Do you know how important it is to have a Business Plan, but are still struggling to actually get it done?
You might not know this, but it is possible to start with a condensed version. This takes away that feeling of being overwhelmed and not knowing where to start, while at the same time, ensures you are planning for the next stage in your business.
It can be as concise as one page, which is why I want to introduce you to the concept of the One Page Business Plan.
I recommend your One Page Business Plan contains these sections:
In this section of your One Page Business Plan, give an overview of your business and the idea behind it.
Give a brief description of your ideal customer, list your products and / or services and explain briefly how your offering solves the problems that your ideal customer has.
What do you want to see happen in your business in the next period of time? (This could be a month, quarter or year. Business Plans are typically done for the year, but decide what works for you).
This is where you can list those dreams and goals at a high level.
You’ll need to break down those goals, and get clear about what you want to achieve, and by when.
This section of your One Page Business Plan is all about breaking down the goals you listed into manageable chunks that you can work towards achieving, within realistic timeframes.
What will you charge for your products and services?
As part of this, I would encourage you to make sure you’re covering your costs and making a profit. You’d be surprised how many businesses are not, because of miscalculations!
Also, check how your pricing compares to what your competition charges.
If too cheap, people will wonder if your offering is defective or substandard in some way.
It’s fine if your prices are on the higher end of the scale, but you have to make sure you are delivering equivalent value. Your ideal customer also has to be able – and willing – to pay for it.
Marketing & Sales Plan
Before your ideal customer can buy from you, they need to know that you exist.
So, how will they get to hear about you, what you do and what you have on offer and how you’re different from your competition?
Will you advertise, or do you have other plans to get some media exposure?
Think about the activities you will undertake to get the word into the public domain, how, and what media, and include that in your One Page Business Plan.
Here, you need to commit to some timelines.
So, remember those objectives you listed above? Break them down even further into tasks, and for each one put down a realistic completion date.
That will make sure your plans are firmly rooted and realistic, as opposed to being pie-in-the-sky aspirations that you have no chance of achieving.
A Business Plan is a living document. That means it’s something you should re-visit regularly and finetune.
It doesn’t matter if you don’t have all the details upfront. Start with what you know for now, and refresh your plan as you get the clarity you need over time.
I would recommend refreshing your Business Plan once a quarter.
To make things even easier for you, I have produced a One Page Business Plan template, with the sections, prompts and examples you need to create one of your very own.
Click here to get it, and happy planning!