How to Map Out a Business Plan in Less Than an Hour
Turning a business idea into a reality is a process that turns into a struggle for a lot of people. Nobody likes to sit down and discuss how they are going to turn their dreams into a palpable, real project. This is where a business plan comes into play, but surprisingly, most people skip this step.
This is mostly because mapping out a business plan is a long, tedious process that requires you to have answers to questions like, what does my business provide that is useful and palpable? How am I gonna achieve the goals I set? What are my short and long term plans? How do I define financial goals?
However, as daunting as it seems, it’s possible to get a business plan done as quickly as in just an hour. The key is to focus and define specific and measurable goals in an easy to answer format.
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#1: Define your product
You can’t possibly start making a business plan if you haven’t properly defined your brand and the products you are selling.
- What are you selling?
- Who are your products for?
- How does your product benefit your target audience?
- What problem is your product or service solving?
It is important for you to answer these questions in order to move on with the next steps. Put yourself in the customer’s shoes and make your product as defined and strong as you possibly can. Jot down 1-2 sentences per question.
#2: Define your value proposition
A value proposition is basically what you will be offering to your public. What will set you apart from any other business, company or brand in the world? It has to embody what you are providing to them.
Defining your value proportion is a big part of your business plan because it defines your marketing and product goals. It also clarifies why your audience should choose your product over anybody else’s.
Think about your value proportion as a way to marketing your brand in an easy going, short and quick phrase. Make this phrase both reliable yet unique enough people can tell right away the products you are putting into the world are actually unique.
Key ask: why should someone use your product and how will it benefit them?
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#3: Describe your ideal customer avatar
You have your product and your value proportion already established, not it’s time to describe your ideal customer avatar. What does this mean? Describing who is your targeted audience.
In order to create a business plan that includes a well though marketing strategy you NEED to create your ideal customer avatar. This will allow you to have answers to questions like: Who am I selling this to? What’s my audience? How am I going to reach out to them?
#4: Market Value
There are thousands of business similar to yours right now, so what is yours offering to the public? What solutions can your product possibly bring them? Why would they need it?
Define the value of your business based on the benefit it provides for your public. You can later create a business and marketing strategy around this simple questions.
#5: Set up realistic short and long term goals
Having a business plan keeps you on track toward achieving your long term goals. No matter how much you flesh it out though, your dreams won’t happen without a realistic goal structure.
Use the questions you answered in fleshing out your business objectives to create long and short term goals. The short term goals should be specific, measurable, realistic and with a specific timeframe in mind. This will be your defined operations structure.
#6: Create a budget
While business plans contain financial plans, you don’t have to tackle this in the hour time limit. What you can do while planning within this hour, though, is come up with a few basic numbers for your operations, marketing, and product development.
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