Do you think that you can fit your dream business plan into just one page and actually make it work for you?
Well, I’m going to challenge you that you absolutely can if you use my one-page profitable business plan template.
Get ready to unlock the secrets of efficient business planning and embrace the clarity, focus, and joy that come with a one-page strategy.
Plus I reveal my entire 2024 Business Plan and share my goals and strategies for growth.
In this episode, you’ll:
- The advantages of condensing your entire business strategy onto a single page which provides daily clarity and focus.
- Five essential questions that serve as the foundation for effective business planning
- Explore how to project your income, expenses and more importantly profit for your goals
- Understand how to apply the one-page business plan template to your own entrepreneurial journey
- Learn what goals and strategies I intend to implement in my business for 2024
Crafting My One-Page Business Plan:
For the longest time I have been using this awesome template that I created after looking at a lot of other one-page business plan templates and basically picking and choosing the bits that I really liked.
Especially what worked for an online business like mine, and I’ve since shared it with thousands and thousands of people who have signed up to get it and use it.
I’ve also used it with all my clients and in my clubs and memberships and courses because it works, there is nothing more awesome than getting your entire.
Plan for the year ahead down on one page so you can see it every single day and chase those big juicy dreams that you have.
Now it was really funny because before I went to record this I realized that my little Mac Air, which isn’t the largest of computers, it’s very light and nimble, it’s perfect for being a digital nomad, but doesn’t have a lot of storage space for video recordings.
A Journey of Reflection:
I want to get back into sharing with you a video podcast. In order to do that, I had to create some space on my laptop and I was looking around for hard drives and USBs. It was a little bit ridiculous. I could have just used Google Drive, which I’m currently doing. But in the meantime, I found this 8 GB USB stick.
And I was like, Great. I’m sure I can get some photos and videos of Leo, which is the only thing that’s taking up all that space on my computer off onto this USB stick enough to free up space to record this podcast. And it is working.
What amazed me is that the USB stick that I found, no joke is from when I first started in entrepreneurship and I co-founded a tech company called Connection Point Systems with my business partner, Daryl.
This USB stick had our original business plan on it, which was. Like really freaky, just so freaky to me. We had five different folders for financial analysis, market analysis, audience analysis, and investor analysis.
And why I think that’s so funny is that before I went to record this and ran out of memory, I was talking about the fact that that is the only time that I have ever had to produce a 40 to 50-page business plan that I felt was not a great use of our time.
So you can imagine it. We’re in startup mode. We need to get some actual revenue in the door, build the app, hire a team, and do all this stuff. And here we were spending, honestly, it took months to create this 40 to 50-page business plan just so that we could show it to investors.
Benefits of a One-Page Business Plan:
I mean, sure. There was a lot of good insight game, like our target market competitors, etc. but to me, that time would have been much better spent having conversations with our potential customers about their needs, about their problems, and then actually solving a problem with our app and, using a friends and family round of money to basically give us some cash flow to get going so we could prove out the solution.
So hence the reason why when I went to do business planning for my own business, I was like, no way am I going down that route again. One page is perfect for me.
I’m a minimalist and I’m sure that I can get the nuts and bolts of what I need to do on a one-page business plan. So, without further ado, I’m actually going to share with you my 2024 business plan.
And it feels really good to be back doing this because after maternity leave, starting another business in a completely different industry, and really getting this one back off the ground this year, I am in a really great place to finally put together my business plan, share it with you and make it happen.
How My Free One-Page Business Plan Works:
By the way, this has been a really fun process. And what I want to do is make business planning fun. So first off, I would say go and grab my free template. It is lifepilot.co/bizplan. That’s BIZ-Ed absolutely free.
Go grab it and it is awesome. And I’m going to talk you through how I use it.
And I’m also going to say that business planning is just way more fun with friends, preferably entrepreneurial friends.
So, I have now had a session, with three fantastic people building this up, the lovely Natalie Coombe, great name, Nat, the lovely Julia Capon, and my accountability and mastermind partner Andrew Hubbard.
And no, I didn’t need three sessions with three different entrepreneurs, but in every single session that we talked through our business plans, we were both able to enlighten each other on things that we saw gaps, maybe things we could improve and talk through just what we were really wanting to do in 2024.
Here’s the Biz Planning Process I’ve used.
I am a big fan of reflecting first to get the gold out of your business before you can move forward.
- So a couple of questions for you straight off, come up with two to three things that worked really well last year. So two to three things that you can say hand on heart, this worked really well last year and write them down or share them with your friend.
- I want you to think of two to three things that could have gone better. So this is not a critique of everything that failed in the business or didn’t go well. What could you have done better?Maybe what was starting to go well, but you didn’t give it enough of your time or your energy, or there wasn’t a system in place or maybe you needed to hire somebody to help you with that, but you can see the gems in it. Or maybe it just needs improvement, and you really want to focus on improving that next year.
So this was a really enlightening exercise. And it’s almost like you, you look at what you want to celebrate and then you want to look at the opportunities for you, and then you can go into your business plan.
I pulled up my one-page business plan template for all my friends, and I’m just going to pull it up now because it is complete, which is really exciting.
Now, this can take you, I would give yourself half an hour to two hours. And even if you want to, you can spread it out over a couple of days, but the very first part of it, when you download it, that you’ll see is there are five questions that I want you to answer.
Yes or No. Very simple. I’m going to read them out now. And this is what I did. Can you explain in two to three sentences why you’re in business and how you serve and help people?
So yes, I have a mission. I’m going to share it with you soon. But my mission statement, my why statement is the absolute leverage for me to get up in the morning.
Critical Questions for Achieving Success:
It’s the thing that drives me. It’s the thing that lights me up. It’s the thing that helps me focus when I’m getting a little bit sidetracked by bright shiny objects. And it is the reason that I am in business to serve you.
Question #1 & #2:
Do you have three to five specific, measurable, attainable, realistic, time-bound goals for your business this year? And do you have them posted in some way that you can see them daily?
So I got a big tick of yes for this after I’d done my business planning session. Next up, I need to actually print it out and put it right on the wall so that I can see it every single day and stay focused. So many people will come up with plans and write all these big things down and they never actually revisit them.
They never come back to them. That’s partly why we also built LifePilot. So, your goals, your dreams, and your intentions are front and center every single day.
Question #3: Do you track your metrics?
I’m talking about your website stats, your visitors, social media, email subscribers, open rates, income, and expenses, at least on a monthly basis.
For me, this is a big no right now. I used to do this absolutely without fail every single week. Then I got my VA to start doing it. My online business manager when I had that team would report back to me. And we’d look at the things that were really going well. And we’d look at some opportunities for greatness.
And this is something that I’ve been getting back into slowly, but it’s definitely not done on a monthly basis. That is where the gold is, my friend. That is where the gold is staying on top of your numbers.
You really should be doing this every single week. So, you know what’s coming in, what’s going out, what’s working well, what you need to shift up. You can just do that in a spreadsheet, by the way. You can even just write it down on a piece of paper, but so long as you’re doing it consistently you can track the trends and you can see the results.
Question #4: Do you take time to prioritize every day?
The thing that is most important is to keep you sane and healthy. Now, this might not actually have anything to do with business. This might be your sleep. This might be getting up to meditate, to do yoga, to move your body, to get outside, to see sunlight, to walk in nature.
It might be around massage. It might be therapy, counseling, or whatever it takes. And for me, this was a big yes, because I really, really do prioritize my health and my quiet power time in the morning, just for me, even with a little toddler, even if it’s 10 to 15 minutes and it feels great.
Question #5: Do you know how many hours you currently work per week and how much your time is worth per hour based on last year’s revenue?
So let’s call it this year’s revenue. So you should be able to go into wherever your financials are, spreadsheet, accounting, your accountant and say, okay, what have I earned year to date? And then you should be able to go and look at where you’ve tracked your time and you should be able to go, okay, I’ve worked X many hours.
Therefore, if I divide that by my revenue, that is pretty much my charge-out rate or the hourly rate that I would charge. Even if you don’t do one-to-one and you don’t do a charge-out rate, it’ll give you an idea of how much your time is worth every single day when you’re working. So I do know exactly how many hours I’ve worked this year because I Toggl like a mad woman.
It’s an awesome free time-tracker and I love it I’m so ingrained because I’ve been doing it for the better part of six or seven years and I only track my work hours but I’ve recently started tracking more of my learning hours, my life admin hours. And it all adds up and it’s really, really enlightening, but more on that in other episodes.
So you need to know how many hours you’re working every week. Is it 10 hours, 20 hours, 40 hours, 60 hours? Hopefully not. So I currently work in this business for around five to eight hours per week, max. That’s what I’ve got right now for this business. I work in the other business a little bit more and then I have things outside of that.
And then I can tell by my revenue what my hourly rate is. And I’m actually going to add that up, right after recording this episode, because I should have my updated financials in there and get a ballpark figure.
But I would imagine based on the earnings this year and the small amount of hours that I’ve got, it’s probably somewhere around the $250 to $300 per hour rate, which might sound crazy because that means that this podcast is going to cost me the better part of $400 by the time it’s recorded, edited, produced, and shipped out there to actually get to you.
Those hours could have been spent on income revenue-generating processes, but this is part of my serving my audience and getting valuable content out to help you.
So I see it as something that I gift and give, and it will be a return on investment somewhere down the track. A little appreciation and love and rate and review, maybe.
All right. So those are the five questions. And honestly, if you answer no to two more of these questions, then you need this one-page business plan right now. All right.
Moving down to the business plan. It’s pretty simple. So the very first thing you do is insert your business name because I am a big fan of getting something done and something off your checklist that makes you feel really great about it.
2024 Business Plan Overview:
So LifePilot went in for my business name. Mission.
This is really exciting and this is when I actually reverted back to something that I did at the beginning of the year where I did a business planning process through a friend because I decided to change things up and just try out their business planning process and it was really cool similar to mine there was a lot of reflection in there which I love and I wrote my mission.
And for some reason, I haven’t come back to it until I was doing this research and getting my business plan together. And I was like, man, that’s actually bang on.
So my mission is to help people design and live the lifestyle of their dreams by giving them the clarity, confidence tools, and methodology to make this a reality every day.
Because that’s the most important thing to me, is that you can have big dreams and aspirations, but you need to make that happen every single day. So it starts to become your reality.
And you actually get to live it not in five years time, not in 10 years time, but every single day, even if it’s just a little tiny piece of it.
Then you start to gain momentum. And before, you know, you’d be living your dream lifestyle. Once you have clarity on what that is. So that was my mission. And then you go down and you set, no more.
Then five smart business goals, but I would suggest you say less. I actually had three and I added one more in my session with Andrew.
This is super fresh to me so I’m going to share them with you.
Goal #1 – Passive Income
So I bolded the passive income growth of the life pilot app and course by year-end of $3,000 USD a month. So I want consistently by the end of 2024 to be earning 3000 US a month from the LifePilot app and course.
Now this is hopefully going to actually turn into a full-blown app next year. So that’s going to change the business model a little bit more into SAS and have a monthly recurring subscription to the app and its features. But right now that works out at about. Two sales a day and two sales a day feels very, very doable to me, especially in that last quarter of the year.
Once I’ve got my funnels in place and I’ve really dialed in how useful life pilot is for people. So that one was like. It seems small to some people, but to me, it’s really important because this is about finessing the consistency of why LifePilot rocks and really getting it out to a much bigger audience, which leads to number two, coaching income.
Goal #2 – Coaching Income
So I had passive income, and now I’ve got coaching income. So I want to fill my Momentum Live program, which I’m well on the way to doing, and convert at least six new one-to-one coaching clients from that at 2k per month, approximately.
I have a three-month and a six-month package, but ultimately. If I get one new client a month, which honestly is pretty sweet and pretty lovely for me to handle with the hours that I can do per week, that would feel like a really good goal.
Note that 2024 is not a huge growth year for me. It is a foundational year of consistently turning up, of consistently creating great value and offers, and building up that both, recurring and active income in my business.
It’s about list growth. It’s about just growth in general, more PR opportunities, more brand awareness, just more visibility.
And 2025 is where I’m going to have good coaching programs and retreats and a whole lot. Of bigger ideas that are coming to life, but I am pacing myself because I have limited time, capacity, and energy to do this.
If 2023 is anything to go by, then, you know, 2024 is going to be a great year, but I need to keep building it up consistently.
And this is just something that I’ve come to realize as a new mom.
Goal #3 – Community Growth
I’m excited about this actually! So I want to maximize my PR, public relations, and visibility opportunities to grow my own podcast and my email list by 3000 subscribers by year-end. And I would love that!
That works out to about 250 people a month new joining my email list.
Goal #4 – Grow my PRO Team
I added this in because I realize that I’m going to need this help and support if I want to grow, is to grow my PRO Team so that I can amplify my time to do what I do best.
So I recently brought back my virtual assistant. I’m just about to hire a video editor, but in 2024 there’s probably one or two more part-time contractors I can have on my team to really help me dial everything in because I can’t do everything and nor do I want to.
I want to delegate to people who are great at what they do so I can focus on what I do best.
Now for each of those four goals, I had A couple of strategies and objectives to make it happen. So just filling you in on those.
For the passive income, I want to nail my life audit opt-in to generate new leads. I am so excited about this opt-in. It’s going to be amazing. Josh has actually built the app for me.
And on top of that, I have the landing page ready, but we’re just waiting for the finalization of that app to be finished. That is waiting on Josh. And he’s pretty busy right now.
But it’s coming. I want to dial in my sales funnel to actually sell life pilot right now. It’s very much people come, they visit the site, they find it through the podcast, through emails and they buy it, but it’s not really set up super well.
And I would love for that to be more seamless for people. I want to tap into my key affiliates to help increase sales because I have a beautiful audience of people who have always wanted to support and promote my programs.
And I simply haven’t reached out enough to them or put this opportunity in front of them to see if they want to support and promote it by promoting it to their communities and their people.
For the coaching income, my objectives were to tap into my growing community to create a coaching pipeline. So the more I turn up here, the more I add value to your life.
I know that that is going to turn into, 30-minute free booking consultations, which you can get at life pilot. co forward slash coaching would love to jump on a 30-minute complimentary call with you.
And if you’re a right fit, you can come in and coach with me in both holistic life coaching and business coaching, which just adores the mix of both of those things. and then finally, I want to show up strategically on socials.
Instagram and YouTube are mainly where it’s at for me. I just want to be turning out more as a coach with great advice, recommendations, tools, tips, and all the things that are in my mission to help you live your best possible life and have an amazing business that supports it.
My objectives and strategies for community growth are to reach out to previous guests from my previous podcast and ask to be interviewed by then if it aligns, and if their podcast is the right fit.
I also want to repurpose my video podcast into lots of videos and content that can be shared once again on social. So that it really helps people to find me and find my work and get help and be coached and All the beautiful things.
And then finally for my pro team, those are pretty easy objectives. That’s hiring a virtual assistant who can level up my content process and delivery for real results. I also want to hire specific specialists that are needed for key projects.
So if I were going to do a summit again, or if I was going to do something in e-commerce, I would be hiring specialists who know that through and through. So there you have it.
Passive income, coaching income, community growth, and hiring and growing my PRO team, and that is going to take time and it’s going to take you know, energy and it’s also going to take income from the business.
Mapping Out Your Income Projection:
From there, you then map out your income projection. So based on your goals, what does that mean income-wise? And I’ve already told you some of the numbers there, but I have gone through and added up exactly what I want to be earning in 2024 based on those activities.
And then you also put in your business expenses, which hopefully if you’re running a business, you should know these hands down.
If you’re paying an accountant, anybody on your team, any and all expenses that make up your business and help it to run. And then you’ll come up with your total income for the year minus your total expenses.
Personal Credentials and Growth Goals:
Your profit and that is one of the most important numbers that we need to focus on. All right, before I go, there are two final boxes in here that are really helpful. Your personal credentials.
What degrees, certificates, accolades, and awards do you have? And that’s what you want to come back and revisit when you’re feeling a little bit of doubt in your business, and you know that you can be doing so much better.
You need to pump yourself back up by looking at your personal credentials. And finally, your personal growth goals. What new skills do you want to acquire or build in 2024? They’re going to make all of this possible.
Here’s Your Action Step:
All right, short and sweet. And to the point, I really hope you enjoyed that. As I said, get a copy of the one-page business plan for free at lifepilot.co/bizplan. If you’ve enjoyed listening to this episode, please rate and review it on iTunes or any good podcast app that you were listening to.
Thank you so much for your attention, your awareness, and your go-getting attitude. Go get them.