You need a plan for your business Conventional wisdom would have us believe that a business plan needs to consist of 30 pages complete with bar graphs and pivot tables. But as many entrepreneurs juggle full time day jobs and family commitments alongside their side projects, getting to revenue as quickly as possible might be the difference between staying the course and giving up. We have a simple, free, focused 1-page business template for you.
You can also read our article on common mistakes to avoid when building your business plan. The Canada Business Network also offers a guide to writing your business plan as well as good examples of industry specific business plans.
Your business plan has to be backed by facts and research to hold up to scrutiny. You should gather this information using both secondary and primary sources. Secondary sources will consist of statistics and trends about your market and your customers.
Industry publications, associations, think tanks and university research are also good sources of information. Primary sources include surveys, personal interviews and focus groups.
These can provide you with insights into the attitudes and behaviours of your target customers. Make sure to survey more than your personal network of friends and family when conducting your research.
Like the rest of your business plan, your market research should be periodically reviewed and revisited anytime you need to make major business decisions. Set measurable objectives Setting goals for your business will help you to get your team focused and taking action to achieve your vision.
Your goals can deal with every aspect of your business plan. Here are some examples: Finance—Raise a specific amount of capital, hit cash flow targets, become profitable.
Operations—Launch new products, offer new services, improve efficiency by x amount. Human resources—Find employees with specific skills, create an onboarding protocol, introduce an employee evaluation system.
Sales and Marketing—Create a unique brand, develop your marketing plan, set sales targets. You should have measurable targets so you can monitor your progress towards them through the year. Do you need a marketing plan?
If your business will rely heavily on marketing, you may want to create a separate marketing plan. A profile of your target market. Clear objectives in terms of market share and segments, number of customers and customer retention, and the size and volume of purchases that are made.
A description of your marketing strategy. Prepare an elevator pitch Apart from your business plan, you should also prepare an elevator pitch.
This is a short and compelling description of your business that can be delivered in 60 to 90 seconds. The idea is that not everyone will have the time to or be interested in reading your business plan.
To elicit their interest, you need to be able to pitch potential investors, lenders, partners and customers on your business in the time it takes for an elevator to go up a building.
To be successful, your pitch needs to be clear and concise, stand out from the crowd and be tailored to your audience.SUMMARY Description of the business Mission —The mission of Budget Cars will be to buy and sell a desirable mix of quality used cars, trucks, and vans, and to create a friendly atmosphere where Budget Cars will be known for being your family used car center.
Legal Status/Location —The legal status of Budget Cars is a subchapter "S" corporation.
Bplans offers free business plan samples and templates, business planning resources, How-to articles, financial calculators, industry reports and entrepreneurship webinars.
Toggle navigation Starting a business made easy. A business plan is a road map that helps navigate a company to success. It describes all aspects of your business, including history, products, services, marketing and finance.
Want to start a new business and need to create a business plan? Here is a simple business plan template for new entrepreneurs. The Balance Small Business Simple Business Plan Template. Menu Search Go. Go. Becoming an Owner. Small Business business premises or site plans.
Start with some of our free business planning resources, like free sample business plans, our one-page plan template, or our template for a complete business plan. Then, scroll down for a complete set of resources that will help you create the ultimate business plan.
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