Writing a business plan can seem like a daunting task – which is why many entrepreneurs and business owners avoid doing it. I get it – things move at such a fast pace today that creating a long and involved plan seems like a waste of time. But as I tell my clients, pulling together the critical information you need to define and grow your business is absolutely essential.
Enter Beth’s Easy Peasy Template
Writing a business plan on a single page forces you to focus only on what you really need to know in order to build a successful business. This makes it easier to develop objectives and a strategy and to track the progress toward your goals.
The beauty of a one-page plan is that it is a nimble template that is easy to change and adapt as your business evolves. Once you have a basic summary, you can expand it as needed, flesh out more details or add sections that address issues like marketing and human resources.
One-Page Business Plan Basics
A one-page plan should define the who, what, when, where and why of your business. The key is to keep your descriptions short and sweet (think bullet points).
Here are the key elements that should be included in your working template:
Value Proposition. Communicate simply and directly the value you are providing to your customers.
Market Need. Define the reason why your business exists. Consider your customer’s pain points or the problem your product/service can solve. Then describe how your product/service offers a better solution than any alternatives on the market.
Target Customer. Identify the audience that is most likely to buy your product/service. Be as specific as possible.
Competition. Describe who they are, what makes your product/service better, and how you will take advantage of the differences.
Sales Channels. Define where you will sell your product/service.
Funding. Whether you need money to open your doors or expand, decide how much and describe how you will use it.
Budget and Sales Goals. Outline what it costs to operate your business and the sales you need to generate a profit.
Team. If you are a sole proprietor, describe your qualifications for running the business. If you are looking to hire, list the responsibilities for all new positions.
A one-page business plan empowers you to articulate your vision, set objectives and map out a strategy for long-term success. Need help getting started? I’m a phone call away.