Not everything you love is going to make you enough money to raise a family to do the things you want to do, to travel, maybe retire early, all those things. Oh, I want to quit my nine to five job. I want to own my own business. Oh, really? Because it's not nine to five. Now it's 24-7. Don't think you have to do it all yourself, but don't think you also have to give it away. Find the balance there. There is something that gets the customer in the door that you break even on, and there's something else you sell that actually freaking makes money. Welcome everybody to another episode of the Main Street Business Podcast here with the amazing Matt Sorensen. I am so excited about today's topic. This is a good one. Yeah, Mark and I are business owners ourselves. We get jazzed about this, but we've also had 10,000 consults with clients, small business owners, trying to figure out how to make money from the beginning of when they started. Also, to those having success. So we've seen what works and what doesn't else we want to talk about today. Yeah, this is your Shark Tank episode.

So what we want to cover is what should you have on just a one-page business plan? We have so many clients that we've met with, these 10,000 consultations, each of us, where we go, okay, tell us your idea. Give us a couple cool sentences. We're like, awesome. What's your break-even point? How many items do you need to sell or how many services?

Well, you know, who's your competition?

Well, you know, awesome. What's your break-even point? How many items do you need to sell or how many services? Well, you know, who's your competition? Well, you know, okay, have you written this down at all? You know, and you don't, I don't expect a 20-page business plan. Yeah, but you did pay $600 an hour to talk to me. So did you think this through? I mean, and so, and now obviously so many clients come ready to go and they know what they're doing.

They've analyzed the heck out of it.

Sometimes too far.

Frankly, sometimes they've analyzed it over, they've overcooked it.

So, but we want to go through what needs to be on your one page business plan.

What is the key items I need to know to think through my business before I go plunge my time, my money, or try to raise money or get employees and being people into it? Let's nail this on one page first. And I think the process of doing this is more valuable than the one page you get at the end. Oh, the process of thinking it through. Yep. We're going to give you six things that should be on this business plan and how to structure it. Very simply, we're going to go through it in detail. But there's also some forethought before you even list the six. And I want to set some parameters, Matt. And I love, Matt's going to share with you here in a moment. I asked him before the show, what were those three things, you know, before you choose a business? So he's going to share that. But let me just put it in context.

Let's imagine you just rolled off the subway into the subway hole, boom, popped out on Broadway. You're headed to the NBC building. You get in the elevator. You're going to go up 30 floors and Mark Cuban standing there with you.

And you're like, oh, this is my chance.

And you've got about oh, this is my chance.

Yeah. And you've got about 90 to 120 seconds to like go through your business plan and say,

hey, I'm not on Shark Tank, but can I tell you? And Mark Cuban's in a good moon and he says, sure, throw down. And you've got a one sheet paper right there in your pocket and you can say it all

in 120 seconds. That's all I'm saying. Yeah. And it's going to be revolutionary for you. Yeah. Like Eminem said, this could be your one shot. Do not miss the chance to blow this opportunity. That's right. You could be Hamilton. I know. I know. Like, you got to take my shot. Yeah. Another one shot. You don't want to be like mom's spaghetti. I love it. A little lemon,

okay. I got to take my shot. Yeah. Another one, you don't want to be like mom's spaghetti.

I love it. A little lemon, okay. So, all right, well, let's, should we say the six things and just get it out on the table and then go through them? Okay. Throw it out. I think it'd be important to kind of go through the one thing. I like to call the first thing your elevator pitch or your concept. Okay. Number two is going to be what are your top two, three products or services?

All right.

Then you want to think of who's your

competition and the market. How big is the market and who's competing in it right now? Perfect. Number four

pieces. So think of number four, four pieces. What is your profit, variable profit per service or product?

Like if I'm selling a sandwich, what's my food cost to deliver that sandwich and maybe even the labor?

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