How to develop a knockout business plan
Attempting to operate a business without a well-structured business plan is like jumping out of a plane without a proper parachute – you’re just taking a gamble and hoping for positive results. However, when it comes to starting a business, having a robust plan is vital.
There is an overwhelming amount of material available and it can be challenging for young entrepreneurs know where to look for information.
With this in mind, a new, free online Business Resource Centre with multimedia tools, educational videos and a Business Plan Writer is available at www.cybf.ca/resources to help aspiring entrepreneurs on their path to success. Designed to simplify the planning process, the Business Plan Writer allows users to customize their plan and offers tips and examples along the way.
“We want to encourage people to start a business,” says Dominik Loncar, an entrepreneur-in-residence with the Canadian Youth Business Foundation. “We believe this new resource will be of great benefit to entrepreneurs, helping them to minimize the risks typically associated with starting a business, and allow them to be more knowledgeable and effective.”
The Canadian Youth Business Foundation offers the following tips to people considering developing a business plan:
Solid foundations are essential
- A business plan is essential. It allows you to clearly outline the details of your business and the direction you wish to take.
- It serves to guide you along your entire path to success from concept to start-up to expansion.
- Taking time to carefully plan helps you budget appropriately and identify potential risks that you may not have considered otherwise.
Details interest funders
- In order for investors to take a risk on your business, they typically require a well thought-out and credible plan.
- A business plan is a great presentation and communication tool which shows funders, suppliers, employees, customers and so on, that you’ve done your research and understand your business.
Managing becomes easier
- Having a business plan will save you time and money in the long-run. It helps you manage your daily tasks effectively which in turn allows you to reach your long-term goals.
- It helps keep you on track for meeting your current obligations (to funders, suppliers etc.) and by setting realistic and time-sensitive goals, you can more easily track your progress.
Alaska Highway News | Fort St. John, British Columbia