A business plan is an indispensable road map for your business’ success. While many entrepreneurs only write a plan in hopes of securing financing, smart entrepreneurs invest the time to create a plan that can take their business into the future.
A business plan is a living document, generally planning 3-5 years ahead. It outlines the direction a business intends to take to establish a customer base and start earning profits.
The key elements of a strong business plan include:
- Company Profile: What is your business’s mission? What product or service do you offer? What is your competitive advantage in the market?
- Market Research: What are the current trends in your industry? What are the characteristics and traits of your target market and what is the market share opportunity for your business?
- Sales & Marketing: What channels will you use to distribute your product? How are you going to reach your customers? Will the web and social media play a role in promoting your goods?
- Operations: What will you need to run your business (equipment, space, staff, etc)? Will you handle your own books or hire an accountant? How will the business be structured – incorporated or sole proprietor?
- Financials: How much money will you need to get your business off the ground? How will that money be allocated? When do you expect to start earning money?
Need help developing your business plan - We have the resources to help.
Business Planning Resources
Business Plan Writer: An interactive tool created by Futurpreneur, the Business Plan Writer has been designed to simplify the business planning process. Not only is this tool dynamic, allowing you to customize your plan, it also provides tips & tricks and plenty of examples to guide you as you write.
Mentoring: Futurpreneur Canada matches entrepreneurs (18 to 39) with a business mentor for six months and provides access to start-up resources, but without the financing. Mentors offer personalized support to help you launch and grow your business.