If you have the entrepreneur spirit, then I can’t stress enough the importance of writing down your goals in a form of actionable plans. I’m sure I’m not the only one to wake up with ideas and yearn for the means to bring them to light. The reality is, anyone can have an idea but how many of us can manifest the dream into a reality. You’ll find that there are countless startup business ideas that can be self-funded however, when the time comes for you to ask for help, you’ll need to have as close to a concrete plan as possible to show your prospects. That is where a business plan comes in handy.
How to write a 1-Page Business Plan
The purpose of a business plan is to act as a roadmap to the success you envision. Writing a one-page business plan helps the new or small business owner focus on communicating the vision and main components that make up the company. A business plan is a great option to write even for a single-employee business. It brings a look of professionalism through defining the objectives of the business.
With this article I want to simplify the process of creating a “1-Page Business Plan” to help you get the ball rolling. Keep in mind that nobody has it all figured out so if you can fill in the blanks with the following elements, you’re on the right path.
Please note that this is NOT the business plan you will use to solicit funds from a bank or investor. It’s merely a guide to organizing your thoughts before informing people of your intentions and to create interest in getting involved. Investors will require a more formal business plan to include detailed financial information, market research, competitor analysis and such.
Following are 4-key elements to help get you started with your plans:
- Company Vision
This is where you describe what you envision for your company.
Answer the question of why you do what you do. The hopes, the dreams, why you’re getting into this business in the first place.
For example: Do you want to revolutionize the healthcare system via telemedicine subscriptions? Tell us why here… - Mission Statement
Now that you’ve laid out why you want to get into this business, use the mission statement to explain what the business does and who the customers/clients will be.
Here you begin to identify the target audience. - Marketing Strategies – Once you’ve explained the why, and the how, now we need to know the what by answering the following:
– What will you do to get this business going?
– What is your marketing strategy?
– What are your plans once the business has begun?
– Can you identify growth opportunities from forming partnerships or expanding into a newer location?
– How do you intend to find and keep the new business?
– How much help do you need to operate the business? - Timelines
– Detail the dates leading up to, and including, the launch of your company. If you intend to market heavily prior to launch, indicate when that begins.
– Identify when you will be hiring additional staff and when you intend to secure a location (if necessary) for the business.
– Make note of the exit strategy with the following questions: What is your exit strategy? Is the goal of the business to create a buzz, enlist subscribers, then sell the name/brand? Will you need funding to expand into bigger markets? If so, how much and how long for a probable return on investment?
In the end, setting goals provides a roadmap for success. Of course, this plan is intended just to get you started however it is important that you have a document to refer to when unforeseeable challenges arise and your forced to change course or adapt to these changes.
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