Your Business Plan: From Concept to Reality
Planning for Success
You've no doubt heard the expression, "Failing to plan is planning to fail."
Many entrepreneurs write a business plan only when they need to secure start-up financing. However, your plan is far more than a document for banks and investors to read; it's an invaluable roadmap for launching and growing your business.
In order to put your business concept on paper, you need to think through and research the many factors that are needed to make sure your business is a success. With a plan, not only can you spot potential weaknesses, opportunities, and threats, your plan can help you make informed decisions about your venture before you commit yourself legally or financially.
Here, we've summarized the key sections that you'll find in a business plan.
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Business Plan FastTrack Workshop
The backbone of every successful business is a solid business plan. If you have an established business idea and you're ready to fast track your business plan, this three-day workshop is for you! Attend this workshop to learn about the concepts of a business plan, market research, and financial planning, as well as to determine the viability of your business idea.
Book today! Contact a client services coordinator at (604) 775-5541 or 1-800-667-2272.
See All ProductsSmall Business BC offers a multitude of resources to help you start and manage your business.
- You can register for the Business Planning Fast Track seminar to learn how to write an effective business plan.
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You can schedule a meeting with one of our business advisors to discuss your situation in detail and find solutions that work for you.
Write an Effective Business Plan
Don’t use jargon. Use plain language and get straight to the point. Write clearly, logically, and concisely. Use illustrations, charts, tables, and graphs only where necessary. The business plan should be professionally desktop published, packaged, and securely bound.
Do your homework. Yes, that means research! Use secondary research first by accessing free resources (e.g. your local library or online databases at Small Business BC), then supplement your findings with primary research such as interviews, surveys, and focus groups. Become an expert about every aspect of your business: products and services, competitors, the demographic you are marketing to as well as the market conditions that will affect your business. The more you know about your industry, the better you can plan for success.
Don’t market to everybody. Make sure you have a well-defined market that you know well. Know your customers. Who are they? Can you define them by age, buying habits, or any other criteria? What product/service do they want? How are they currently being serviced? By identifying your customers’ needs and meeting them more effectively than the competition, you will be able to find your niche within the marketplace.
Be realistic. Sources of income and annual revenue should be explained and substantiated. Be honest. Make sure revenue forecasts and breakeven points are realistic.
Don’t forget about your business plan. Once you have written your business plan, revisit it regularly. Your plan is a working document; use it to monitor your company’s progress, and revise it accordingly.
Do what you love. Building a business into a successful enterprise requires a considerable amount of time and energy. It’s essential that you believe in your business concept wholeheartedly, and truly enjoy all that goes with running your business.
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