You can create a long form or short form business plan. Long form business plans will be required if you’re planning on raising capital.
Short form business plans will be all you need for internal use.
In this article/video we’re going to focus on creating a One Page Business Plan in just a few minutes.
You just need to create one sentence answers to some important questions.
It’s important to point out that your business plan is a living breathing thing that will constantly be changing and evolving.
It makes sense to review these questions before you start your business because it allows you to see the work you need to do before you launch and start risking time and money.
It also makes sense to review it every two or three months after launching to make sure that something important isn’t slipping between the cracks.
I’ve created a One Page Business Plan tool that you can use to create this and keep everything organized. The link will be in the notes for this video.
In order to answer the questions in the One Page Business Plan you will, at least, need to have a business idea.
If you don’t have one, watch the videos about the “Theory Of Pii” and “Business Models”.
So with all of that said, these are the questions that you need to answer.
One Page Business Plan Template
Problem / Solution
- What is the problem you are solving? (Problem solution framework)
- What are the existing alternative solutions? (Video: competitor research)
- What is your solution?
- How is your solution different / better than the alternatives
- (Video: USP)?
- How will your customers measure success?
- How will you measure success in your business?
- What is your advantage (knowledge, experience, access)?
- How will you build credibility/authority?
- Who is your target customer? (Video: customer research)
- How will you make them aware of your solution? (Video: marketing section)
- How will you convert a portion of them into customers?
Business Model (Video: business models)
- What are your revenue streams?
- What is your pricing?
- What are the startup costs?
- What are the ongoing costs?
Impact Goal (Video: Impact section)
- How will it have a positive impact?
- How will you measure your impact?
Financial Goal (sell a business, raise capital)
- What is your target revenue/profit/valuation?
- What is the key metric that allows you to reach this target
- (e.g. number of sales, subscribers)?
- What is your deadline?
- Do you plan to sell the business, raise capital, or keep the business?
You should also check out our business startup checklist.
One Page Business Plan Example
For example, let’s assume that you are a nurse by training, you’re passionate about yoga and you have some strong views about the benefits of yoga for pregnant women.
Here are 5 potential scenarios (in order of most passive to most active):
Scenario 1: You just want to create content about yoga. That’s it. You create a blog, YouTube channel, or Podcast and monetize it with ads and affiliate revenue and you keep the business.
Scenario 2: You want to create and sell a yoga workout or course and keep the business.
Scenario 3: You want to sell yoga services. Sell the business in 2 years.
Scenario 4: You want to sell yoga products. Sell the business in 2 years.
Scenario 5: You want to create a yoga app. Raise capital in 2 years.
For this example, let’s say you want to offer prerecorded yoga classes for pregnant women in a mobile app that you sell with a monthly subscription but you know that it will take time to build the app and build subscribers.
So you will offer one-on-one yoga services to pregnant women in your local area while waiting for the mobile app to be built and take off.
This is what your one-page business plan looks like:
What is the problem you are solving?
Pregnant women can benefit from yoga but they need yoga routines that have been customized for their stage of pregnancy and other unique circumstances.
Who is your target customer?
What are the existing alternative solutions?
Regular yoga studios that provide ‘one size fits all’ yoga lessons
What is your solution?
One-on-one service and a yoga app
How is your solution different / better than the alternatives (USP)?
Yoga lessons have been customized for pregnant women.
How will your customers measure success?
More comfortable pregnancy and improved health
How will you measure success in your business?
Sales of one-on-one services and mobile app subscriptions
What is your advantage (knowledge, experience, access)?
Expert knowledge of yoga, former nurse, did yoga while pregnant
Which marketing channels will you pursue?
Facebook ads targeting pregnant women and a blog optimized for search
What are your revenue streams?
What is your pricing?
What are the startup costs?
What are the ongoing costs?
How will it have a positive impact?
Help women to have a more comfortable pregnancy
How will you measure your impact?
Number of customers
Number of testimonials
What is your target revenue/profit/valuation?
Profit of $20,000 per month from the mobile app and valuation of $1 million
What is the key metric that allows you to reach this target (e.g. number of sales, subscribers)?
1,000 subs x $20 per month = $20,000 per month
What is your deadline?
Do you plan to sell the business, raise capital, or keep the business?
Raise capital and scale