Understanding a Business Plan
So, you have a brilliant idea you want to put into a one-page business plan?
Planning is not everyone's cup of tea. But whether you dream of a multi-billion-dollar enterprise or starting a freelancing agency, a business plan is a must-have. Since you are just getting started, you do not need to fill the whole booklet. A one-page business plan will do.
A simple business plan spares one the jargon of beating around the bush. You approach the main points directly. In this guide, we will cover all about the one-page business plan. You will get to know what a one-page business plan is, its advantages and how you can create one. This article should assist you to come up with a simple business plan to push your business forward.
What Is A One-Page Business Plan?
One-page business plan templates are just like the name implies – business objectives incorporated in a single page. Often, single business plans are used for startups since you can quickly brainstorm content with your partners, fellow entrepreneurs, relatives, and friends. A one-page business plan is also used for pitching ideas to investors before preparing a more detailed business plan if approved. You can opt to prepare a business plan on your own by following its standard structure. Luckily online systems allow you to feel business plans in already designed business plan templates.
There is no significant difference between a one-page business plan, long executive summary, and lean business plan. The difference solely lies in length. While short business plan templates should fit a single page, a lean business plan is longer, spanning multiple pages with bullet points, and an executive summary cover between two to three pages in length with full sentences.
An ideal one-page business plan template should answer the following:
- Who are the target clients?
- Who are your competitors?
- Do you have any experience in management?
- What services do you offer?
- How will you provide the services?
- How do you plan to stand out from the crowd?
- How many resources does the business need?
- How many resources are you able to invest in the business?
- Who will assist you in implementing the plan?
A single business plan covers all stated questions in a condensed manner.
Advantages of A One-Page Business Plan:
There are many reasons why you should prepare a business plan for the ultimate success of your company. Chief among them is that following through outlined steps is a proven method of enabling a company to grow. However, different from the advantages of business plans, short business plan templates have unique benefits. They include:
- Straightforward Presentation.
One-page business plans enable potential investors and partners to comprehend the contents faster. A fifty-page business plan is an enormous task for you to explain or leave alone for somebody else to read, especially if it is for the first time.
The single-page business plan assists one to use words economically, such that only essential aspects of the business are covered. After that, you may then present a detailed business plan if required. - Focus.
A simple business plan template assists you in dealing with only the essential aspects of a business. Prospective entrepreneurs happen to get so excited about their ideas that they include things that are not necessary.
A one-page business plan will assist you to condense your thoughts and focus on what is essential. - Good First Impression.
When approaching busy investors, short business plans allow them to skim through the contents quickly. It is also easy to send an email or two, print it for interested parties, or throw it into a slide deck. Furthermore, you can share the contents effortlessly with your friends and family. When you focus on the essential things in a business plan, you will capture your prospects’ attention from the get-go. - Implementing the Project.
There is a thing about simple business plans that makes them reliable; you can focus on the bigger picture. While you are confident of the process to follow and achieve a goal, your focus is on achieving the given plan. As an entrepreneur, you can focus on the specific things that matter in the quest for business success.
The SWOT Analysis:
A SWOT analysis helps you organize the strengths, weaknesses, opportunities, and threats of your business. It is crucial to include a SWOT analysis as part of your planning process. Conducting a SWOT analysis before creating the business plan facilitates the process.
How does a SWOT analysis work? Here is a guide that will assist you in getting started.
- Strengths.
These are the positive factors, either tangible or intangible, that can make your business thrive. Analyze the advantages of your business. Also, state things that will make your business idea stand out. - Weakness.
Weakness is the aspect that may give you a competitive disadvantage, and hence you need to enhance these areas. Identify the elements of your business that may place you at a competitive disadvantage. Where can you improve? - Opportunities.
Opportunities refer to external factors that only indicate why your business is likely to prosper. Factors like the appearance of market opportunity, positive business perception, or new business product show opportunities. - Threats.
Threats represent the things outside your control that could jeopardize your business practice. In this category, you can identify your competitors, factors outside business you cannot control, and unfavourable trends that can challenge your business.
Contents of A One-Page Business Plan:
Now that you know the benefits of a simple business plan, it is time to understand its contents.
1. Market Gap
The main aim of business plans is to solve a problem, to make money while solving people's needs. You should, therefore, state the market gap the business will chip in and fill. Make sure you describe the market need clearly and straight to the point.
When writing the market needs, provide details and still state how your product or service is different. Be keen not to get consumed, giving too many details.
2. How You Will Solve the Need
The next step after showing the market need you have identified to state how your business will solve the need; the level of effectiveness your business solves the market needs to determine the amount of income you will make.
How to solve a need is where the idea of a one-page business plan template becomes both crucial and challenging. You must show how your business will outstand your competition in a sentence or two. Briefly explain your competitor's weaknesses and competitive capabilities. While doing so, focus on how it will matter to your target market. Just think, and rethink again, and you will finally get it right.
3. Business Competitors
There are high chances you are going to face competition. Likely other businesses are offering the same services. So, weigh in the business and the direct and indirect competitors. It will help you know what you will face and hence determine how you will approach the industry and succeed.
To help you get started, identify products and services you feel will give you stiff competition. More so, look at the areas where your business will thrive. Cover all these three with at most three short and straightforward points: risks, opportunities and rival products or services.
4. The Customers
State your target market that is the people you want to help to solve their needs. You should be able to describe your customers in detail, where they live and their aspirations.
The more specific you are to your target customers, the better. To help you get started, write some sentences about your target customers and those customers’ needs.
5. How You Will Reach the Client
You should state how the products will get to the target customers. This step is relative to sales and marketing. Plan how you will get the product or service to customers; that’s sales tactics and marketing plan.
In short, you will need to focus on and explain your sales funnelling methods. Is it through billboard printing? Or an internet ads campaign? Even if you have a multi-marketing plan, do not scatter. State a channel you are opting for and how it will generate profit.
6. Budgeting and Sales
In business, you spend money to get money. Specify the number of resources needed to get the company off the ground. What amount of money do you have, and how will you spend the help to fulfil your business objective? Also, state the duration you wish to sell and how you will make the sales.
7. Business Goals
You must state the goals you wish to achieve. As your business begins to grow, you will want to hit milestones. Indicate the milestones and how you will know that you made significant progress.
8. Business Team
What personality should your employees have? What skills or experience should they bring on board? State the details of your desired business team. More importantly, approach it with a competitive advantage as the bigger picture. Will excellent customer care give you a competitive advantage? State all those in this category.
9. Prospective Partners
To succeed, you will need the help of other businesses as well. For example, you plan to create a juice fruit startup. You will need someone to provide you with the fruits and suppliers to help get your products to the customers.
10. Additional Help
If you need some amount to top up with your capital, show it here. List the resources that you will need and people that can assist you with that.
Ready to Prepare Your One-Page Business Plan?
After going through all those, now is the time to hit the nail on the head. A one-page business plan template may seem like a walk in the park, but it is not easy as it may seem. It would be best if you started small and built your way up. There is a chance for a more detailed business plan later as your business begins to gain traction. A one-page business plan should be your go-to every time you have a new idea.
To avoid structuring the outline on your own, sign up to choose and download any one of our business plans from our business plan kit. We have over 2,000 ready-made one-page business plan templates used by businesses who want to get started. It is heavily relied on because companies do not have to start from scratch. All they need to focus on is the content. A business plan will assist you in planning for what is ahead. Get started today and make your business goals a reality.
-D12527.png)
