Whether you’re about to launch a small business or you’re already working at it (or a freelance career), you really should have a business plan in place. While I’m a big supporter of long-form traditional business plans, I know that sometimes they can seem overwhelming to new entrepreneurs.
And do you know what? There is nothing wrong with starting out small. If you need a quicker solution to business plan writing, consider an abbreviated business plan such as the one page business plan template I give away for free here on my site.
When you use one page business plans, or a slightly longer abbreviated business plan, you can probably hash out the basics of your new business plan in just one day.
Why Use a One Page Business Plan?
- One page business plans are quicker to put together than longer business plans.
- One page business plans give you a basic roadmap for your business (which is better than no guidance at all).
- One page business plans can serve as a base for a long-form business plan that you’ll write later — similar to using an outline to write up a report.
- One page business plans might be enough for a micro-business, with no need to take the plan further.
- One page business plans are easy to update.
Downsides of One Page Business Plans
- You might forget about important details.
- You can’t include a very thorough marketing plan in the mix (although I also provide a separate one page marketing plan template to help with that here).
- As a road map, it will tell you where you’re going, but it won’t give you detailed directions on how to get there (meaning you’ll have to figure a lot out for yourself along the way).
Is a One Page Business Plan Right for You?
Abbreviated business plans like my one page business plan template aren’t the best option for all entrepreneurs. They can be used as a framework for writing a larger business plan later no matter what business you’re in. But if you plan to use a one page business plan as your only business plan, I’d recommend only doing so if you run an extremely small home or online business or perhaps a freelance career. If you’re running a larger brick and mortar business — and especially if you have to think about things like inventory and product placement concerns, I would recommend having a more traditional business plan put together before launch (or as soon as possible if you’re already in business without one).
Need help writing your business plan? Get in touch.
I’ve always been a big fan of your one page business and marketing plans, but right now I’m working with a tight executive summary that touches on marketing with the business details. Not too different from what you’re offering and not exactly a “real” executive summary…we write those last in long-form business plans! Nonetheless, I’ve been able to find what answers I need and solidify goals and objectives pretty darn well with this latest tool I’m using.