Article Contributed by Tim Eyre
Writing an extensive business plan is hard. Distilling it down to one page is even harder.
Just as writing a novel may feel easier than writing the one-page synopsis, sitting down to discuss your project at a meeting full of people may be less intimidating than delivering the proverbial elevator pitch to one person. Being concise is a challenge when 1) you’ve been thinking about every aspect of your idea for years and you’ve got plenty to say, 2) you’re so enthusiastic about your idea you find it hard to encapsulate its awesomeness in words or limit it in any way, and 3) you feel extreme pressure because so much is riding on this one piece of paper.
I’ve been told visualizing a nonthreatening scene or activity helps relieve stress, and I’ve been trying it lately. I still have a ways to go in my technique, but when a friend approached me the other day with a long and rambling business pitch to critique I found myself searching for tools to help him focus. He was on the right track – while an in-depth business plan is necessary, it’s smart to create a shorter pitch to give to potential investors, clients, friends, and the press. These busy people are much more likely to have a positive response if they can grasp your business idea in only a moment rather than having to add another book to their to-be-read pile.
So my admittedly hokey nonthreatening transference technique for writing a one-page pitch was well…pitched. I told my buddy to think of it like a baseball team.
- Cover the Bases.This is the who, what, when, where, and why – the basics that you must have or there’s no game. Right off the bat (I couldn’t resist) at the beginning of your one-pager, the following elements must be directly addressed.Who: the name of your new company, business, or product.
What: the service or function your business or product provides.
When: the proposed timeline for the business or production to begin.
Where: the location of your business and whether it’s brick and mortar or online.
Why: the purpose of your new business or product, your mission statement.
- Consider the Fans.Think about your potential customers. Supply and demand is a factor you can’t ignore. So make sure you answer the following.What is your market?
Who are your customers?
How will you reach customers and communicate to them what you have to offer?
What issues face your customers that you can solve?
What is going on in the lives of your potential customers right now that would make your idea appealing to them?
- Build up the Franchise.The Yankees, the Florida Marlins. Not the same. Yankee Stadium, Pro Player Stadium, I mean Sun Life Stadium. Not the same.What is your unique brand?
What makes your team special?
What about your team will make people want to buy your jerseys?
What is your business or product’s competitive advantage?
What do you have that will help you beat the competition?
What kind of personnel are you assembling?
What are the stats of your top players?
- Manage the Front Office.There’s a reason why all the guys in the office have gray hair and wrinkles. The bottom-line must be addressed. Like it or not, you’ve got to face these tough questions, make some difficult decisions, and have a realistic grip on the following:What kind of capital is it going to take to get your business off the ground?
What are your financial goals and milestones for the company?
What are your plans for the future of the business?
How is your business going to grow?
These questions are simple, and yet answering them is not easy. Figure out the answers. That will be the hard work. Then present them as clearly and succinctly as possible. Not only will the effort of making a game plan give you something compelling and clear to distribute and communicate quickly the aim and essence of your business, but having that one-pager on hand will also provide you with a reference for yourself. When you are at a loss to explain or rein in your explanation of your idea, you will have the plan to keep you focused and to help you keep your eye on the ball and your head in the game.
About the Author:
Tim Eyre works in the self storage industry, regularly traveling to see locations like County Club Hills self storage.
In locations like Chicago self storage, Tim helps midwesterners store seasonal equipment when its not being used for outdoor activities or construction projects.
