159: 15 Minute Business Plan for Your Startup [Podcast]

Company of One with Dale Callahan

Write your 15 minute business plan and then get moving providing goods and services for other people. After all, the only person who reads most business plans is the person who wrote it - the business owner. But unlike all those people who spend months writing a plan, you need to develop your 15-minute business plan and then start with the execution phase. Here is all you need. 15 Minute Business Plan for Your Startup (podcast outline) The key elements of a business plan are simple and should be obvious if you are getting ready to start making money and serving customers. Your 15-minute business plan should answer the following questions: What problem(s) are you trying to solve? Do not be cute or wordy, just state what the problem is in normal words. Best to use the words you have heard potential customers use. Example: Help busy moms with preteen kids lose weight. They are so busy with kids that taking care of themselves is hard. Who you will serve? It needs to be someone who has the problem and is aware that they have it. For example, an overweight person who does not feel overweight or feel motivated to change it will not want your products. Example: Busy moms with kids who are from 5-12 worried about their weight. What products or services will you offer to solve that problem? Do not over complicate it, but think about the most valuable thing you can offer. The book The Lean Startup calls this the MVP (Minimally Viable Product). Do not overthink it. Be clear. Example: An iPhone app that will trigger mom to plan her day the night before. What clothes she needs out to workout then go on with her day. What foods she needs to prep. Then during the day, the app will remind her what to eat and what exercises to do. The goal - where you want to be in the next 3 years. Then break down to 1 year and 3 months. Remember goals should motivate you and make you think you can do it - just outside of your comfort zone. Goals are not a wish list - they are things you really are willing to work to accomplish Avoid the delusional zone. ($1billion in sales in 3 years) Think simple steps. Do not overthink it. Create Mainline Goals, Big Win, and Stretch Goals Mainline - The minimum you want to see and still feel like it was a win. Big Win - You will feel awesome Stretch - If all works right and grows as you planned and other good things happen - this is a stretch. Who is your competition? Name the people - not just companies? How can you get to know them and be friends with them? What makes you different Business proposition: We do X for Y so that they can Z. Unlike other companies, we … Example: We provide IT services for small companies that do not have IT experts so that they can focus on running their business. Unlike other IT service companies such as Gee Squad, we provide fast service and turn arounds so your business keeps running. Click here to listen now. Subscribe & Review in iTunes Are you subscribed to my Company of One? If you’re not, I encourage you to do that today so you don’t miss an episode. Click here to subscribe in iTunes! If you like what you hear, I would be really grateful if you left me a review over on iTunes, too. Those reviews help other people find my podcast. I also love reading them and connecting with you. Just click here to review, select “Ratings and Reviews” and “Write a Review” and let me know what your favorite part of the podcast is. Thank you! Links mentioned in this episode: The Lean Startup Master of Engineering Management in Information Engineering and Management