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Starting a Business in Canada
Starting a business can be a challenging and rewarding endeavour. With the right planning,
resources, and groundwork you'll enjoy a better chance of success.
What is a business plan?
A business plan is like a game plan for your business. It's a formal document that explains what your business is about, your goals, and how you plan to get there. Think of it as a roadmap for your business as well as a tool that can help in attracting investors and securing financing.
Tips on how to make a business plan
To create a business plan, follow these key steps:
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1
Write an executive summary
Describe your business, mission statement and objectives, including financial targets and market positioning.
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2
Analyze the market
Give an industry overview, identify your ideal customers, including demographics and assess your competition. Explain how you plan to differentiate your business.
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3
Plan financial projections
Detail initial funding requirements, how your business will make money and provide projected income statements, balance sheets for the next three to five years.
Download our complementary business plan template that details each element to help you write a business plan!
Why You Need a Plan
If you're pitching your idea to banks or other financial institutions for a loan, you'll need a business plan because people want to see that you've put serious thought into your idea.
Thinking about the details will help you make decisions about your business, and will open you up to new ideas or approaches you might not have considered.
Writing out a business plan will give you an action plan to work with, but if you need help getting started use our interactive checklist.
Why You Need a Unique Selling Point
One of the most important aspects to consider when writing your business plan is asking why customers would buy your product or service.
Will it be better quality? Better price? Is it backed by a guarantee? Will it have more features? Will you be able to provide outstanding customer service?
Once you establish what differentiates you from the competition, it's essential to communicate it consistently when you go to market.
Use our interactive checklist to define your unique selling point.
Determine Demand & Profit Potential
Once you know (or are reasonably sure) that customers are likely to buy your product or service, figure out if you'll be able to make a profit.
Determine what you need in sales to cover costs plus a profit margin. Also ensure you have capacity - the physical ability to work a certain number of hours in a week or produce the required amount of product.
Use our interactive checklist for more ideas on determining demand and profit including ways to research, test marketing, and future trends.