, and when? First, make sure they relate to your niche and something your audience will understand and get behind. 

 

Marketing Strategy and Financial Projections  

Lay out how you plan to grow your business and how each monetization strategy will fund your goals and potential future as a streamer. 
Use this list to create your own business plan today. To experience success, you must have a business plan, even as a streamer. Tools like LivePlan can help you further refine the process and make it easier to complete. Remember, plans can and should change. So always take the time to come back to it, evaluate it, and update it as your goals or ideas change.

 

 

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