From Idea to Strategy: How to Write Your Business Plan
Did you know that according to The World Bank 2019 Doing Business Report, Canada is the third easiest country in the world where you can start a business? If you have a business idea, there’s no need for you to wait.
One reason you might be hesitant is that you need to learn how to write a business plan. Yet, writing a business plan doesn’t have to be as challenging as you would think!
Here you’ll learn how to write a business plan and turn your idea into an effective strategy.
Start With Research
If this is the first business plan you’re writing, you’re going to want to start by researching your business idea. You can get a lot of information about your potential business by researching a variety of topics about your idea.
First of all, see if anyone else has come up with your business idea yet. If so, you can consider these people your competition. You should also look within your area to see if anyone else in Canada or Ontario is within your niche.
You should also be able to define your potential customers. Your customers will be your target audience, and they will be the people you advertise to. That means you’re going to want to know their likes, dislikes, age bracket, gender, etc.
Another thing to research are the costs associated with starting your business. You’ll be able to break this down later, but doing research and having a general idea is effective for your business plan.
Define Your Goals
Something that makes an effective business plan is defining your goals. Once you’ve done the research, you should be able to figure out why you are starting your business and what you hope to achieve.
Defining your goals is one of the biggest parts of strategizing for what you need to do to get started. You should have short-term business goals and long-term business goals. That way, you can have an idea of how your business will grow in the future.
Short-term business goals can be selling a certain amount of products, hiring more employees, or gaining a following on social media. While long term business goals could be to grow your opportunities, create a local store in Ontario, or even expand your product selections.
There are tons of different goals that you can have in mind for your business when you’re starting. Writing your business plan is a great time to figure out what you want to do so that you can strive to achieve it.
Budgeting and Finances
Having a business plan is one of the best ways to let investors know that you’re serious about your business. One step you need to take is figuring out the funds you need to get started.
Are you going to need equipment? Will you need to hire a team of people? Are there startup costs associated, such as a website?
Chances are you’re going to need money to start your business, and setting up a budget is a great way to show lenders and investors exactly what you’re going to do with the money. Start by making a list of everything you’re going to need to get started and how much money each item will cost you.
Within your business plan, you’re going to have a few other types of plans that will help you operate and run your business. An execution plan will be the details of your operations, management, and development.
That means deciding if you’re going to need to hire a team of people to get started. Small businesses might want to start with small team, or just yourself, until you’re ready to expand.
In your business plan, you’re going to want to decide the position you need to hire as well as the type of person you’re looking to add to your team. Creating a vigorous startup culture means hiring people that share your vision and want to see your business succeed.
Having a marketing plan is the best way for your target audience to be exposed to your products or services. You should decide early on how you want to start executing a marketing plan as it will be vital for you to gain a customer base.
Defining your marketing plan in your business plan is also a great way to show potential investors or lenders that you mean business, and you’re ready to get everything rolling. That’s why you should decide how you want to market right away.
Digital marketing is one of the best choices as you can reach your target audience, and you can also start branding your company online.
When creating a marketing plan, you can look at the way your competition markets itself and show how your company will differ.
As you can see, learning how to write a business plan doesn’t have to be as difficult as you would think. In fact, it will help you to figure out your goals and see how you want your business to grow in the future.
Business plans are beneficial to small businesses and entrepreneurs in many different ways, so don’t skip this step when starting your business.
If you’re looking for that extra push and need help starting your business, we’re here to help. Be sure to contact us today so we can discuss how we can help you get started.