Do you need to write a business plan but find it to be a grueling process? Take comfort in the fact that you can get started with a one page business plan. It may have only a few finer details of what you plan to achieve, but it sure packs a punch in the quickest, effortless way.
As a new business, you may not have the resources, time, or human resources to create a business plan that’s highly researched and detailed. Well-funded businesses have the luxury of time and resources to create full-fledged business plans that can run into several pages or slides. With this being said, one page business plans have unique advantages.
What are the benefits of a one page business plan?
A one page business plan describes your business idea briefly and effectively. It includes all the essential ingredients, such as financial projections, operational details, brand marketing ideas, and your end goal.
Investors are keen to spot the necessary details to win you their patronage. You needn’t be surprised when an investor appreciates a one page business plan that outlines your intention without consuming their time.
Here are the three key benefits of creating a concise business plan:
1. It’s easier to present
The shorter version of your business plan is easy to create and present. You need to focus only on what’s important without getting into finer details. Presenting a one page business plan is more convenient for your investor and your team as it does not waste much time.
Because of its nature, your investor understands and acknowledges that the plan is only an outline of the detailed activities you have in mind, so they do not expect finer details. You may not always have the opportunity to present your business plan face-to-face; this is where a brief outline of your business plan can be handy.
2. It makes you appear credible
Stepping into an investor meeting with a few complete slides will only work in your favor. If you walk in with a one page business plan instead, your investor perceives you to be more confident and sure of what you want to achieve with your business idea.
Many businesses need help to be concise and brief about their mission and plans. Investors look at one page plans as a great way to learn about your business without investing too much time.
3. It allows you to stick to the core
The devil lies in the details. Regarding business plans, the details could work in both ways. They could determine whether your idea is well-thought-through or lull your investor to sleep.
One page business plans eliminate the chance of getting into unnecessary details. They perform like a more detailed table of contents, outlining your critical operations, business, and marketing goals without getting into detailed specifics.
What goes into a one page business plan?
The ingredients of a one page business plan may be a few, but they are vital. Here are eight essential components your business plan must contain.
1. Unique value proposition
Your business idea came to you with an important feature: its unique value proposition. A value proposition is simply putting what your business does in a single articulate line. It could shed light on how your business differs from its competition without explicitly mentioning the same.
Consider it a one-line description you would give someone when asked, “What does your business do?”
2. Customer pain points and your solutions to them
You are creating a business that solves a problem. The beneficiaries of this business solution are your customers. They may each come with a unique set of challenges that your solution can solve.
If your one page business plan outlines these challenges, your investor will be more confident in your offer. Make sure you mention only those pain points that your business can solve.
3. Business model
Your business model visually explains how your company will sustain itself, deliver effectively, and operate flawlessly.
Business models may not be restricted only to the workings of a business but also to other factors that may be economic, social, and environmental. Avoid replicating commonly used models because investors prefer innovation and fresh thoughts.
4. Target market
You have identified your customer, but do you know where they reside?
Knowing your customer’s location, consumption habits, and interest areas will help you define a target audience. It also helps you build your marketing and sales strategy once you know the market you want to advertise to.
5. Competitive advantage
There is a slim chance that your business idea is the only one in its category. It is implausible that no other brand or business is already addressing customer pain points.
So, what sets your business apart? Mention the competitive advantage that your business brings to the table. It helps when you have an advantage over more prominent players in your space.
6. Management team
So, who will front your business? Your investor would love to see the names and bios of individuals leading the business.
Pick a management team who will stick by you through thick and thin as your business blossoms from its infancy to its fully matured self. If you are a solopreneur, be proud of it and mention it in your business plan.
7. Financial summary
Here is the most challenging part but also the most critical one. Here, your investor may have to put their money into realizing your business ambition. Be specific and detailed about your business's money and the money it needs to thrive.
Mention other investors who may be interested in your business. Include your balance sheet, income statements, cash deficits, and cash flow projection. Getting a business loan hinges on this step, so be transparent about your spending.
8. Funding needed
It all boils down to the amount of funding needed by your business. This point is intentionally the last on the list because when you get here, you must have already considered everything and included it in your one page business plan.
Be realistic with your numbers. If it is a large number, offer a stage-wise funding strategy to keep your investor interested.
The 5 best places to get a one page business plan template
Thankfully, the internet is full of valuable tools to help you quickly build a one-page business plan template. Here are five of the best options we handpicked for you:
If you want to create a one page business plan with minimum effort and maximum effort, then Hubspot could be the right choice. It offers eight simple sections, including Business Opportunity, Target Market, and Marketing Plan, which you can select and populate.
Get all the essential ingredients needed to cook up a one page business plan that sells with Monday.com. The no-frills template will help you present your pan with ease.
If you love a simple drag-and-drop PDF editor to create a one page business plan, then Jotform has the right solution for you. The single-pager can then be printed and presented to your investors.
Bplans offers a free one page business plan template. The sections are clearly demarcated and allow you to add more than just a single bullet point under each one.
Sometimes, you should include more details in your one page business plan, owing to the nature of your business. This is where Atlassian’s templates can help you with all the necessary complexities included in it.
Frequently asked questions about creating a one page business plan
What are some commonly asked questions making a one page business plan? Get your questions answered with these three FAQs.
1. Can a business plan be on one page?
Absolutely! A one-page plan can provide you a bird's-eye view of your entire strategy and activities, helping you to keep your eye on the ball. In order to create a more comprehensive standard business plan, one-page business plan templates are an excellent resource.
2. What should a one page business plan include?
Include the following details in your one-page business plan: Outline the issue your product addresses or the gap you fill, the nature of the industry, your intended audience, the nature of your business, the launch strategy, the marketing strategy, the financial model, and the amount of capital you will require.
3. Can I start a business without a business plan?
It’s up to you, but it’s highly suggested. While a business plan is crucial for any new venture, whether it's an LLC or a one-person operation, not all entrepreneurs agree. Despite the widespread belief that a written business plan is unnecessary, many entrepreneurs still resist putting their ideas on paper.
Business plans are necessary tools to help your ideas turn into enterprises. Even though you may create them for an investor or partner to see, putting this data together concisely can help you gain insights about your business you may have never had before.