How to Write a One Page Business Plan
Businesses fail for several reasons: Product without business model, poor marketing, ignored customers, lost focus, etc. Today we’re going to talk about a writing a business model. We’re also going to understand why it’s so important to have and finally tailor your business plan to work for you.
The Importance of a Business Model
The importance of a business model is to clearly state what you do how you retrieve business and what methods will you take to gain a sale. Regardless of your business: podcast, side hustle, or full time you need to have a business plan to constantly refine your business framework for all the steps that you are doing. Many failed founders focus on the design and marketing and forget how and why they are making money (myself included). It makes sense, as business owners we are always pulled from one direction to the other. As a business owners we need to constantly ask ourselves where are we finding clients? What analytics play a role in our company? Passion is dope, but sales funnels are super-duper.
Many businesses have Fyre Festival style failures. For example, tutoring company Tutorspree was poppin’ in 2011. The company tackled the franchise-happy tutoring market, think Kumon but accessible via the internet. The company had raised 1.8 million with a great idea and a large round of investors, in its heyday the company had 10 employees with 7,000 online tutors. The problem was the company did not plan scale. Six months after the company raised all that money the company shut its doors.
“Failed founders seem to agree that a business model is important – staying wedded to a single channel or failing to find ways to make money at scale left investors hesitant and founders unable to capitalize on any traction gained.” The company explained that they didn’t plan to scale, they focused so much on the analytics and pitch that the company didn’t write a business plan or create a scale up model.
Don’t worry it happens to most of us when we start our business. We think short term and not play the long game. There are several ways that a business model will help you organize your thoughts and level up your strategy.
1. Business Model must be Agile
Remember when you played tag on the playground? There were so many people on the playground that had different strategies from being it. Some people hid, and some people would always find themselves chasing after people. The best folks were people the people who would always switch up their method to not being called it. This is Agility. Agility is the act of changing when things do go according to your way.
Your business plan shouldn’t be one and done, it should consistently be redefined and tailored to the common goal of making sales and creating an impact on your lives and others. Former Pepsi CEO, Indra Nooyi would make it a point to go into different stores every week and see if her brand was being represented in the right way. She also makes an overall business plan to fit in her life. Nooyi and her business plan list would be written in two columns—one side the personal, the other the professional—that both live on a single page. Nooyi and so many others recognize that your business will change, but it’s important to change and refine.
2. Creates a Business Portfolio
Every business has a myriad of tasks and obligations. Creating a business plan will always draw you back to your bottom line. The goal is to constantly see a what and how company is operating and where does the company need to focus on.
Take the Money and Flow Podcast Business Portfolio. The podcast offers one product which are episodes, but there are other pieces of the Podcast Pie. The pieces now are equal but there will be times that different task will be more of a focus. It’s very similar to diversifying your portfolio in investing. Always looking at the portfolio will keep the company in check.
3. Helps you Redefine your WHY
Missions statements are often ignored. Business plans help companies always go back to the WHY. Including mission statements in business plans help companies redefine their WHY.
Why your business plan must be one Page ( provide business model for companies)
One should not spend so much time on business plans. According to Patrick Bet- David the benefits of having a one page:
· Assess Relationships
· Assess Connectivity and Engagement of the Business
· Access what’s Good, Bad, and Ugly
Let’s get started
One Page Business Plan Layout
1. Objective (State)
What do you want out of your business plan? It’s important to state why you are doing what you are doing
2. Mission Statement
Explain your WHY the importance of it.
3. Target Audience
Who are you selling to, what is their age, Why do they need you?
4. Short Term Goals
This should be within the next 3 months
5. Long Term Goals
3-9 months and beyond.
6. Influencers
Who is in similar industries and what are they talking about?
7. Sponsorship/ Capital/Etc
You tryin’ to get money? How and Who?
8. Social Media
Where can they find you?
9. Engagement
How are you reaching out?
10. Portfolio
Where do you need to spend a bulk of your time
*** Budget***
I’ve included a budget to my business plan just to get a brief overview of how much I am spending
Here’s and example of the business plan for the Money and Flow Podcast. I’ve included my goals for the next couple months.
Objective (State)
Marketing for Brand-Sponsorship for brand; Long termStream of revenue
Mission
To bring financial wellness to professional women and women of color and introduce them to Financial Planning.
Competitive Advantage
There are 3 camps Financial Planning, Personal Finance, and wellness and I am a Financial Wellness Strategist helping bridge all together.
Podcast Frequency
(how often) Weekly every Wednesday
Target Audience – Professional women, already have it together in their careers (close to it) and want to level up with money Ages 27-40
Goals
Short Term
- First sponsorship (Q2)
- Email Marketing done for the podcast ( 3/15)
Long Term- Have sponsorship as a stream of revenue
Influencers
- 2050 Trailblazers
- Clever girl Podcast
- Freedom to Launch
-Felicia
Social Media -Instagram, Facebook, Pinterest
Accountability
-WOC Podcast group
- Antoinette-we meet every Friday
