If you are starting your own business, the very first step that you should take is to derive a business plan. It is in this plan that you will outline the goals of your business, the steps that you will take to achieve your goals, the resources that you will need and the timelines. Over the years this document has shrunk in size from being a big one with numerous pages to one with just one page called as one page business plans.
Why one page plans?
As an entrepreneur when you are pitching your ideas to someone to get your business started, your intention should be to prove that your credibility and background are solid and that some thought process has gone into the business plan that you are proposing. In today’s fast world the attention spans of people are very short and the time that they can spend on things like this, even shorter. You need such plans that are short and specific to the point to convince them in that limited span of time. Even when you are drafting the plan for your personal use, a short business plan makes a lot of sense as it is easier for you to remember the specifics and act on them at a later time in appropriate ways, instead of having to refer the document every time you need some information. Also when all the necessary information is conceptualized to be in one page, it brings a lot of clarity to the idea.
What should such a plan contain?
- Your vision, goals or ideas
- Justification for selecting them indicating their criticalness or uniqueness
- A short brief about your target consumers and markets
- Resource requirements for achieving your goals
- Timelines with critical interim milestones
- Cost requirements with initial funding ideas
- Metrics for success to be measured
For bringing all these into a page, you need to have a deep understanding of what you are proposing to do. Once completed, it shows your commitment and passion towards the business that you want to get started. Also the fact that you have internalized the idea and brought it out in a single page should give your confidence a big boost.