The Basics of Creating a Business Plan
Ready to start your business?
Great!
One of the first things you’ll want to do is get busy creating a business plan. Taking the time to invest in a solid business plan will save you headaches and frustration down the road.
Why a Business Plan?
You might be tempted to bypass this step, but it is a critical first step. In your business plan you will create a description of your service or product, create your marketing plan, and forecast into the future when it comes to sales and productivity.
You might have this all in your head, but if you want to secure funding from investors or a lender, you’ve got to have a business plan. Not sure where to start? Google search “business plan Vancouver” to get some ideas or samples.
When Loans or Investments are Needed
If you are seeking financing from others, they will ask to see your business plan. In fact, some of them will look hard at your plan and bring up things you might have neglected to address. Their money is important to them, so they want to see a thorough, well-written business plan that convinces them that they’re going to get a return on their investment.
Business Plan Components
Sure, you can purchase a generic business plan on the internet for a cheap price, but since each business is unique, it’s best to create your own business plan made of the components that serve your company. Lenders and investors will be more apt to think of you as a professional if you present an individualized, professional looking business plan.
If your writing skills are limited, feel free to hire a professional business plan writer. If you’re local and seeking a skilled business plan writer, do a search on “business plan Vancouver” or reach out to me.
This is where my expertise lies.
The following is a summary of some of the sections of a business plan:
THE OUTLINE - Begin your business plan by creating a cover sheet stating the principles of your business, the name and address, and a table of contents. The outline simply serves as a visual tool to get the basics on paper.
EXECUTIVE SUMMARY - Here lies the abstract of your plan, which is just a summary of the greater plan. This is where you hit the highlights of your business plan, the background, your market niche, the capital needed, your mission statement, management overview, your advantages over competitors, and a summary of your projected sales over the next few years.
COMPANY OVERVIEW - Here you will get more detailed when it comes to your business. Include the background of your business, your business model, mission, key relationships, and your strategy.
BUSINESS OFFERING - This is the section where you discuss your products and/or services. Be as detailed as possible.
MARKETING PLAN AND ANALYSIS - What is your marketing strategy? Have you done your research? Who is your target niche? How will you advertise?
STRATEGY AND IMPLEMENTATION - Create a detailed strategy, including deadlines, dates to begin production, marketing strategy, and more.
FINANCIAL PROJECTIONS - Here, you include your balance sheet, projected profit and loss statements, and cash flow for the next several years.
To Hire a Business Plan Writer or Not?
Business plan Vancouver – should you or shouldn’t you hire out?
Whether you’re seeking a local or remote professional business plan writer, it’s wise to invest in one. They’ve got the experience and expertise you need to furnish potential lenders with what they need to make an informed decision.
The more time you invest in your original business plan, the less headaches you’ll have later.
Your business plan is a golden nugget when it comes to your business. Treat it as such and spend the time and/or money to make it shine.