We all know that writing a traditional business plan could be exhausting and very time-consuming. Your goal is to build out your business plan fast but the problem is that you don’t have a lot of time to spare. What’s the solution? Get started by writing a one page business plan.
What is a one page business plan?
A one-page business plan is a concise version of a conventional business plan that focuses specifically on the key areas of your business. It still serves the same purpose as the conventional business plan because it is structured in a similar manner.
Writing a one-page business plan will make it easier for you to write a longer and elaborate business plan since you have the summary of the plan to build from.
Why is a one page business plan important?
The importance of a business plan cannot be overemphasized. An increase in the rate of growth of your business is one of the numerous reasons you should have a business plan.
These advantages are not limited to a typical business plan, they are the same for a one-page business plan. Just that, a one-page business plan has other advantages that you would love to know.
1. Simple presentation: People who want to invest in your business don’t have the luxury of time to read a typical business plan. A one-page business plan helps them to know what your business is about in the shortest time.
2. Easy to share: A one-page business plan is easy to share. You can share it easily via email to people who may be interested. You can quickly print it and give it to interested people.
3. Focus on the important aspects: Minimizing your business plan to a page is a good one as it helps you focus on the important aspects of your business. You leave out the unnecessary detail and go straight to the point which helps others understand your business idea easily.
What should you include in your one page plan?
As earlier mentioned, a one-page business plan ought to include snapshots of the key areas of your business.
Below are eight key sections that should be included in your one-page business plan.
NOTE: Remember that you are writing a one-page business plan which means that there is no room for too much information, just the important ones. Each section should not exceed two sentences or four bullet points so as not to exceed a page. It is better to add more sentences later than trying to reduce the lengthy ones you have written.
I. The problem
Describe the problem you are trying to solve. You can also support this with relevant data.
II. The solution
Describe your products or services and how they can solve the problem.
III. Business model
Describe how you will earn. Also, add the production costs and selling costs, and the price to be paid by customers.
IV. Target market
A description of who your customers are and how many they are. You can start from a wide range of customers then narrow it down to the individual ones.
This helps the investor to have a clear picture of your idea and know that there are great consumers for what you want to sell.
V. Competitive advantage
A description of why they should choose you over your competitors and how it will lead to the success of the business.
VI. Management team
A description of the management structure of your business which includes ideal candidates, currently field roles, and other management gaps.
VII. Financial summary
This includes the core financial metrics such as profit and loss, balance sheet, sales forecast, and cash flow.
You may find it a little difficult to compress this section, so focus on the key metrics that were mentioned earlier. You can give more detailed financial information if the need arises.
VIII. Funding needs
Clearly state the amount of funds you’re seeking for your business.
When you want to prepare a one-page business plan, it is best to emphasize the strength of the business. Emphasize your market analysis and financial projection, if they are your business strength.
You can add to your strength sections since that is what is going to attract investors to your business and see that your business idea is better than the rest.
Sample of a one page business plan
For this example, we will be using a fictitious Auto dealership business to write a one page business plan.
You can also download our free business plan template if you’re looking to write a standard business plan.
Business name – Sammie Auto Dealership Ltd.
We know that the cost of getting a car in good condition in Nigeria is quite expensive. Our concept is to buy fairly used cars that are normally underpriced.
We will clean them up and repair some necessary things in them and then sell them at a fair price.
Our target market will be Gen Z and Gen X career professionals and entrepreneurs who need cars for functional reasons, e.g. commuting to the office, picking up groceries, taking the kids to school, etc.
Therefore, our target market will be middle-income families who will love to own a car at an affordable rate.
Our competitors are other car dealers. They sell expensive cars which makes it difficult for an average Nigerian to purchase. We are also at the edge of other fairly used car sellers because most of them would sell out used cars when they still have to be repaired or cleaned.
Our strategy is that we thoroughly understand the auto dealership market in West Africa. We know which type of fairly used car to buy and the appropriate repair that should be done. We are intimately acquainted with our unit economics and we have a risk mitigation plan set up to enhance our opportunities and reduce threats to our business.
Products and services
We sell several brands of second-hand cars with low mileage and excellent We focus on buying and putting in good order fairly used cars before we resell them. The public is also at an advantage because we would have repaired all cars they buy from us.
Marketing and Sales
Our cars will be advertised online and across all social media platforms. We will also out a “for sale” sign on our cars.
We have professional mechanics, rewiring technicians, panel beaters, and others who will help put the cars in good condition and we will hire cleaners who will clean the cars after repair. The refurbishing will be done on the same property where the cars will be sold.
Projected Profit and Loss in the first six months
Number of Used Cars Sold: 30
Average Sales Price: ₦1,500,000
Total Sales Projection: ₦45,000,000
Average Purchase Price: ₦1,000,000
Average Other Cost of Goods: ₦200,000
Total Cost of Goods Sold: ₦36,000,000
Gross Profit Margin: ₦9,000,000
Marketing Costs: ₦500,000
All Other Operating Costs: ₦1,000,000
Total Operating Costs: ₦1,500,000
Profit Projection: ₦7,500,000
Sammie Auto Dealership Ltd is looking to raise a growth expansion capital of ₦50 million to expand its inventory and market presence across west Africa.