Starting with a Single-Page Business Plan
This piece aims to guide you in crafting a succinct single-page business plan that clearly communicates your primary goals and strategies.
We will walk you through the key elements of a single-page business plan, provide practical tips, and illustrate with examples.
>> Scroll down for the downloadable Single Page Business Plan template
We have prepared a convenient downloadable template for immediate use – scroll down to get it.
Don’t forget to explore our extensive collection of One Page Business Plans >
1. State Your Primary Business Goal
Start by succinctly defining your primary business goal in one or two sentences. This should be a concise statement that encapsulates the main purpose of your business. For instance:
“My business will focus on designing and selling footwear that alleviates foot discomfort and enhances mobility for individuals with foot issues.”
or
“My business will provide online education for aspiring electricians, offering online credentials and knowledge verification through online exams, video content, and interviews with practicing electricians.”
2. What Exactly Will You Offer?
Detail the product or service you plan to offer as specifically as possible. This clarity will help you, potential investors, partners, or customers to better understand your business. Describe your product or service in two or three sentences, like:
“We will offer specially designed orthopedic shoes with cushioned insoles, arch support, and flexible materials to provide comfort and relief for individuals suffering from foot pain.”
or
“Our online platform will provide comprehensive courses, practical exercises, and assessments in electrical theory and practice, along with access to a community of seasoned electricians for mentorship and guidance.”
3. How Will Your Product/Service Distinguish Itself?
Highlight what sets your business apart and how it will differentiate itself from competitors. This could be a unique selling proposition (USP) or a distinctive feature of your product or service. Describe this in two or three sentences, like:
“Our orthopedic shoes will differentiate themselves from competitors by merging cutting-edge materials with fashionable designs, making them both practical and stylish.”
or
“Our online electrician education platform will distinguish itself from others through our emphasis on practical, hands-on learning and direct access to industry professionals for personalized guidance and support.”
4. Conduct a Basic Financial Projection
Estimate your potential revenues and expenses to assess whether your business will be profitable. You can use a simple financial forecast spreadsheet to assist with this process. Consider the following questions:
- What amount of money will you require to cover startup costs and monthly expenses for the first year?
- Where will you source the money to launch and grow your business? Will you fund it yourself, seek loans, or look for investors?
- What are your anticipated revenue streams, and how will they contribute to your overall profitability?
Downloadable One Page Business Plan Template
Fill it out and refine it as you progress. Here’s the Free Downloadable One Page Business Plan Template >>
5. Where Will You Reach Your Customers?
Identify the channels and strategies you will employ to connect with your target audience. This may include:
- Online advertising (e.g., Google Ads, social media ads)
- Content marketing (e.g., blog articles, videos, podcasts)
- Social media engagement
- Email marketing
- Partnerships and collaborations
- Trade shows and events
6. Define Your Target Audience
Determine who your ideal customer is by considering factors such as demographics, purchasing habits, and values. The more specific you can be, the better you can tailor your marketing efforts to reach them.
For example:
“Our target audience comprises men and women aged 30-60 who suffer from foot discomfort or pain, value quality and style in footwear, and are willing to invest in solutions that enhance their quality of life.”
or
“Our target customers are individuals interested in becoming an electrician, who value flexible learning options and practical, hands-on training. They may be career-changers, recent high school graduates, or professionals seeking continuing education opportunities.”
7. Estimate Market Size
Investigate your target market to determine its size and potential for growth. You may need to consult industry reports, government data, or other sources to get an accurate estimate. Explain why you believe the market size justifies your business efforts.
8. Identify Your Competition
List your main competitors and analyze their strengths and weaknesses. This will help you understand the competitive landscape and identify opportunities for your business to stand out.
You need to figure out where your business fits within the known competitors.
9. Evaluate Your Competitive Advantage
Explain why you believe your business can compete effectively against your competition. This may involve your unique selling proposition, superior product features, or a more efficient business model.
10. Assess Your Skills and Resources
Consider whether you possess the necessary skills to run a successful business, such as communication, marketing, organization, finance, and people management. If you lack certain skills, identify how you can acquire them, whether through self-learning, hiring, or partnering with others.
Finally – Identify the Five Most Crucial Next Steps
List the top five steps you believe you need to take next to advance your business. These might include refining your product or service, developing a marketing plan, or seeking funding.
It’s okay if you’re uncertain; make your best guess and revise as needed.
What Are Your Next Steps?
Now that you’ve completed your single-page business plan, determine your immediate next steps. This may involve seeking a business mentor, refining your plan, or starting to implement some of the steps you’ve identified.
“I strongly advise you to find one or more business mentors who can review your responses in this Short Format Quick Business Plan to guide you. “
Most likely they will focus on areas that require more attention and will be able to provide you with insights on what’s coming and offer valuable advice based on their experience.
In Summary: The Key Concepts
- Clearly define your main business objective and the product/service you will offer.
- Identify what differentiates your business from competitors and how it will stand out.
- Perform a basic financial projection to estimate profitability and funding needs.
- Understand your target audience and the most effective ways to reach them.
- Assess your skills, resources, and next steps to advance your business.
Top Tips for a Quick Single-Page Business Plan and How to Create One
- Keep it concise: A single-page business plan should focus on the most important aspects of your business, cutting out unnecessary details.
- Be specific: Clearly describe your product or service, target market, and unique selling proposition to help guide your marketing and business decisions.
- Be realistic: Base your financial projections and market size estimates on solid research and data.
- Continually update: A single-page business plan is a living document that should be revisited and updated regularly as your business evolves.
- Seek guidance: Don’t hesitate to consult with mentors or industry experts to gain insights and advice.
