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How To Write A Canadian Business Plan
A good business plan can help you clarify your strategy, identify potential roadblocks, determine what you’ll need in the way of resources, and evaluate your ideas or your growth plans before starting a business.
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Not every successful business launches with a formal business plan, but many founders find value in stepping back, researching their ideas and the markets they want to enter, and understanding the scope and strategy of their tactics. That’s where writing a business plan comes in
A business plan describes a business, its product or service, how it makes money (or will make money), its leadership and staff, its financing, its operating model, and many other details for its success.
We had a marketing background but not much experience in other functions required to run a fashion e-commerce business, such as operations, finance, production and technical. Creating a business plan helped us identify the ‘unknowns’ and where we needed help, or at the very least, made it easier to spot the gaps in which to improve ourselves. Jordan Barnett, Capo Meggings Why Write a Business Plan?
Investors rely on business plans to evaluate the feasibility of a business, which is why business plans are usually associated with obtaining a loan. But there are many compelling reasons to consider writing a business plan, even if you don’t need the money
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Writing your plan is an invaluable exercise in clarifying your ideas and can help you understand the scope of your business, as well as the time, money and resources you need to get started.
If you have multiple ideas in mind, a rough business plan for each can help you focus your time and energy on those with the highest potential for success.
To write a business plan, you need to research your ideal customers and your competitors—information that will help you make more strategic decisions.
Your business plan is one of the easiest ways to communicate your vision to potential new hires and can help build their confidence in the venture, especially if you’re in the early stages of growth.
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If you plan to approach other companies to collaborate, a clear overview of your vision, your audience and your business strategy will make it easier for them to identify whether your business is a good fit for them – especially if they move forward. | In your growth path compared to them
There are many business plan competitions that offer prizes such as mentorship, grants, or investment capital. To find competitions relevant to your industry and sector, try Googling “business plan competition + [your location]” and “business plan competition + [your industry]”.
If you’re looking for a structured way to put your thoughts and ideas together, and to share those ideas with people who can have a big impact on your success, a business plan is an excellent starting point.
Business plans are often used to secure financing, but many business owners find it valuable to write a plan, even if they don’t work with any investors. That’s why we put together a free business plan template to help you get started
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We have a brick-and-mortar and e-commerce jewelry business that has migrated from Magento We have developed a business plan for this initiative, just as we did with our original website and e-commerce business Our business plan includes an overview of why we are making the move, current business issues, benefits of moving to a new platform, potential problems during the move, key tasks, costs, and a timeline. It was really all we felt was important This business plan was given to everyone from the photographer to the marketing team to the developer This way, we were all on the same page It worked great the first time and even better this time Jeff Moriarty, Tanzanite Jewelry Design Business Plan Format
Business plans can span from one page to multiple pages with detailed graphs and reports There is no way to create a business plan The goal is to convey the most important information about your company to readers
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Check out real-world examples of different business plans by reading Road to Success: Business Plan Examples for your inspiration.
You can start with a free business plan template and use it to inform the structure of your plan
Few things are more frightening than a blank page Starting your business plan with a structured outline and key elements that you will include in each section is the best first step.
Since an outline is an important step in the process of writing a business plan, we’ve put together a high-level overview that you can copy into your blank document to get you started (and avoid the terror of facing a blank page).
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Now that you’ve got your business plan outlined, it’s time to fill it out We’ve broken it down by section to help you build your plan step by step
A good executive summary is an important section of your plan—it’s also the last section you should write
The purpose of the executive summary is to distill everything that follows and give time-crunched reviewers (ie, potential investors and lenders) a high-level overview of your business that prompts them to read more.
Again, this is a summary, so highlight the main points you discovered while writing your plan. If you’re writing for your own planning application, you can skip the summary altogether—though you might want to try it anyway, just for practice.
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An executive summary should not exceed one page Admittedly, those space limitations can make getting all the important information a bit overwhelming – but it’s not impossible. Here’s what your business plan’s executive summary should include:
This section of your business plan should answer two fundamental questions: Who are you, and what do you plan to do? Answering these questions provides an introduction to why you are in business, why you are different, what you have going for you and why you are a good investment bet. For example, clean makeup brand Sy shares a letter from its founder about the company’s mission and why it exists.
An example of a company description from the clean makeup brand Sai that includes who the company is and its mission in a few short sentences.
It’s still a useful exercise to clarify these details, even if you’re the only person who’s going to see them This is an opportunity to put on paper some of the less familiar aspects of your business, such as your policies, ideals, and cultural philosophy.
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Some of these points are statements of fact, but others will require a little more thought to explain, especially when it comes to your business’s vision, mission, and values. This is where you start to get to the core of why your business exists, what you hope to accomplish and what you stand for.
This is where you start to get to the core of why your business exists, what you hope to accomplish and what you stand for.
To define your values, think about all the people your company is accountable to, including owners, employees, suppliers, customers and investors. Now consider whether you want to do business with each of them As you develop a list, your core values should begin to emerge
Once you know your values, you can write a mission statement Your statement should explain, in a convincing manner, why your business exists, and should be no longer than one sentence.
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For example, the mission statement is “Make commerce better for everyone.” This is the “why” behind everything we do and is clear enough that it needs no further explanation.
Next, craft your vision statement: What impact will your business have on the world after you achieve your vision? Phrase this effect as an idea – start the statement with “we will” and you’re off to a good start. Your vision statement, like your mission statement, can be longer than one sentence, but try to keep it to a maximum of three. The best vision statements are brief
Finally, your company review should include both short- and long-term goals Short-term goals should, in general, be achieved within the next year, while one to five years is a better window for long-term goals. Make sure all your goals are SMART: Specific, Measurable, Attainable, Realistic and Time Bound
No matter what type of business you start, it’s no exaggeration to say that your marketing can make or break it Choose the right market for your product – with many customers who understand and
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