A lean business plan focuses on the key elements needed to run a successful startup without the complexity of a traditional plan. It’s a streamlined approach that’s particularly useful for startups that want to stay flexible while getting their business off the ground. Here’s how to write a lean business plan:

1. Executive Summary

Start with a brief executive summary that highlights the core of your business. This should include:

• The problem you’re solving
• Your solution (product or service)
• Target market and competitive advantage
• Your vision and goals for the business

Keep it short and focused—this is the elevator pitch of your business plan.

2. Vision and Mission

Clearly define the purpose of your startup:

• Vision: What’s the long-term impact you want to make in the world? What’s your big goal?
• Mission: What is your startup doing today to make that vision a reality? What specific problem are you solving?

This section should encapsulate the “why” behind your business, guiding your decisions and helping you communicate your passion to others.

3. Target Market

Identify and describe your target market. Who are your ideal customers, and what are their needs? Break it down by:

• Demographics (age, income, location, etc.)
• Psychographics (interests, values, lifestyle)

Understanding your audience helps you tailor your product, marketing, and sales efforts to attract the right customers.

4. Product or Service

Describe your product or service, focusing on:

• What it is
• How it solves a problem for your target market
• What sets it apart from competitors

If you’re selling a physical product, include key features. If it’s a service, explain the value and benefits you provide.

5. Revenue Model

Define how you will make money. Will you charge for products, offer a subscription service, or generate income through advertisements? This is where you detail your pricing strategy, sales channels, and other revenue-generating tactics.

6. Marketing Strategy

Outline your plan for attracting customers. This includes:

• Marketing channels (social media, content marketing, email)
• Customer acquisition strategies (SEO, paid ads, influencer partnerships)
• Branding and messaging (how you’ll communicate your value to customers)

Your marketing strategy should align with your target market and help you gain traction.

7. Financial Projections

While this section is simplified in a lean plan, it’s still important to include basic financial projections:

• Revenue forecast: What do you expect to earn in the first year?
• Expenses: What are your initial costs?
• Profitability timeline: When do you expect to break even?

This will give you a sense of how viable your business is and help you stay on top of your financial health.

8. Key Milestones

Finally, outline your key milestones. These could include:

• Product launch date
• Achieving a certain number of customers or sales
• Reaching profitability

Setting milestones will help you measure progress and stay focused on your goals.