The Benefits of a One-Page Business Plan

By Katie Corbett

While not strictly necessary to get started with your own business opportunity, a business plan can be a great way to feel like your venture is legit. When I began my garment project, one of the first things I did was to create my business plan. I didn’t do it totally on my own, though, and it wasn’t complicated to draw up. Here’s why.

In “The $100 Start-Up,” Chris Guillebeau talks about the idea that only three things are necessary to make money running your own business: a product or service, a way for you to get paid, and people who will pay you for that product or service. Writing a business plan can help you figure out if you have a viable idea.

Fortunately, a template for a simple, one-page business plan is included in the book. Writing up this basic business plan helped me:

• Clearly define my concept and what problems I was solving with my product.
• Brainstorm funding ideas.
• Determine my target market.
• Get all my thoughts out in writing, which made the project feel more real, and less like an idea in my head.
• Outline steps and benchmark goals towards completion.
• Intelligently discuss my project with people who would be working on it with me.
• Organize my thoughts and ideas.
• Decide if this was something I was willing to work on for an extended period of time.
• Realize what resources I could contribute in terms of time, money and effort.
• Discover where I needed guidance or expertise from others.

Writing up a business plan doesn’t have to be a daunting task. With the right template and a little time spent thinking, a business plan can be created to help you determine the life cycle, scope and money-making viability of a business idea.

I encourage you to grab a copy of “The $100 Start-Up” and get to work on your business plan. This will take your project from just an idea in your head to a process written down on paper. The act of creating your plan will ready you to bring your thoughts into the world.

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