For all business owners, it’s critical to have a business plan. Whether you aim to open a one-person freelance business or an international multi-million dollar company, having everything planned out is important. However, your business plan doesn’t need to be 50 or 100 pages long to be effective. A short one-page business plan is good enough, at least to begin with. Here are things you need to know about how to do a one-page business plan.
In This Article:
- What Is a One Page Business Plan?
- Why Should You Make a One Page Business Plan?
- How to Write a One Page Business Plan
A Detailed One Page Business Is the Key to Success
What Is a One Page Business Plan?
Before anything else, you need to know the foundation of what a one-page business plan is. Essentially, it’s a simplified version of a traditional operation plan which focuses on the main aspects of the business. Although it might be a shorter version business plan, it still has the same structure as the standard one and serves as a buffed-up pitch document.
The standout difference is that a one-page business plan must fit precisely on a page in font 12pt or 11pt to make it readable. In addition, one-page business plans are a lot easier to elaborate on and expand on later.
Why Should You Make a One Page Business Plan?
There’s a saying: “it takes money to make money.” That’s why many business owners and entrepreneurs find themselves in a situation where they have to look for investment from banks or investors. And your prospect financiers want to know what will become of their money once they hand it to you. More importantly, they would love to know your plan on how to make more money from their investment.
This is why a full-fledged business plan is required. And an average 50-page long is often too long for most investors to read for the first time meeting you. That’s when one-page business plans come in, as they’re short while still have the most core aspect of your future plan. Here are some more reasons you should use a one-page business plan.
Sometimes you can get sidetracked or easily carried away when dreaming about your future business. And you will end up making the plan longer than it already is. A one-page business plan will make you focus more on how to express your ideas in the shortest and clearest way possible. While without losing the core factors and critical points of your ideas.
Have a Look at the Bigger Picture
You’ll be forced to leave out the extra unnecessary details when you’re limited to a page. This makes you automatically look at the bigger picture. As a result, help guide you to take the right path in making decisions when you put your plan in motion.
Create a Business Model
A good business plan will help you identify the external and internal factors that form the business model’s foundation, which can tell you all about the business’s current state, such as competition, potential customers, products.
How to Write a One Page Business Plan
All great effective one-page business plans all have these factors. So if you want to write one for yourself, have a look at these factors.
Your whole business ideas rely on solving specific problems that the market has. Therefore it would be best for you to describe the market needs at the beginning of the plan. And don’t forget to describe it clearly.
Your Business Solution
After describing the problems, it’s time to explain to them how your business is planning to solve them.
And for sure, you’re not the only one who tries to solve that specific problem. So you need to research your competitors and come up with strategies to compete against them. For this, you will need to do a little strategic thinking.
Focus on the group of customers you want to sell your service or product to as they will be the primary target market.
Knowing your target market and your competitors aren’t good enough. It would be best if you also had a plan to promote your product or service and convert those people into your customers.
To track your progress, you have set a particular milestone or checkpoints.
You can not run a successful business only by yourself. It’s great to have a team of dependable people to help you out. Tell your investor who they are, what their skills and experiences are.
Finally, list out the resources and people you need but can’t afford without outside investors’ help. Be clear and specific!
A one-page business plan may seem brief and easy, but even big businesses can have a hard time boiling themselves down into a single page of information. It’s essential to stay focused on what you do and apply these ideas to guide your business on the right track.
Have you ever made a one-page business plan before? If not, are you planning on making one in the future? Let us know in the comments section below!