Business Planning

One-page business model for a start-up business

QUESTION: I have been encouraged to develop a detailed business plan for a new business I am considering. The plan outlines I have found online are quite detailed. Is there a more user-friendly way to address the main issues I will encounter?

ANSWER: I normally am not one to encourage shortcuts. But the SCORE organization has developed a one-page business model that helps you answer the critical questions facing a start-up business.

In essence, your business model is the structure with which you will take your product or service to market and make a profit. It makes you answer questions like who are your typical customers and how will you reach out to them? Who are your competitors and how much can you charge for your product or service?

Answering the following questions can help you start to crystallize your thoughts about your business model and if, after due consideration, you’re confident to move forward, your SCORE counselor can help you develop a formal, more detailed plan.

People are also reading…

  • Do you have the necessary funds to cover your start-up costs, and will your monthly cash flow be sufficient to cover your costs of operation until you reach breakeven?
  • Who are your target customers, and what value will you deliver to them?
  • How will you reach your customers? What is your marketing strategy? How much will it cost?
  • What is your e-commerce strategy, and what role will it play in your business?
  • Who is your competition, and how will you compete? What are your competitive advantages?
  • How much are your customers willing to pay for the value you offer? What are they currently paying, and what are your pricing tactics?
  • What resources are needed to produce your product or service, deliver it to market and make a profit? What infrastructure will it take to do it?
  • Do you have a team in place including an attorney, accountant and insurance agent?

The Richmond SCORE chapter is offering a webinar titled “Picture your success with a one-page business model” on Oct. 4 from 6:30 to 8:30 p.m. via Zoom. To register, log on to richmond.score.org/event/one-page– business-plan-workshop-2.

SCORE also offers such online resources as a start-up business plan outline, sales and marketing templates and financial projection spreadsheets. Log on to richmond.score.org/resource/business-planning-financial– statements-template- gallery to access them.

Gray Poehler is a volunteer with the Richmond Chapter of SCORE, Counselors to America’s Small Business. To ask a question or request free and confidential business counseling, go to Richmond.score.org/mentors. Learn more about SCORE’s workshops on the website or by calling (804) 350-3569.

https://richmond.com/business/ask-score-one-page-business-model-for-a-start-up-business/article_65c97b9d-cb36-579f-9e09-ffb56b55db40.html

You may also like