Tutorial: the One Page Business Plan
Just telling a small business that they need to create a business plan often strikes fear and loathing into even the sturdiest of entrepreneurs. Whenever I tell a client they need one, they look like I just told them they were being audited, kicked them in the weiner, and dry humped their dog. (See photo)The reality is that there are different types of business plans. Yes, there are the voluminous ones with reams of research and data, but those are usually reserved for projects where a source of funding is required. And I believe in these cases, a solid justification is both understandable and necessary. After all, if you are giving me $10 Million to launch a new business, you deserve to know exactly what I am going to be doing with it and exactly how I am going to be providing a return on your investment. But for most entrepreneurs, a huge business plan is just not necessary. For the majority of entrepreneurs, a business plan is simply a target that keeps your focus and the top level strategies for reaching that destination. This is where a 1 page plan is enough. Here’s what it should include. Business Description: This section is a top level view of what your company does. Company Mission: This is the most touchy-feely section of the plan. Highlight your real advantages over anyone else. If you don’t have any, you had better find some. Markets: This can be expanded or changed, but try to be as specific as possible. This will help you jump into the shoes of your prospects more easily.