Writing a business plan doesn’t have to be boring or complicated.
And it certainly doesn’t have to be long.
In fact, the longer your business plan, the less likely you will use it.
A business plan is meant to be used. It’s meant for you to make use of and revisit often. It’s not something you create once and store in some remote part of your hard drive.
If you have been avoiding creating a business plan because you find it overwhelming, tedious and time consuming, then I want to introduce you to the simple 7 steps to writing a business plan on a single page.
Yes, a one-page business plan.
Writing your business plan on a single page can be much less daunting and something you can easily use and modify as needed.
It’s a much more efficient and faster way of writing a business plan – one that you will actually use – and won’t take a lot of time or effort on your part as a traditional business plan.
So don’t waste too much time starting a business plan, and start with the following 7-step plan to developing a business plan from scratch for your online business.
Step 1: Know Your Target Audience
If you’re going to create a product or service that people want to buy, then you’re going to have to first understand the needs of your customer – their fears, frustrations, challenges and desires.
If your customer doesn’t have a need for your product, then there is no point in creating it in the first place.
But that is exactly what many aspiring entrepreneurs will do. They will often spend months and sometimes even years developing a product or service that no one has any interesting in buying. This is probably the most inefficient way to create a sustainable business that will create real results.
Instead, it’s better to get input and feedback from your customer while developing your product.
First ask at least 5-10 prospective customers or clients what challenges they are facing and if they have a need for your solution. If not, keep digging deeper until you have something they might be interested in buying.
Armed with this knowledge you will find it much easier to develop your solution.
Step 1b: Create an Ideal Customer Profile
You probably already know the importance of demographics (age, gender, location, etc.), but what many entrepreneurs often overlook are factors like customer interests, buying behavior, etc. Knowing these things may seem trivial, but it’s extremely insightful to have this data at your disposal.
For example, if you do any sort of advertising on Facebook, then knowing your audience’s interests can help you target the right people. If you are going solely on basic demographics, then you won’t be targeting your ideal customer and will end up paying more for traffic.