A business plan is a written document that describes your business, its objectives and strategies, the market you’re targeting and your financial requirements and expectations.
Having a business plan is important because it helps you set realistic goals, secure external funding, measure your success, clarify operational requirements and establish reasonable financial forecasts. Preparing a business plan will also help you focus on how to operate your new business and give it the best chance for success.
The length and detail of your plan will depend on the nature of the business you’re starting. If you’re starting a part-time or home-based business on a shoestring budget, your plan may not be as comprehensive as someone seeking thousands of dollars in financing. However, you should still create a plan outlining your goals, expected costs, marketing plan and exit strategy.
Download the Small Business Centre’s Business Plan Checklist to get started on your plan.