You have the expertise, you have the drive, and you have grand plans for a start up! AWESOME! We applaud you, but...... before you quit your job and throw all of your energy into starting a business, you should know a few things, establish a vision of where you want your business to go, and exactly how you're going to get there. 

 

In our opinion, your business plan does not need to be a thesis, or 50 pages, it should be SHORT, DIRECT, TO THE POINT, and your plan therein should be no more than 5-7 pages. 

 

We believe the shorter the better and the more concise and articulate, the better your outcome. 

 

The purpose of this business page is to create an exercise for you. 

 

I ask you this. Are you thinking about your business? Are you thinking about all the important pieces that makes a business feasible and profitable? 

I challenge you to start.

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Maybe you started by reading our Starting a business tab , or Self employed tab

This hopefully will help shed light on all the key areas of business that you might have considered. By taking our challenge and start thinking business, you'll hopefully gain clarity on your vision, understand the market you're jumping into, and have a roadmap for how it is really going to work. 

 

It is never only about thinking on the numbers. Simply said, its not good enough to only think of the numbers, you need to test it. Run the numbers. Does your plan add up to profitability? Did you truly look at all the factors? Run Break Evens and see the whole picture? 

So... you ask... Why do I need a Business plan?

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The value that this will give you is not the plan itself but the process in creating it! 

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hmmmmm??? I'm not sure I understand!

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Well, the value will be in the process of creating and writing your Business plan. It forces you to do the research on your idea, product and your competition, do the work to see the result. 

 

It forces you to really think about the market you're in, and the one you want to be in. 

 

It forces you to create costs, and view all the moving parts. 

 

I ask you this you have a good idea, maybe its a freelance type service business and it started because a few people thought you were really good at graphic design, and you think, you know I am. You gain a few clients, you have good ideas, this can really be something....

But you dive right in. You make many mistakes, you take on the wrong clients, you do not look at your costs of time, costs of employees, and you do not factor in outside costs of basics like insurance, you do not consider all potential markets and potential revenue streams. 

 

Sometimes making mistakes works out, 90% of the time it ends in failure. 

 

By sitting down and doing YOUR OWN business plan, it forces you to run the numbers, analyze your pricing and expenses, research costs you may not have thought of like Cyber and Content insurances. 

Your need to understand and anticipate any possible challenges you and your potential business will face. 

 

In a review and study conducted by Harvard and then tested in Canada and the US- "16% of Entrepreneurs who write a formal plan themselves achieve a viable business and success than non-planning entrepreneurs. "

This is due to the plan itself, will filter out issues and will boost your chances of success. 

 

This will allow for you to review your risks, source out potential investors or partners, review Incorporation vs non. and really see the whole picture. 

It will allow for structure for you and your business and allow for you to hopefully learn from others mistakes to ensure successes for yourself. 

How do I create a Business plan?

There are many templates, plans and even software's out there, free and some at minimal costs. 

 

One of the best you can use is a free Business Plan from the BDC

 

​The bottom line its more so about the content. 

Content you say? YES! 

Your Business plan should include:

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Eight sections for your business plan. 

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1. A description of the problem your customers have. 

2. How your product or service solves that problem. 

3. Business model. How are you going to make money? 

4. Marketing Plan that is right for your type of business. Your marketing plan should explain who your potential customers are, what the market opportunity is (i.e. how many potential customers you anticipate) and how your product will solve their needs.  

5. Competitive analysis. Who else is providing something similar and how are you going to do it better? 

6. Management plan. What is the legal structure of your business? What management roles are required to succeed? 

7. Financial projections. How will you get revenue? How many customers will you have? What expenses will you have? 

8. Barriers to entry and funding required. What are key obstacles or challenges to your business plan? What will it take for the business to get going? ​

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Business plan vs strategic plan

A business plan is really for starting your business, or for banks and investors when raising money to grow your business. It explains what you want to do and where you want to go. 

A strategic plan outlines how the leaders implement the strategy to get the company where it wants to go. 

 

The one-page strategic plan

Once you’ve gone through the process of writing your business plan. OWN IT!

Write it down, break it apart, and make it into a one-page strategic plan Short form- OPSP.

 

The OPSP is your short version, clear and concise to ANYONE who reads it. 

 

This concise version should be a summary of your business, why you exist and what your plan is.

When you are talking to your team, your employees, potential investors, ANYONE this is your go-to document. 

 

Have it on your person, make it into a PDF, Carry it everywhere, as this will be what will make you or break you. 

(DO NOT BE THE PERSON WHO GOES ON AND ON AND IS NOT CLEAR, CONSISE, AND FLUID WITH YOUR WORKFLOW)

 

Think I have 5 mins, and I'm on Dragons Den! I have to make this happen!

 

One-Page Strategic Plan can help you achieve results.

 

This is because it brings better alignment, accountability, and execution in your organization.

 

Your one-page Strategic Plan should outline:

• Your core values

• Your purpose

• Measurable targets for the next 3 to 5 years

• Your goals for the next year 

• The actions you will take to meet your goals

• How you will celebrate or reward meeting those priorities

• Who is accountable for what

• Strengths, weaknesses and trends

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Try it! Write one out! See your vision. 

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You need to be able to see your vision before anyone else can. 

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Need some help? 

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We do this well! We are happy to help you look over your plan, and help you Strategize. 

We have made it our career to create, sell, and facilitate small business, entrepreneurs and create systems and success for our clients. 

 

​Schedule a free Consultation with us, or book a Brainstorm Session.