Explain your accomplishments so far, and outline what you hope to achieve in the near future. For example, framing your business as a “More than 40% of the United States is rangeland used for livestock, and the top concern of the ranchers who tend to them is ensuring an adequate supply of water…Every day, the rancher checks the water levels of his or her 20 to 30 water tanks.”So begins the business plan of Barn Owl Systems, a finalist in the 2016 Wharton Business Plan Competition.You know the industry/market and are ready to make some waves.
It continues to explain how their product uses remote sensors to track water levels, thus relieving a great burden for ranchers.
Explaining your business in terms of a problem and solution is necessary to prove why your idea matters.
Try it free for 60 days and then expand your one-page plan into a full business plan using the same process plus over 500 sample plans for inspiration. A business plan takes all the key considerations of your business, from your 1-sentence pitch to your revenue model, and puts it in a single neat document.
Whether you’re a new, established or evolving business, everyone needs to have these answers prepared and reevaluated over time. Even though your business plan is something you’ll reconsider constantly (such as, when competitors come and go), it’s not always necessary to put it down on paper.
(You’ll describe the backend later on when you get into your business model.)One way to do this is to draw a visual step-by-step process.
Think of the 4 to 6 main steps of how your product/service is used.Then, illustrate the process with a simple graphic like the one above.Entrepreneur Patrick Fitz Gerald explains this in more detail, and provides more examples, in this video lecture.This is a bite-sized description of your business that explains your unique approach AND leaves the reader’s mouth watering.Here’s an example from a winner of Geek Wire’s 2012 one-sentence pitch competition: The rest of your executive summary should briefly explain your company’s story and introduce your specific products/services/locations.Or, simply write a narrative that shows how your product can improve somebody’s life.Describe your target customer based on personality type, income level, age, gender etc.If you’re selling a physical product, you can take a different approach and simply display your product with arrows pointing to all the unique features.Other ideas include a “before/after snapshot,” which illustrates how consumers went about a problem before and after the introduction of your product.Next we’ll get into the different mediums you can use to write your business plan (), then provide a business plan template that covers each component to include.A traditional 20-30 page paper business plan is generally only needed when requested from a bank or investor.