3-sentence business plan examples

Lesson Details:

Video Transcription: With this video let's begin our business planning journey we'll start with just a three sentence business plan because that's the easiest way to start and this approach is based on my business planning book that has been getting traction and used in some universities around the country so it's a proven model and it makes easy to start planning correctly what we're going to do is we're going to spend a little bit of time on the three sentence business plans as you get comfortable with it in the next videos we're gonna get into how to turn those into one-page plans and then we're going to turn those into full professional business plans the reason we start with a three sentence business plan is because it gives us this laser focus at the absolute core of your business and we make sure that it's correct because our goal is not complexity our goal is accuracy and correctness and simplicity it's like Einstein said if you can't explain something in a couple of sentences you don't understand it yourself so the three sentences are and yes you can do each of these in each sentence each your product your marketing and how you handle your finances or modernization we'll go over examples in just a second. The important thing is that these core aspects work well together for your specific business because some marketing strategies work for some products but not others and some monetization strategies work well with some products or marketing strategies but not others so it's like you're moulding which is why it's really important that we write a plan specifically for your business and not use some kind of a random template because those are just not specific not accurate enough so let's get into the three centres business plan we'll start with the three sentence business plan from my mobile app I'm not promoting that app it's a little bit of an older product of my in any way. I'm not promoting it but just in case you're thinking alex is promoting his app I'm not but it is a business I know well so what are the three sentences here the first sentence is app that helps people write a business plan how do we promote it I happen to know what the most accurate and most effective marketing strategies are for this business whatever your business is you must research what they are for your business it's easy to say Oh Instagram Twitter Facebook but that's not for all business so you have to research what's really for you in my case I promote with ASO which is the SEO for App Store it's basically App Store search viral sharing and getting publicity from my apps YouTube marketing and ads those actually had proven to be most effective and there's a million other things online that I could have done they weren't as effective so I didn't focus on them and ionisation reads like this in-app purchases and upsells of my products and coaching services very simple this is essentially the business you can create a full business plan out of this as we'll see later in the course but that's just a footnote to these three sentences now let's take a look at another business that three-sentence business plan for a salon local business salon local businesses have tremendous overlaps if you are starting a doctor's office therapy physical therapy office construction home repair dentist office salon restaurant shop even though these are really different businesses they have tremendous overlap because most of them require brick and mortar locations most of them only can draw local clientele and so when you look at a salon business plan you can if you have a different local business many things will be very very similar so let's look at the three centons business plan for this sentence one you can say high-end hair salon in Boston so it's clear what kind of differentiation you have and where you are you might even say because it's a hair salon you might have been specified the kind of hair like curly hair or maybe it's a high-end hair salon in Boston that specializes in like really like modern haircuts or basically just haircuts for maybe certain types of hair that's the business. It's clear from one sentence now let's focus on how to promote this business these are known for local businesses to be most effective local search when people search on their phone or Google for maybe like a salon or coffee shop whatever the local business is they search for that obviously so that's really important food traffic so that if you have a physical location it's in a high food traffic area passing out flyers Yelp is kind of similar to local SEO because that having people find you online when they're searching obviously quality and uniqueness of service if people love your servers they're gonna come back and that has to do with retention and that also has to do with recommendations you can also incentivize recommendations like if people refer a friend they get a discount but an interesting point about quality with something like a salon if you specialize in doing some kind of really unique cool looking work that you do with people's care then people are going to talk about it people are gonna get asked about it where did you get it done if it stands out either in quality or creativity or something then it's gonna naturally come up in conversations which is tremendous extra marketing for you and of course in this kind of a business notice that in the app business I just talked about the revenue strategies here revenue is known people come in they get their hair done they get some kind of add-on services they leave okay that's done what's really tricky for this business is not that the hard part here is getting it started because there are significant costs to the lease the licensing the fees paying for staff so the cost is tricky we're gonna talk later in the course about how to calculate how much it's gonna cost to open in and and how much it's gonna cost for you to get to profitability and breakeven that's really the focus of this business because getting the money to open and then become profitable that's really the hard part so the fundraising is a challenge here if you're planning this business and have not started so now let's go over your exercise of course create your own through sentence business plan because shortly we're going to be turning it into a one-page business plan specifically for your business and of course the goal is for you to as the court goes on turn it into a full business plan for your business that you can go and confidently begin executing so start with your your business plan and let's move on to next videos.