5-Point Checklist: Writing A Business Plan
Category: Business Planning
Tags: business plan checklist, Business Plans, canadian business plans
Writing a business plan for your very own business is exciting! You are finally going to experience what it takes to be a small business owner.
And that’s when it hits you.
Holy s**t, writing a business plan is really hard and time consuming!
Who would have thought, right?
A business plan, even though tough to get started with, is one of the necessary components that makes up any successful small business.
Think about it, a business plan is the plan of your business – on paper. Sort of like a trial run where you get to see everything happen before it happens.
So how does one start a business plan?
You are in luck today as we are sharing the 5 point checklist with you on how to write a proper business plan.
5-Point Checklist: Writing A Business Plan
While anyone can write a business plan and follow a business plan template, it takes time and dedication as well as a ton of research to develop your business plan properly.
The best person to write your business plan is you.
Don’t confuse having a properly developed business plan as a plan that you have to pay a few thousand dollars for. If it’s your business, it’s your vision and your ideas, so who better to put it in writing then you.
As a number one rule that we here at CanadaStartups.org would recommend for you when writing a business plan is to do it yourself. If it’s not good enough, then hire an expert who can format it and re-work it to improve it.
The research and the understanding is always best done by you.
So here is a 5 point checklist to help you with writing your own small business plan:
1. First Write Your Goals
What is it that you want our of business?
Don’t write “I want to start a business and make a lot of money”; while this is a goal and ultimately one of the main reasons why people start a business – it’s not technically a goal that we are asking for.
Instead, on a separate page or section, write down the goals of your business plan. Why are you writing this business plan.
- To use it as a guide?
- Use it to get a bank loan?
- To get government funding or a private investor?
What is your goal for writing a business plan?
Knowing this, you will be able to guide the theme of the business plan and at which direction you want to take it. Since not all business plans are the same, this step is critical.
2. What Are Your Needs?
The next point you have to remember when writing a business plan is to ensure that your needs are clear and understandable by the reader of the plan.
Be it a potential employee, a business partner, a bank, government funding agency or a private investor; your needs need to be clear.
If you need funding especially, your funding needs need to be broken down and clearly explained.
How will you benefit from the funds?
What will these funds be used for?
When do you need the funds by?
The more in detail you go about explaining your needs, the greater your chances of getting your needs met.
3. Have It All Covered?
Your business goals and your needs are there, but that doesn’t make up a business plan. But you know what does?
Explaining your business in detail.
While a business plan format depends on your needs a typical business plan is broken down into sections such as:
- Executive Summary
- The Opportunity
- Market Analysis
- Execution of the Plan
- Company and Management
- Financials
Again since each plan is different, the headings may be different. Be sure to use our Business Plan Builder Tool to get started with your very own business plan.
4. Proof Reading Is Important
It doesn’t seem like a tip for writing a great business plan or something that really should be added to a checklist, but you’d be surprised how many business owners spent so much time writing a business plan and they forget to proof read it.
What a waste.
Especially if you’re applying for government funding of private investors, you don’t want to have mistakes that could be easily avoided be visible in your business plan.
Take some time, read your plan, get a friend or family member to read it. You can always reach out to CanadaStartups to get some-help as well with your business plan.
5. Get Expert Help
While you probably don’t want to spend thousands of dollars on a business plan, and it’s one of the things we recommend you don’t do – we do suggest you get expert help.
Perhaps not with the entire business plan but with the proofing part, or additional guidance and step by step direction to ensuring you’re writing a well put together plan.
Expert help such as the one that comes with CanadaStartups Business Plan Builder Tool also allows you access to our business plan experts. Our experts take your business plan, provide you a professional review with actionable feedback.
Take these 5 tips, or check points to ensuring that when you are writing your own business plan for your own smalls is well prepared.
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