I bethink aback I started Condensr, my actual aboriginal tech company.
It was acutely altered than annihilation abroad I’ve anytime tried.
Before that, I’ve done things like dropshipping and e-commerce, I tried forex, and I approved active a marketing agency.
Those things crave a lot beneath analysis than commodity like a tech-based company.
They’re simple, replicable businesses (generally).
However, Condensr was different.
I batten to a agglomeration of bodies about it and was afraid bodies will abduct my abstraction – it never actually happened.
Tracing back, I bethink a accepted trend demography abode aback I batten to bodies about the business.
“Do you accept a business plan” they’d all acquaint me.
“no…?” I answered aback confused.
“I accept a pitch deck…”
A business plan is a 30-100 folio certificate that outlines aggregate your business is activity to do over its lifetime to accomplish its goals.
It’s activity to allocution about the audience, the development, challenges, strengths, marketing, competition, etc.
When I batten to a ‘coach,’ she talked about a business plan – afterwards on, I begin out she was actually crazy.
When I batten to investors, they told me they capital a business plan.
I assuredly came beyond commodity that could save me from autograph out 100 pages of planning.
How do you alike do that? 100 pages, really?
I had apparent the 1-page business plan.
Instead of spending a few weeks to a ages autograph out a plan that could change at any moment in the process, I can absorb an hour max analogue the plan, afresh absorb the weeks or months alive on the business.
So how absolutely does this work?
Here’s how to address the ultimate 1-page business plan to go from 0 to $1 actor – or alike $10 million.
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The chump articulation is artlessly the area of the bazaar that you’re activity to go after.
In general, big brands are focused on bazaar domination.
They appetite to be the top dogs that everybody turns to.
With that said, they tend to body solutions that are not 1-size fits all.
It’s about absurd to body commodity that anybody can use.
This leaves a ‘gap’ in the market for abate players.
Where the big players abridgement behind, the abate players are able to appear in and aces a small sub-sector or articulation of the market to target.
For example, you ability be architecture a business that revolves about gamers.
Gamers would be the added market.
However, as your bazaar segment, you ability accept gamers who abrasion glasses or accept poor eye-sight.
It absolutely depends on your product.
In general, it’s bigger to alpha with an audience, afresh breach their problems.
Meaning you wouldn’t accomplish commodity about afresh think, “Oh! this would be absolute for stay-at-home, active mums.”
Instead, you’d alpha with the admirers – calm mums, afresh you anticipate about the problems they face and breach those problems.
Whatever way you adjudge to do this, you’ll charge to have your niche here.
Don’t aloof put your beyond market.
Cut it into a abate allotment of the pie.
It’s so abundant easier to accurately ambition a niche, instead of the accomplished market.
You’ll be able to anon allocution to one chump and assignment bottomward on their affliction points.
With Hawk Prospecting, my alcove was business bureau owners.
I knew all about them aback I endemic an agency, and it was a actual baby allotment of the added market.
However, they were constantly accomplishing outreach and bare a account like this.
The ‘early adopters’ area is the allotment beneath your chump segment.
Early adopters are artlessly the antecedent accumulation of users who will advice you validate the business.
They will be the bodies who accept the botheration you’re aggravating to breach and actively appetite to fix it.
People who accept a added acute botheration that absolutely affects them will added acceptable be adorable for a solution.
If you can go to this admirers and acquaint them that you’re architecture commodity to breach a acute issue, they’ll be blessed to advice you analysis it out.
When your business or abstraction is in an MVP stage, it’s absurd that you’re activity to be able to get anybody from your chump articulation on board.
This is because best bodies are adorable for a abounding product, a complete band-aid to their problems.
It’s actual difficult to accept what bodies appetite – in fact, the acumen we charge aboriginal adopters is to advice us blueprint the foundations and approaching alley map for new appearance afore ablution to the added public.
Early adopters will advice you analysis the solution, acquaint you why it’s good, why it’s bad, and area it needs improvement.
Although not aggregate they say should be taken for gospel, they will acquaint you abounding means for convalescent the product.
The chump articulation will not be as forgiving.
That’s why starting with bodies who are currently adverse the problem, maybe alike aggravating a aggressive artefact but not affection it, can advice you go a continued way.
These bodies understand, first-hand, the struggles you’re aggravating to breach and will advice you accomplish the band-aid a reality.
For example, my chump articulation for Hawk Prospecting was business bureau owners.
My aboriginal adopters will be marketing bureau owners in the USA who are heavily barnacle on CRM systems and outbound prospecting.
If they do outbound prospecting, they’ll accept the struggles that go with it and will appetite to breach them immediately.
We’re done with the appropriate ancillary of the page.
Now, on the larboard side, we accept the problem.
The botheration is artlessly what your business is planning to solve.
What is the key botheration that your business affairs to solve?
Sometimes, or best of the time even, your business will be analytic one capital botheration with a few added problems too.
You can address bottomward all of these problems in ammo points, highlight the one you anticipate is best important, and then validate it.
Go into Facebook groups area your admirers hangs out and bulletin bodies in the group.
Tell them you’re accomplishing analysis into [niche], and you’d like to apperceive what botheration they face, and which is the best acute one.
Lots of bodies will be accommodating to acquaint you.
If not, afresh you can put a poll up in the group, account the altered problems and ask bodies to vote.
People like voting on things, so this ability be a bigger way to get the after-effects you’re adorable for.
Tell them to animadversion on a botheration if it isn’t mentioned above.
This way you can get problems that you may accept overlooked.
If you don’t apperceive the problem, afresh artlessly ask.
Use the aforementioned strategies categorical above, and ask the bodies what problems they face as [audience segment].
For Hawk Prospecting, I acclimated commodity alleged a ‘problem-stack rank.’
It’s a abbreviate analysis that outlines all the problems you accept an admirers has.
From there, you accelerate the analysis out to bodies who are accommodating to advice you ample it out and they will be able to:
This is the best and fastest way to accept the problems your admirers faces the most.
You alone charge 10 good-quality analysis fills to apperceive that you’ve got enough.
Look at the top 3-5 problems bodies mentioned and put them into this box.
No bulk how appropriate you anticipate your artefact is, you’re activity to have competition.
There will consistently be a absolute or aberrant adversary somewhere.
Do your best digging about Google to acquisition them.
A massive mistake I made when I was alive on Condensr was to discount the competition.
The accuracy was that I was too scared to do my analysis and acquisition a agglomeration of competitors and so I abandoned them.
I did the aboriginal bulk of research, begin 2-3 big competitors, and said that’s it.
A ages later, afterwards I had my 40 chump analysis interviews, I started to acquisition abounding hidden competitors that I did not yet apperceive of.
Most of these competitors were abundant abate than our bigger competitor, but they were still appealing big.
No bulk how big, a adversary is a competitor.
They’re already in the bazaar and so you charge to accomplish abiding you apperceive of as abounding as you can so you don’t get bent off guard.
This trapped me aback I was alive on Condensr.
Every time we made a pivot in the business that we anticipation differentiated us, we begin a adversary who was already accomplishing commodity agnate to it.
The absorbing thing, however, is best bodies who I interviewed did not actually apperceive of abounding competitors, in fact, the active bureau for me endlessly the business is the bodies who I interviewed weren’t application the competitors.
If the botheration is pressing, absolutely they’d apperceive of and use a aggressive product, right?
Or alike accept approved it out before?
List as abounding competitors as you apperceive here.
Search through Google and accomplish abiding you acquisition every distinct one.
Competition is annihilation to fear, anybody can accept their own little allotment of the pie.
You don’t charge to be the bigger amateur in the game.
You’ll be afraid – no bulk how abundant antagonism there is, there will consistently be bodies who don’t apperceive of the big players.
There will consistently be bodies adorable for new solutions.
That’s why it’s so abundant easier to alpha a business today!
What is the band-aid you’re bringing to the table?
What is your business activity to be accomplishing to breach the botheration you outlined?
How is your business activity to breach the problem?
How is your band-aid altered from what’s already accessible on the market?
This all goes in the band-aid box.
You don’t appetite to get adorned here.
Simply explain what your business affairs to do and how it will breach the audience’s problem.
Condensr was an app that brings the world’s bigger account and insights from acknowledged authors and condenses them into short, abundant 10-min narrations.
Hawk Prospecting is a prospecting software that helps you acquisition your ideal anticipation and ability them via email, amusing media, or number.
When you accept a solution, you’ll appetite to accomplish abiding that there’s commodity agnate in the bazaar already.
You don’t appetite to reinvent the wheel because your affairs of success will be abundant lower.
New inventions today are not berserk new – they may not be available, but there are things agnate to them on the market.
For example, one of my favorite e-commerce businesses, BruMate, created developed cooler insulators.
It wasn’t a artefact afore BruMate, but there were insulators already accessible in the marketplace.
although they did somewhat reinvent the wheel, the abstraction and band-aid were already accessible for a altered sub-sector of the market.
The amazing affair about this 1-page business plan is that annihilation actuality is set in stone.
With a business plan that’s up to 100 pages long, you’ll be afraid of authoritative changes because afresh you’ll charge to change dozens of pages.
However, with this 1-page business plan, you can accomplish changes whenever you appetite or whenever your business needs a pivot.
Therefore, alpha with a band-aid you appetite to build, and aback baby changes are fabricated to the solution, appear aback to the plan and bound change it.
This is the ‘pick-up line’ your business will use.
It’s the way in which you’ll allure barter to your business.
It can alike be acclimated as the elevator angle – a 30 additional or beneath account of your business.
Or, it could be acclimated on your website’s copy.
When you’re asked what you do or what your business does for customers, this is what you’ll acquaint them.
It’s actual simple and usually follows a blueprint you can follow.
Wherever you look, you’ll be able to acquisition altered variations.
However, I like to accumulate it simple and Include 4 capital pieces:
To put it in a sentence:
[Business name] helps [audience] who [problem] by [solution] in [transformation].
The transformation can actual artlessly be a cardinal of canicule or months.
Let’s say you accept a fettle apprenticeship service.
Your altered amount hypothesis would be:
I advice ample dads who attempt to antithesis their ancestors and fettle time to get disconnected application our 3-step [name] in 90 canicule or less.
This would be actual adorable to bodies in that audience.
It’s important to accomplish abiding aggregate you say curve up.
Meaning, your admirers charge accept the botheration you’re talking about and accede with the band-aid you’re providing.
If those don’t align, it wouldn’t assignment able-bodied for you.
Beneath this, there’s addition box which I accept not mentioned actuality because it’s not as important as added boxes.
You can absorb a few abnormal bushing it out, but it’s a ‘nice to have.’
This box is the ‘high akin concept.’
For example, Condensr’s aerial akin abstraction was: Spotify for book summaries.
When you apprehend that, you apperceive absolutely what Condensr does and how it works.
Many bodies will attempt with this box here.
I, for one, struggled a lot with it aback I was bushing out my 1-page business plan.
No bulk how adamantine I thought, how abounding options I went through in my mind, it was actual adamantine to anticipate of an arbitrary advantage I had over added people.
Your arbitrary advantage is a atypical acumen why you are the appropriate actuality for the job.
A lot of times, abnormally aback you allocution to investors, they’ll ask you “why is your aggregation the appropriate team for this business?”
This is area the arbitrary advantage should appear in.
It’s the acumen why others will not be able to carbon what you do.
It’s commodity that you have, that not anybody abroad has.
It’s commodity you apperceive about this industry or business that others do not.
Although this is not essential, it’s acute to anticipate about and alike advance over time.
If you accept an arbitrary advantage, it’s amazing because your competition will anon become so abundant smaller.
You’re no best aggressive with everyone.
You’re now aggressive with alone those who may accept an arbitrary advantage in that field.
For example, aback I built Hawk Prospecting, I endemic a marketing agency for about an absolute year.
I not alone knew my audience, I had admission with them, was in paid groups with them, and was alike allotment of them for a while.
I knew the ins and outs, the exact problems and struggles they faced and so I was a lot added able than others to body this startup.
Think about what makes you different.
What makes you special, the actuality to avant-garde this business?
The stronger the arbitrary advantage the better, but accomplish abiding you don’t get bent up in aggravating to amount this out.
The best you spend, the beneath time you’ll accept to body the business itself.
This is your aisle to your customer.
How will you acquisition barter and area can they admission your business.
It’s a little ambagious because aback I was architecture out my 1-page business plan, I was told that this box was area barter can acquisition you.
Therefore, I wrote bottomward an online armpit and a adaptable app.
However, I now accept that by channels, it’s added carefully apropos to area you’ll be able to acquisition your customers.
To get barter to your business, you aboriginal charge to apperceive area they adhere out.
If you’re architecture a amusing belvedere or a amusing app, you’re best acceptable activity to go on places like TikTok, Snapchat, Instagram.
For Hawk Prospecting, the easiest abode to acquisition these barter was to go into Facebook groups.
Marketing bureau owners adulation actuality about others in Facebook groups.
Therefore, the easiest abode to acquisition them is in Facebook groups.
In general, the capital places to acquisition your admirers are activity to be the aforementioned as others.
People spent time on forums or groups.
Therefore, you can try Quora, Facebook (soon accepted as Meta), or Reddit.
A lot of bodies absorb time on YouTube.
Many bodies are on social media.
Therefore, Instagram is the best abode to ability those people.
Every belvedere I aloof mentioned has it’s own advertising center. Use this to your advantage.
If you accept a budget, afresh use Instagram or Facebook ads.
If you’re a hardly bigger business with an alike bigger budget, use YouTube ads.
Reddit and Quora ads are cheaper and can be added able depending on your audience.
Starting a business, you ability not appetite to absorb money in the beginning.
Lots of businesses face a continued aeon of ‘unprofitability.’
This never makes faculty to me.
Let’s say it costs you $1000 to alpha a business – this is conservative.
Many businesses can be started for free today.
To get a chump who pays you $60, you pay $20 per customer.
You’ll charge no added than 50 barter to breach even.
It doesn’t booty years.
If you alpha for free, you aloof charge 1-2 barter to be profitable.
Hawk Prospecting was assisting aural it’s aboriginal month.
What will you charge to absorb money on in your business?
This is what you’re activity to account in this box.
Every business will accept some array of expenses.
No bulk how baby those may be, you will appetite to account them in here.
Even a area name which can amount $1 per year will charge to go here.
In general, best businesses will have:
It’s up to you to accept the costs associated with your business.
If you’re developing a software business yourself, you won’t accept any development costs, mostly likely.
If you accept an eCommerce business, afresh you’ll accept product/stock costs.
If you’re dropshipping, afresh this will be the assemblage amount of the product.
Technically, you won’t be at a accident because already a chump buys from you, you’ll adjustment the artefact from the supplier.
Whatever your business is, you’ll charge to apperceive the costs associated with it and address them bottomward here.
This is area it gets fun!
It’s appealing simple here, however, get as artistic as you want.
What are the altered means in which your business will accomplish money from customers.
There are so abounding altered means to acquire money from a business.
However, the capital means are:
Ads may be like Spotify.
A majority of Spotify’s acquirement comes from their ads.
This is because a majority of Spotify users are on their chargeless plan.
Same with Facebook, you can’t subscribe to Facebook.
Mark Zuckerberg abiding a accident for a continued time because he capital to accomplish abiding that bodies chose to use Facebook.
When he had billions of users on the platform, he monetized them afterwards authoritative them pay a dime.
See, advertisers are the ones who pay Facebook, not it’s users.
Depending on your business, alone a few means of earning can apply.
Most businesses will be ancient purchases or subscriptions.
Other businesses may be both – and that’s a actually air-conditioned business to have.
When you can accomplish barter buy your articles and subscribe to commodity your business offers, you’ve got a abiding customer.
However, aback you accept a chump who pays you already and leaves, afresh that’s not an ideal situation.
Hawk Prospecting is a subscription-based business.
However, there are a few things I can do to accomplish abiding I absorb ancient purchases too.
For example, let bodies buy one-off amounts of credit.
Or alike add a done-for-you account area barter pay you a ancient fee to do their lead generation.
Once again, get artistic here!
Finally, key metrics.
This one is appealing boring, but important nonetheless.
Simply put, key metrics are activity to be the factors/numbers you clue that acquaint you how your business is doing.
This could be annihilation such as cardinal of reviews on Amazon for an eCommerce business.
It could be how continued users break on your software afterwards subscribing.
It could be the about-face bulk from free-trial to paid plan.
It could be chump return-rate (how abounding of your barter buy from you again).
There is so abundant you can clue as a business.
Hawk Prospecting can clue the credits bodies use.
It can clue how abounding users assurance up to paid plans.
How abounding bodies acquittance their plans.
How abounding bodies use the platform X times per week.
Each business will accept it’s own trackable metrics.
Make abiding that you clue the important metrics that bulk for your business.
In the beginning, you’re activity to appetite to apprentice about how bodies use your belvedere and what they like and dislike.
Therefore, a acceptable metric may be how abounding bodies from the bodies who assurance up appear aback to the platform.
How abounding bodies use the ‘feedback button.’
How abounding bodies ‘share’ your business.
(Fun fact: You can allotment this commodity application the icons on the basal of your phone, or on the larboard ancillary of your computer 😊)
A lot of bodies aloof focus on ‘vanity’ metrics – metrics that accomplish their business attending acceptable but don’t acquaint a story.
Sometimes, vanity metrics can be artful – acquirement ability be activity up, but amount per purchase/acquistion is additionally activity up acceptation you’re boring accident profit.
Aside from acquirement and profit, it’s important to clue metrics that acquaint a story.
That’s how to address the ultimate 1-page business plan to go from 0 to $1 million.
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