How to Create Your Business Plan with the 1-3-5 Framework
As an entrepreneur, it’s crucial to have a solid business plan in place to help guide your decisions and actions. However, creating a business plan from scratch can be an overwhelming task, especially if you’re not sure where to start. This is where the 1-3-5 framework comes in handy.
What is the 1-3-5 Framework?
The 1-3-5 framework is a simple and effective method for creating a streamlined business plan. The framework’s name is based on the number of pages that make up each section of the plan:
– 1 page for your business overview
– 3 pages for your business strategy
– 5 pages for your action plan
This framework enables you to focus on the most important aspects of your business quickly and concisely.
The Business Overview
The first section of your business plan should be your business overview. This should include a brief description of your business, your target audience, your goals for the business, and your unique value proposition.
Use this section to introduce your business to potential investors and stakeholders. Ensure that the information is presented in a clear and concise manner.
The Business Strategy
The second section of your business plan is the business strategy. Here you’ll outline the specific steps you’ll take to achieve your objectives. Use this section to explain the following:
– The market opportunity
– Target audience
– Competition analysis and market positioning
– Sales and marketing strategies
– Pricing strategy
Remember, this section is all about providing a high-level view of how you’ll run your business.
The Action Plan
The final section of your business plan is the action plan. This is where you get into specific details about the steps you’ll take to achieve your goals. This section should be broken down into specific tasks or milestones with deadlines.
Use this section to outline your key actions in detail, including:
– Product development roadmap
– Sales projections
– Financial forecasts
– Hiring plan
– Distribution strategy
Remember to be specific and to directly tie these steps to your larger business objectives.
Conclusion
The 1-3-5 framework is a simple, straightforward way to create a comprehensive business plan that focuses on your most important goals and strategies. Use the framework to create a document that outlines your specific action items and financial projections. With this plan in hand, you’ll be well on your way to achieving your entrepreneurial goals.
