“What is a 1 page business plan snapshot, and why do I need one?”
It’s a good question to ask, and it’s likely the question you’re asking if you’re already familiar with the various different types of business plans, such as traditional, lean, comprehensive, and strategic. And luckily for you, it’s the question we plan on answering in great detail today.
In the simplest terms, a 1 page business plan snapshot is just that. Your business plan, “at a glance.” It’s a lot less overwhelming to write, but more importantly, to look at. Potential business partners, lenders, or investors who aren’t interested in sifting through your 25 – 50 page business plan might find this more appetizing to understand what your business does without digging through piles of research, statistics, and graphs.
And so, today we’re going to go into more detail about what a 1 page business plan snapshot is, and a completed example, so you can figure out if this document is one that should be in your business portfolio arsenal!
So what is a 1 page business plan, again?
A 1 page business plan snapshot is a condensed one page version of your business plan that will give any reader a basic understanding of your business, mission, sales strategy and overall financial standing. This short business plan will detail whether you are seeking funds to startup or grow your business or detail if you are flush with cash and your plans for the future. A business plan snapshot is a perfect starting point before you dive into writing a full length 25 to 50 page business plan.
Your 1 Page Business Plan Snapshot should be abbreviated, focused, and precise. The key 7 components you’ll want to include, in a concise way, are: The Executive Summary, Mission Statement, Flagship Product, Keys To Success, Sales Strategy, Financial Summary, and Future Outlook.
The Business Plan Snapshot Components, Explained
If you’re already familiar with a traditional business plan write up, then perhaps phrases like “Executive Summary” and “Future Outlook” aren’t overwhelming to you. But if they are, don’t sweat it. We’re going to break it down for you here.
This table below lays out the suggested length for each section, as well as what questions to answer and information to include. You might note that our suggested length guidelines for the business plan snapshot as a whole add up to 500 total words. That’s because that’s how many words your typical word processing program page can hold – and the whole point of a business plan snapshot is not to exceed one page.
Therefore, our advice to you is do your best to be concise, and have a friend look it over when you’re done for places where you can cut down on information. Using powerful verbs like “will” and “profit” will help. They are not only more convincing, but also are more concise than lengthier alternatives, like “We should be able to…” and “We believe we’ll make $____.”
|Section||What to Include||Suggested Length (for a Business Plan Snapshot)|
|Executive Summary||This section should answer two big questions: Who are you as a business, and what do you do/sell? Also allude to what will allow you to stay competitive or do what you do better than anyone else.||100 Words|
|Mission Statement||As you likely already know, a mission statement is a unified goal your company has. Therefore, all employees and all decisions should be informed using this mission to ensure your company is staying aligned with its original intentions.||50 Words|
|Flagship Product/Service||What is the main thing your business sells (product or service)? What does it cost and why is it desirable?||50 Words|
|Keys to Success||As always, this refers to three separate keys to success: Key Partnerships, Key Activities, and Key Resources More specifically, Key Partnerships refer to what other businesses or entities allow your business to function and flourish, like a manufacturing company, for example. Key Activities refer to what you do specifically that allows you to stay competitive in the market, like “Our manufacturing processes emit 50% less toxic gases than our competitors. And finally, your Key Resources are things you have that others don’t. Like a top of the line executive team or brand new manufacturing technology.||150 Words Total; 50 words per key|
|Sales Strategy||How will you get customers in the door and keep them coming? How will you continually grow your customer base? Things like referral programs or subscription services would be good to add here, if applicable.||50 Words|
|Financial Summary||Of course, this section is all about money! Where is yours coming from? How will you spend it/reinvest it to guarantee profit? How much money do you foresee your business needing to launch?||50 Words|
|Future Outlook||Where do you want your business to be in one year? Five years? Ten years? Do you have an ultimate goal like franchising or being bought out so you can focus on other business endeavors? Be as specific, yet as concise as possible, here. And also remember, this is the last component of your business plan snapshot, so ideally it should leave the customer on an excited, inspired, optimistic note!||50 Words|
An Example Business Plan Snapshot
We’re no stranger to the idea that some people learn best by example, and so, below, we’ve written our very own 500 word business plan snapshot, mirroring the template we laid out for you above.
So, without further ado, please enjoy our business plan snapshot for the fictitious Dallas Dance Factory.
Dallas Dance Factory is a new dance studio that will offer drop-in and subscription based classes to youth and adults. We will also host birthday parties and “Mommy and Me” classes.
For our main service, dance classes, we will offer two options: subscription-based and drop in classes. Classes will last 60 minutes and be offered in ballet, jazz, tap, lyrical, hip-hop, and Zumba. We will operate from 4pm to 8pm on weekdays, 10am to 3pm on weekends, and Tuesday and Thursday mornings at 10am – 12pm for “Mommy and Me” classes.
Our target market is active families, mothers, and children who want to dance for recreational or physical health purposes.
We will remain competitive in the Dallas market as most dance studios in this area are hypercompetitive, leaving room for a more recreational, family-based studio to enter the market.
Dallas Dance Factory’s mission is to spread the joy and love of dance and physical activity to children, adults, and families in the Dallas area, without the pressure of a competitive atmosphere or perfection.
Our main services are dance classes, which are offered on a subscription and drop-in basis. Our secondary service is children’s Birthday Parties.
On the subscription-based dance class plan, customers will pay $85 per month per weekly 60 minute class.
For our drop-in classes, customers will pay $15 per stand alone class they want to attend.
Birthday party packages will start at $350 for 2 hours and up to 15 children. Add ons will be available.
Keys to Success
Partnering with local daycares and preschools will be crucial to offer free trial classes, holiday discounts, and other promotions to get customers in the door. Partnering with local theaters is also important to secure performance opportunities for our students.
By offering classes on a subscription and drop-in basis we take the pressure and commitment off of families to feel they must attend every week, while still offering the option if they’re interested.
Additionally, our atmosphere is fun and recreation-based. Unlike other competition dance studios in the Dallas area, we do not strive for perfection or turn the art of dance into a money-making, competitive machine. Our students attend because they enjoy it and look forward to the welcoming environment.
Our staff, who are highly trained in both the dance and education fields are the key resource that sets us apart from the competition as they value recreation and progress over perfection and pressure.
To get customers in the door, we will partner with local daycares and preschools to offer parents and families free trial classes.
We also offer discounts (15% off) for three or more family members signed on and multiple class discounts (15% off for five or more weekly classes), to encourage more sign ups per customer/family.
Additionally, if customers repeatedly attend drop-in classes we will push them to the subscription-based model to increase our profit.
Our goal is to offer 60 classes per week, or 240 classes per month where our employees make $25 per class. Meaning, we must be prepared to pay our employees $6,000 per month. Additionally, the cost of rent, electricity, water, etc. is $6,000 per month; therefore Dallas Dance Factory requires $12,000 per month to break even. This is equivalent to approximately 142 class subscriptions, where any drop-in classes or birthday parties are direct profit.
Therefore, our goal is to secure 150 class subscriptions within our first month of operation.
Our opening costs of $55,000 are as follows: $5,000 to launch our website, $10,000 for Google and social media advertising, $15,000 for studio renovations and local permits and inspections, and $25,000 to cover the first three months of our lease, security deposit, etc. We expect to pay this off within our first 30 months in business on a monthly schedule at an agreed upon interest rate.
In five years time, we intend to franchise Dallas Dance Factory to more locations in the Dallas area. We feel as though five years is enough time to amass enough profit to reinvest in a second and eventually third location.
Well, we genuinely hope this helped you understand what a business plan snapshot is, how to write one, and if you even need one in the first place.
If you’ve never written a business plan before, perhaps you’d find writing a business plan snapshot as a good preliminary exercise to get the creative juices flowing and the concise, clear writing style under your belt…a way to dip your toes into the waters of business plan writing, if you will. Or, if you’re a business plan pro, you might find it easier to write up your full 25+ page business plan first, and then scale down for this one page document.
At any rate, all levels of entrepreneurs often need help at some point during their business plan writing process, and that’s a-ok! It’s quite a long document with lots riding on it, so don’t be afraid to reach out for help, or seek out resources.
Some entrepreneurs often find themselves hiring out the work, whereas others like to give it a try on their own (which is our recommendation by the way, since business plan writing is a VALUABLE skill that you’ll never regret learning)!
Either way, we highly recommend checking out our free business plan builder trial, so you can start the business plan brainstorming and writing process with confidence and ease.
And while you’re at it, don’t forget to sign up for our free Business Plan King newsletter below; because the best entrepreneurs are in the know!