Chances are, if you’re an entrepreneur, you’ve heard of business plans before. Many entrepreneurs create a business plan before they start their venture. The rest typically finish within the first year of launching. So if you haven’t already, you need to start thining about creating a business plan.
When you’re ready, learn the 6 Essential Sections of a Business Plan. But first, let’s break down why you need one.
What is a Business Plan?
A business plan is a formal written document that represents the foundation of your business. It outlines your business goals and how you aim to achieve them. Once you start your business, your plan will act like a roadmap that keeps you on the right track.
Though not all businesses require a comprehensive plan, basic plans can help you focus your time and energy in the right places.
Though business plans may differ, sections may include:
- Executive summary
- Company description or profile
- Market Research
- Marketing Plan
- Financial Plan
In our next blog post, we will go over what each of these sections entail. Stay tuned!
Why Do I Need a Business Plan?
As mentioned before, your business plan is a roadmap for your business. It’s your strategic game plan, providing you with concrete steps to launch and grow your business. The knowledge you will gain while writing your plan is hugely beneficial. You’ll get a better idea of the strengths and weaknesses of your venture, as well as outside trends that could affect you.
Business plans also play a huge role in financing opportunities. Investors, non-profits, banks, and startup organizations will want to see a well laid out business plan before deciding to take a chance on your venture. They want to be assured that you are organized, driven, and have a clear plan to success. A business plan does for you.
Resources for Building a Great Business Plan
There a number of online resources designed to help you create a winning Business Plan. The Business Development Bank of Canada outlines How to Write a Business Plan and offers a free template to get started. The Government of Canada offers a comprehensive Guide to Preparing a Business and Marketing Plan. BPlans has published hundreds of sample business plans, as does startups.com.
At Helium Scribe, we are a team of experienced researchers and writers who want to help you. We understand the many complexities of business plans and have successfully written several to date. Contact us today to learn more.