Having a business plan is an absolute necessity if you want to be successful. There’s rarely ever a situation where we wouldn’t recommend having some kind of plan before you decide to start up your business. Unfortunately, it’s also difficult to come up with a comprehensive plan especially if you’re just testing the waters and looking for unique ideas to try out. So in this article, we’re going to talk about how you can create your very own one-page business plan in just an afternoon to help you solidify your ideas.
Start with the common denominators
The first thing to start with are the common denominators. What are the things that all businesses need and how will you obtain them? For example, how will you get funding? Where will you register your company? How will you hire staff?
These are things that all entrepreneurs need to think about before even starting up their business. Companies such as Your Company Formations UK Limited are great for this because they’re an inexpensive way to register your business so that you can accurately judge how much you’ll be spending to start your new business.
It’s vital that you start with these common things so that you can get a better idea of how to start a generic business. In the future, if you decide to restart your company or try a new idea, you can do so by using these common denominators.
Defining your product or service
You’re not a business until you have something to offer. Whether it’s entertainment, services or products, you should define what it is that you’re going to offer your customers and how you plan to monetize it. If it’s simply a product, then monetization likely isn’t a factor. However, if your business involves offering content such as audiobooks or comedy over the internet, then having a monetization strategy is very important.
The reality is that many startup ideas and business plans end here. It’s difficult to truly define your product or service into something that offers a unique sales proposition without being overwhelmed by the competition, so it’s vital to extra steps during this part of your business plan.
Understanding your target audience
While the audience for your product may change in the future, it’s vital that you set an initial expectation of who you plan to aim your product or services towards. This will generally affect every situation that you get into for the foreseeable future, and until you modify this customer profile afterwards, it should be the standard aim or goal for your business.
Having a customer profile makes it easy for you to make decisions for your products and services. For instance, if you need to split your funds between two different investments, then using your target audience as a goal can help you make difficult decisions.
The plan is mostly done at this stage. Once you’ve established the fundamentals, defined your products or services and understand your target audience, it’s just a matter of putting everything together.