Are you preparing to start your own business this year? One of the initial steps to begin the process of starting your own business is developing an efficient business plan.
Are you preparing to start your own business this year? One of the initial steps to begin the process of starting your own business is developing an efficient business plan.
A business consists of a wide range of processes. One of the most significant processes is a company’s marketing strategy. Today, most businesses rely on digital marketing methods to meet their marketing objectives. Read on to learn how a solid digital marketing plan can help your business.
Small businesses rely on a wide range of factors, including the measures they take to understand their customers and meet their demands. Market research is an essential part of most business processes. Read on to learn how it benefits small businesses.
While most business owners make and use business plans to seek funding and attract investors, these plans play a significant role in helping new business owners and entrepreneurs. In fact, these are some of the most valuable resources to use when you want to track your entrepreneurial progress.
Many entrepreneurs believe business plans can be or are tough to write and finalize. Yes, it might take a bit to create a professional business plan, but it’s not nearly as difficult as you might imagine. It all comes down to knowing what to do, what steps to focus on, and what you want to achieve. There are many types of business plans depending on the end result; such as immigration business plans, bank loan business plans, investor funding business plans, and so on. Regardless of the purpose of your business plan, here are some tips to help you get started.
The most efficient business plan always focuses on who will buy your products or services. The most crucial aspect here is understanding what people want and what solutions you can offer to them. Doing that will make a huge difference, and makes things easier with other sections of the business plan.
You must also figure out the right vision for your business. This is the future image of your business, where you want it to be in a few years and so on. Having a good understanding of what you want to do and what you need to achieve in the long run can make a difference and set you in front of competitors.
This will help you identify any factors that might bring your business down. The PEST and SWOT analysis can be great if you want to figure out any market gaps, identify threats, and leverage the strength and opportunities that your business presents.
It would help if you were always focused on establishing the right business goals. Maintain realistic goals and don’t go overboard. With SMART goals, you will achieve and grow more, not to mention you will have better control of the strategies to achieve those goals.
What this means is that you should set your business plan over a certain amount of time. With that being said, you should consider different timeframes, not just a single year. That will help you bring more insight to investors and others as well. Do this especially for your industry market research, financial projections, so that readers can have a better understanding of the business potential.
The best business plan you can focus on should support assumptions and claims; it should flesh out the right methods you can use to achieve goals. It also needs to showcase any bad scenarios and how you can prepare for those. As always, every business plan needs to be free of any fluff, yet conservative and to the point.
Got the business plan ready? Great! Now, it’s time to improve it. The business plan, just like your business, should always improve and adapt according to the industry and customer base. Maybe you come across new opportunities, or maybe you must focus on some business changes based on the current external and internal business environment. All these things are factors you should consider as you try to adapt your business plan to the existing market conditions.
As you can see, creating a business plan is not that difficult if you know what you are getting into. Constantly take your time, understand the market, and don’t hesitate to make any business plan changes if needed, as they can help quite a bit! The main focus should always be on thinking ahead, planning, and constantly adapting your business plan to be the best it can be. If this is too overwhelming, there is help available! Consider hiring a business plan writer. Adept Business Plans Inc. is a Vancouver-based business plan writing service that has been helping startups small businesses, and immigration consultants with professional business plans. For a professional business plan writer cost, let’s talk.
To step into the business world as a car dealership is a dream come true for many. Car dealerships are one of the most dynamic and competitive business ventures with large profit margins. It is crucial to stand firm in this race uphill and much more, to begin with, strong business planning. A professional business plan can help ensure this. A good business plan is like the script of a movie, blueprint of a building, and recipe of a dish – whatever you want to call it. It should be clear, concise, and welcoming; drawing investors like a charming fragrance. Here are some tips for writing a professional business plan for a car dealership:
A car dealership business is highly competitive. There are buyers with varied and scattered choices. Bringing viable options and gaining a place in the market is not easy. A business plan can help with planning the entry into the market and secure external investment. I hope you use these tips for your car dealership business plan. If you are looking for business plan writing help, please get in touch, I will be happy to help you with your business plan needs.
Like it would help if you had a map to reach your destination; for your business to grow and expand, it needs the right business plan aka road map and adequate attention to detail. If you are reading this, you probably have a business plan that you would like to revamp. If you don’t have a business plan yet, don’t worry, consider reading my blog post on Five Embarrassing Business Plan Faux Pas! First of all, revisiting your industry and audience in your current business plan is pivotal if you want to reach success! Which does bring the question, what are some other things that can help you reinvent your business plan? Here is a list of some simple hacks that will help you:
Most of the time, your audience will have various ideas and feedback for you to check out. It’s more important than ever to listen to your customers and provide them with the best results and experience. I recommend you to listen to your audience because they can give you amazing ideas and a new way to improve your existing business plan.
This is a good option, especially if you believe that your business is not doing that great anyway. Adapting to the market trends can actually save you, and it can bring in tremendous potential. Use that to your advantage, and the payoff alone can be second to none.
It’s a great idea to study the competition and see what they are up to. More often than not, this will give you lots of ideas, and it will help you reinvent your business plan. That minor adjustment can indeed make a difference, so use that as an advantage.
If you believe that you’re not standing out too much, then it’s a good idea to find ways to do so. Change your business plan by delivering more efficient customer service, a higher level buying experience, a vast range of products or services, and a higher sales volume. Changes like this can make a difference.
Automation, machine learning, AI, the Internet of Things, or various other technologies can help your business. Becoming a more tech-focused company can help a lot, and it will give you some fantastic benefits while focusing on value and growth. All you need is to identify what technologies would work for your business and adapt accordingly.
A mentor can help a lot because he can see things from afar since they are not close to the action. You can’t think objectively, but they do, and that’s what makes them the best possible option that you can access at this time. Listen to your mentor, as he can help you revamp your business plan based on their insights. Furthermore, there are plenty of business plan writers and business plan software online that you could take advantage of. How to choose the right option? Consider reading my post on business plan writers v/s business plan software.
Switching to a marketing channel that gives you more exposure can bring growth opportunities, not to mention you can get more sales. It helps a lot, and the potential is second to none. You have to make the most out of this opportunity, as it will be worth the effort.
There’s no denying that reinventing your business plan can take quite a bit of time. However, with the right ideas and solutions, you will be able to make it work. I recommend using these tips for your business plan, and results can indeed be excellent in the long run! This will not always be a walk in the park, but if you manage everything appropriately and know what you are getting into, it will be worth it. If you are stuck, I will be happy to help – let’s talk.
Opening a grocery store can be challenging because the big box stores and supermarket chains can offer a wide variety of products at low prices that small stores can’t. However, neighbourhood shops that stock local and sustainable foods find their footholds as people seek out healthy, chemical-free, locally sourced, fair-trade options. Like most of the rest of the world, Canadian shoppers have also discovered that a global crisis like COVID-19 can interrupt food supply chains, so they have turned their eyes and habits towards home.
If you are considering opening a grocery store or neighbourhood supermarket, it’s almost certain that you will require funding, either from private investors or commercial lenders. You will need to convince them that your idea is sound and that your store will turn a profit. The business plan is the tool that does that.
A business plan consultant can prove to be the most valuable resource you utilize on your entrepreneurial journey. As professional business plan writers, they work with you to craft your professional business plan, aid you in developing a successful marketing strategy, and help you to avoid some of the more common startup pitfalls. Considering these points, business plan writing help is worth exploring during your initial days of conceptualizing a grocery store business plan.
Your professional business plan writer will make sure that your plan is detailed, thorough, and contains the information that lenders or investors are looking for. If you decide to do this on your own, make sure to do your homework, so you are prepared to provide the critical information your business plan will need.
Once you obtain the funding, it isn’t time to toss your business plan into your computer’s documents folder. Securing financing is just part of it. Your business plan functions to help you define your objectives and describe how to meet them. Mark, your calendar to review your business plan annually to ensure you are meeting the goals. As your business grows, you’ll want to edit your plan to reflect that growth. If you need a business plan writer, have questions about business plan cost or business plan writing help, contact Adept Business Plans Inc., for a quick discovery call.
Some more helpful resources:
Tips for Writing a Real Estate Agent Business Plan
The real estate market is hot right now and has been for some time. According to the Canadian Real Estate Association, home prices were 23% higher in April 2021 than at the same time last year. Increased immigration targets, the yearning for more space after being cooped up through the pandemic, and lower borrowing costs have all created a high demand for housing. While the market is predicted to cool off and become more typical in 2022, it will remain strong. Despite where the market goes, being a real estate agent always remains an excellent career option.
Although becoming a realtor usually doesn’t require as much funding as beginning other businesses, a business plan remains essential. Professional business plan writers can help to craft a document that will define where you are today, where you want to be at a specific point in time, ways in which you’ll measure your performance, and when you should make a course correction. If you’re unsure where to begin or how to find professional business plan writers, there are many valuable internet resources to help you online.
Essential Points to Include in Your Plan
There is specific information that needs to be included and organized in your business plan, but here are a few key sections.
Mission Statement – This is the foundation. Your mission statement is what the rest of your business plan is built on, and it clearly and succinctly outlines your goals and guiding principles.
About Yourself – here you can highlight your skills and experience and you will contribute to the company’s success. A more comprehensive resume can be attached in the Appendix of the business plan.
Target Market – This is a particularly important section and, if professionally written, will reflect all the research that you’ve undertaken. Saying that real estate agents help buy and sell homes is true enough, but it’s too broad. Who, specifically, are your clients? Are they first-time home buyers or sellers? Will you be dealing with luxury homes or more modest, middle-class structures? Are your clients first time home buyers, or are interested in investment or commercial properties? Identifying your demographic provides the needed focus for your business.
Marketing – Much of the business of buying and selling homes comes from the work of generating leads. In this section, you’ll describe strategies like using social media, print or radio ads, brochures, and bench advertising. You will also want to identify how many leads (anticipated or confirmed) that these strategies have produced. Show the effectiveness of the marketing. Hiring a professional marketing strategist is a sound decision and a legitimate business expense.
SWOT (Strengths, Weakness, Opportunities, Threats) Analysis – This is a beneficial exercise as you write your plan, compare your services and business against each of these terms. For example, your strength might be cold calling, but your weakness is business analysis. An opportunity may be a niche real estate market like working with new immigrants who want to purchase a home but are unsure how to navigate the Canadian market. And finally, an example of a threat could be lumber or construction prices. The SWOT analysis is the most fluid part of your business plan and will likely be a tool you’ll use and tweak often.
Numbers, numbers, numbers – Determine the average commission per sale that you want to make, and then figure out how many homes you will need to sell each month, quarter, year to reach your target financial goal. Remember to be conservative.
Lastly, reviewing your business plan annually lets you see where you are at on your business journey, and it ensures that you’re keeping your eyes fixed on the goals! Looking for professional business plan writers for your business plan? Get in touch with Adept Business Plans (a Canadian business plan company) for a customized quote for your business plan.
“People do not buy goods and services. They buy relations, stories and magic.” – Seth Godin.
Social media’ influencing’ has become a recognized and popular form of online marketing. Likewise, referring to someone as an ‘influencer’ is now a commonplace label. The mainstream media regularly refers to people as such, but what exactly does it entail? What is influencer marketing, and how does it work? Influencer marketing relies on Instagram as a central platform. Now nearly a 2-billion-dollar industry, Instagram influencer marketing is all the rage. Some influencers are able to make a living from paid posts and collaborative marketing campaigns.
The marketing strategy relies on a slow-and-steady approach to advertising. Like social media in general, efforts are not aimed at selling products directly. The strategy is built on demonstrating authority, credibility, and ethos within a given industry. Specific social media campaigns allow individuals to build a reputation in their field and become strongly associated with whatever they are offering.
2021 brought global uncertainty and many political, environmental, and economic unknowns. This uncertainty raised questions about the social media climate for brands and influencers. Keeping audiences engaged and maintaining a sense of integrity throughout has become pivotal in today’s environment. It is more important than ever for social media influencers to get these strategies right.
We are seeing more engagement now than ever before on social media platforms, likely due to a pandemic-induced reliance on digital communication. As a result, influencers are constantly creating new engagement methods to keep followers during these unfamiliar times. Brands are realizing that marketing through social media influencers could be a wildly effective business model when commercial advertisement shoots are inaccessible, and DIY content (filmed at home) is still within reach. Influencer marketing strategies combine old and innovative marketing tools, using the power of celebrity endorsement but putting it into the hands of modern-day content-driven marketing campaigns. An influencer has the power to affect the purchasing decisions of others because of their authority, knowledge, position, or relationship with their audience. These individuals are rooted within a distinct niche with whom they actively engage. The size of the following depends on the size and reach of their niche.
The power of influencing is only gaining traction. Instagram influencers are key opinion leaders, and advertisers are leveraging their reach to create a positive impact. The focus is shifting towards creating content that is informative and impactful. The name of the game is to build dialogue, generate and share ideas, and drive actual change in social, ecological, or political spheres.
The global pandemic led us down an unprecedented path, and many influencers have stopped taking regular branded content to promote social initiatives. The aim is to produce an original piece of content that will, in some way, contribute to and benefit a social cause or climate. Of course, not all influencers are working with an ethical agenda. Many influencers still use their online following for advertising for brands and companies to capitalize on capitalism simply. And it’s pretty darn effective.
Hope you found this blog post helpful! If you are looking for a social media marketing plan, or just want to bounce ideas, get in touch with Adept Business Plans’ business plan writer for your custom marketing plan!
If there’s one big factor in a startup’s demise, it’s cash flow problems.
With plenty of small businesses failing, you’ll be thinking how a cash flow forecast can be useful for small businesses, right? Well, it’s pretty useful.
There are two major components of risks: the likelihood of something going wrong, and the repercussions if it does.
Similar to starting any business, learning how to kick-start an e-commerce venture is a little challenging. However, launching, setting up, and maintaining websites where creators, designers, and entrepreneurs can sell their wares is a lot more attainable now than ever.
Here’s a basic guide to creating a financial model. I will cut through the jargon to help you understand how to prepare a financial model for your business.
Having a strategic business plan is encouraged for a multitude of reasons. A robust and well-thought-out business plan can convince investors that you’re serious, you understand the market, and you have a vision for how your product or service will succeed. It demonstrates that you mean, well, business.
Financial planning and analysis involve budgeting, analysis, and forecasting of the financial data. This can help companies support their strategic business decisions and align to their financial goals. It also helps an investor determine whether a company is profitable and stable enough for investment.
You’ve probably already read my post on top five reasons to hire a business plan writer. Well, read on for a logistical rundown of what to expect when the chosen business plan writer is me.
Initial discussion on price, deliverables, and scope of work. Whether it is in person or virtually, our first meet will help us flush out these details. Nothing shortens the road to an excellent business plan like a mutual understanding of what is expected and what can realistically be delivered.
Non-Disclosure Agreement (NDA). You and your team can choose to sign before the questionnaire if you prefer. Otherwise, it can be completed alongside the Business Plan Service Contract. The NDA is a great way for everyone to feel protected when discussing ideas and plans. You’ve finally got your entrepreneurial wheels in motion, and nothing is worse than feeling as though your creativity or personal information is at risk. Signing the NDA ensures all information shared or discussed remains confidential.
Business Plan Questionnaire: This will help me understand your business idea better. The questionnaire has quick twenty questions. You do not have to answer every question. Just answer the ones that are relevant to your business.
Business Plan Service Contract (if NDA is already signed). Our Service Agreement will set out the relationship between you, the business receiving the services, and me, the business plan service provider. This contract will clarify, in writing, the terms of our agreement, including the services to be provided, how and when the services will be provided, and payment details regarding the services. It is a way to prevent potential misunderstandings or disputes arising throughout the term of the entire agreement.
First deposit to start the first phase of the business plan. This includes everything except financial projections.
Second deposit to start the second phase of the business plan. This includes the financial projection, one of the most specific and essential components of the business plan and one that requires particular insight and transparency into your company. This is another reason the peace of mind NDA is in place.
Update and midpoint check-in. I will update you with the progress mid-way during both phases of the business plan writing project.
Follow-up call after receiving the business plan questionnaire. This is a call to see how things are progressing regarding the questionnaire. I’m here to craft your most effective business plan, and I want to offer as much support as possible.
Note: For Immigration Business Plans, the first phase is the business concept, and the second phase is the final business plan after ITA is received.
Payment and finalization. In terms of payments, I accept both interac (e-transfer) and cheques. (No credit card payment at this time).
I am always more than happy to offer two revisions included in the price, as long as we stick with the agreed business idea and the vision has not morphed too substantially. If the business idea does change, a new quote will be provided. I will deliver a final copy of the Business Plan in Microsoft Word and Excel format, easy to show and discuss with the team, and user-friendly for presentations to potential investors. If you need any complex design files, I will be happy to chat and involve one of my graphic designer friends to help us with converting the business plan documents into design files.
Most people who complete the vocational schooling and apprenticeship hours required to become auto mechanics will continue to work for employers. However, some will channel their entrepreneurial spirit and open up their own auto repair business. According to UBC’s Small Business Accelerator Program, the auto mechanics industry in Canada will continue to experience steady growth, generating close to $12 billion annually. While new auto repair enterprises tend to be the regular brick-and-mortar shops, some entrepreneurs think outside the box and open mobile businesses that bring diagnostic, maintenance, and repair services right to a customer’s home. These startups are an expensive undertaking whether you intend to open a repair shop or plan on going mobile. Lenders or investors will want to see a professional business plan that doesn’t just outline revenue and expenses but one that is clear about your vision, objectives, marketing plan, strategies, industry experience, and the experience of those who will be working with or for you. A business plan is the most crucial document you’ll ever write. Having a professional business plan writer work with you to craft it will be money well spent (and it’s a legitimate business expense too!). If this is something you want to take on yourself, keep reading. If you are looking for a Business Plan Writer & Consultant for hire, there are many options in the marketplace.
Tips for Writing the Plan
Several sections make up a business plan, but let’s touch on a few essential points that should be included in yours:
Talk to a professional business plan consultant. These people are specialists who know how to write a business plan, develop a marketing strategy, find pertinent information about licensing requirements, and effectively point you in the right direction to help build your business.
Understand the value of a business plan. Many entrepreneurs tend to think its sole purpose is to secure funding. While that’s undoubtedly one of its functions, your business plan is also the roadmap that helps to get you to the destination of breaking even and turning a profit. Your business plan will outline your goals and how you’ll reach them and clearly define and explain the business. Some of the reasons businesses fail include not starting with enough money, planning, and overestimating revenue. The process of writing the business plan helps to identify potential problems and reduce the risk.
Starting a business is exciting and sometimes overwhelming. Use the process of writing the Objectives section to bring order to the chaos you might be experiencing as you prepare to open your auto repair shop. You may envision beginning a one or two-bay garage with yourself and one employee doing the work, and once the business has its footing, your goal is to expand to several shops or even franchising. The Objectives section will help you to identify the steps you’ll need to take to realize your dream.
Starting up an auto repair shop or a mobile auto repair business is an expensive undertaking. However, committing yourself to carefully crafting the Financials section of your plan will give you and your lender a clear picture of the amount of money you’ll need. This section requires you to be specific and to itemize revenues and expenses carefully. Always be conservative with your numbers and make sure you show the business breaking even at a particular point in time.
The Market Analysis and Marketing section will require you to do extensive research. How much time you’ve spent researching the auto repair needs of people in the area you plan to do business? Who are your competitors? What services do they offer? How do they reach customers? What sets your business apart from other shops? What tools will you be using to reach and retain customers?
Finally, practice, practice, practice. Know your business plan inside and out and practice presenting it to an audience. Ask a business plan consultant to critique your presentation. And finally, don’t forget to review your business plan at least once a year!
Swish and Swipe, and everything is clean! That’s what cleaning companies do- add sparkle and shine to everything. A cleaning services company is a ‘neat’ business idea. It must begin with thorough planning and strategy to make sure all bases are covered. A well-written plan could make a huge difference right at the business planning stage. Apart from typical sections, several minor details are crucial to enhance a business plan. A business plan not only helps your get external funding but also prepares you for real business. What it contains must wash away any doubt and give a solid ground to grow. Including critical points and information in a proper manner improves chances of success and getting external funding.
★ A business must have a purpose- an underlying reason, such as to prevent allergies and spread of diseases due to dust and dirt, and so on, to spark interest in a cleaning company. Adding the primary purpose adds a sense of importance for a cleaning company. The business plan should talk about the target areas, such as commercial, residential, cars, carpets, Airbnb, and any other potential customers- why they will need the services.
★ The potential readers must get an idea of what to expect from the cleaning company in action. Talking about the kind of equipment for cleaning and the skill to operate and manage them is crucial for making your business plan stand out. The business plan should also talk about green products, protective masks, gloves, and other unique benefits.
★ Talk about the team, including a cleaner, a manager, and customer service persons. Doing so will give credibility to your cleaning services business.
★ A good plan outlines the marketing strategies, such as discounts, offers, subscriptions, and other techniques, such as limited-time promotions to roll out.
★ An essential part of any cleaning services company is that it should strikingly relieve its target customers of any cleaning difficulties. It should stand out among all other competitors in the same business. Think about what those points could be and how you could highlight them in your business plan.
★ Another vital point to keep in mind is to project the forecast of company goals and ambitions for the next 3-5 years—a better understanding of the road ahead with an action plan.
★ The business plan should convince the investors that the money they put in will be used wisely. Using strategic digital marketing over flyers and posters, using transport and other resources carefully, hiring the right staff, having a steady cash flow, and preparing for a downturn, give an excellent impression to the readers.
★ Support all of the above with carefully planned financial projections. Assessing the market risks, average costs, pricing structure, startup cost helps make a business plan practical. The plan should have justifiable costs supported by income statements, balance sheets, and cash flow statements.
Starting a cleaning company is an active task. A cleaning company calls for customer satisfaction from the very onset. A business plan can help address some of these factors right from the get-go. Questions to ask yourself: How will this business make a difference in the lives of your target customers? How will you ensure excellent customer service? How will you ensure a healthy ROI? There are a plethora of reasons you can benefit from writing a business plan or using a business plan writer service. If you’re seeking a loan or investment, or just want to think through every area of your new business, a business plan is an answer to all your preparations to launching your cleaning services company. If you are looking for business plan writers for your next cleaning services venture, let’s chat.
According to Statistics Canada, 1 in 5 Canadians practice yoga and the fastest-growing segment is the 18 to 34-year-old age group. From Yogis to Yogipreneurs, yoga instructors will find they have the flexibility of opening brick and mortar studios, teaching classes via online platforms such as Zoom or Google Hangouts, offering sessions for businesses or school children, or even instructing clients in their own homes. The steady growth of the yoga industry makes it possible for a business to do exceedingly well, and it’s essential to have a clearly defined vision and specific goals so that you are running your business instead of the business running you. A well-written business plan is a tool that helps you to do this, and a business plan consultant who assists you in crafting your plan is worth their weight in gold (and a deductible expense for your taxes). Some people believe that a business plan’s only purpose is to secure financing, but it’s much more than that. A professional business plan is a way for you to define your goals and objectives and identify strategies needed to meet them. Before you sit down to write your plan, make sure you’ve done your research. Have a clear idea about the kind of services you intend to offer and where you’ll offer them. At this point, you should have visited many different studios, taken several classes, and talked with other yogis. Don’t be shy. Most yogipreneurs are happy to share their stories.
This is the first impression. It’s a quick but concise introduction to your business, background, intended location, objectives, and how much money you need. This may seem counterintuitive, but writing the Executive Summary should be the last section you complete.
Be detailed here about who you are and what qualifications you hold. If you’re taking on other instructors as employees, detail their backgrounds. Explain your products and services and where they’ll be offered. For example, if you’re considering an online business, outline the setup. Will you be offering live yoga classes, or will there be pre-recorded sessions that participants can choose from?
The level of commitment you had to research will shine through here and will significantly help the small business plan writer you may have hired. How are your services different from your competitors? Demonstrate that you understand the demographics, age, gender, and lifestyle of your target market. Include results from informal focus groups or polls. It will show lenders you have a market and demand for your services.
You could be the best yoga instructor on the planet, but nobody will realize this without great marketing. A marketing consultant can outline a plan that will help you to build your brand and draw customers. Include your logo design, printed advertising materials, and links to social media. Explain how potential customers will buy your products and services and why they will come back. Lenders want to see the customer sales journey of finding you, purchasing what you are selling, and becoming repeat customers.
While your business idea has been born from your passion for yoga, you also want to make money. And so do your potential investors. In this section, you’ll identify income streams – be conservative with the numbers. Lenders have experienced businesspeople and tend to feel much more comfortable with conservative numbers. Next, write a sales forecast that is broken down monthly and itemize each source of revenue. Once you’re done with the income section, work through the same process for expenses. The idea is to show a point in time where your business will break even and then begin to turn a profit.
One of the goals of practicing yoga is to train the body and the mind to be thoughtful and focused. Use these skills to write your business plan carefully and deliberately, and don’t be afraid to hire a professional who can help! If you’re looking for some business plan writing help for your current or upcoming yoga studio, it can be worthwhile to start by talking to a professional business plan consultant to get a sense of what to include in your business plan.
If you are an entrepreneur looking to immigrate to Canada, a direct avenue that the Canadian government offers is to apply as a business immigrant through its Provincial Nominee Program (PNP). Canada is dependent on its immigration policy and allows people to immigrate as business immigrants provided, they meet specific program requirements. International entrepreneurs immigrating to Canada boost the economy while creating new employment opportunities for Canadian citizens and permanent residents. As a part of the PNP application, a professional business plan is required. In this blog post, I will write about the PNP Business Plan and how it can increase your chances of success as a Provincial Nominee Program applicant.
The PNP Business Plan must meet the Entrepreneur Immigration Application Guidelines. The government of Canada asks that the following essentials are addressed in your PNP Business Plan:
There are two parts of the PNP Business Plan that must be fulfilled to gain approval from the Canadian government.
For the online application, a business concept is necessary to introduce and clarify the business idea. It must be a 1,000 to 1,500 well-written document and must cover all the questions laid out in the PNP guide. The following are some primary areas to be addressed in the business concept:
Through an online application, the PNP business concept must prove that the business has a great potential for sustained commercial success in Canada. Some additional requirements have been set out if an applicant is purchasing an existing business or setting up a franchise in Canada.
Once the online application/ business concept is approved, the business owner/ potential immigrant needs to submit a detailed business plan with their application. A professionally written PNP business plan must address all the detailed application needs. Some of the key areas to include are:
At this stage, it is a comprehensive yet concise PNP business plan and should involve all crucial details of your proposed business. To avoid any confusion, the business plan should synchronize with your business concept submitted in part 1 of your application. You need an effective PNP business concept to pass the first step and then a solid PNP business plan for the second step of your application.
To help ensure your business concept and business plan are written in a way that meets and exceeds PNP business plan requirements, it is highly recommended to hire a professional immigration business plan writer to prepare these documents for you. The provincial standards are strict, so you will need to ensure these documents are written with the PNP guidelines in mind.
Are you looking for a Vancouver-based immigration business plan writer? Contact me here, and I’ll be happy to answer any questions you may have about your PNP Business Plan requirements. Please note that the above information is based on my experience as a business plan writer for PNP business plans. I am NOT an immigration consultant. Any questions regarding your eligibility or PNP immigration requirements MUST be directed to a licensed Canadian immigration consultant.
anywhere between one and two weeks after receiving the business plan questionnaire and the first deposit.
As I have signed NDAs with my clients, I can’t send over the business plan samples. However, I will be happy to meet in person or jump on a Zoom call to show you some PNP business plan/PNP business plan concept samples.
Absolutely, I am just a phone call away to answer any questions regarding the PNP business plan and the PNP business plan concept that we have worked on. Got more questions? Please read more on immigration business plans here, or feel free to contact me.
Further helpful reading:
The Intra Company Transfer (ICT) was created to allow international companies to send their skilled employees to Canada. These skilled employees set a Canadian office and expand a particular business in Canada while contributing to the local economy. If an international business wishes to set up a location in Canada, they need to submit an ICT business plan as a part of their application that fulfills the requirements of the Canadian government. To ensure that the business plan is successful, there are some requirements that business owners should be mindful of when setting up a branch or affiliate in Canada under the ICT program.
An ICT Immigration Business Plan allows business owners to demonstrate working relationships within all critical areas of the business operations. One crucial point of the ICT business plan is that it needs to show the intended relationship between the Foreign Worker/Canadian Entity and vice versa. There needs to be a clear layout of the finer details between both parties in the business plan. Essential information to include here would be company history, achievements, and continued success/growth strategies in the home country and a strategic expansion plan for the Canadian market.
Through the ICT, three types of workers are eligible for the program. These foreign workers are executives, managers, and other skilled workers. In the Intra Company Transfer’s business plan, there needs to be straightforward evidence of the expertise and qualification of the transferring worker. The business plan should provide this supporting evidence and how this will benefit the overall Canadian operations. Qualified ICT foreign workers can be of significant economic benefit to the local economy as they bring specialized skills and expertise to the Canadian labor market. ICT program is open to any country if they can meet the program requirements.
With a start-up ICT program in Canada, the business will need to demonstrate how they will financially support themselves. In the business plan, it’s important to show straightforward evidence of how the company will cover costs and highlight where funding will come from when operating in Canada. To ensure the business plan is a success, detailed financial projections with proper assumptions are also needed.
The ICT business plan needs to set out clear goals for the business in Canada. Failing to highlight these goals can result in the rejection of the application. Some of the business goals could be expansion and milestones within Canada, job creation, anticipated percentage sales growth, etc. Hiring a professional business plan writer can help ensure that the ICT business plan covers all the required information. An experienced business plan writer can offer the expertise to make your business plan stand out and increase the chances of success of your Intra Company Transfer application.
Are you looking for a Vancouver-based immigration business plan writer? Contact me here, and I’ll be happy to answer any questions you may have about your Intra Company Transfer business plan. Please note that the above information is based on my experience as a business plan writer for Intra Company Transfer business plans. I am NOT an immigration consultant. Any questions regarding your eligibility or immigration requirements must be directed to a licensed Canadian immigration consultant.
Further helpful reading:
Whether you’re looking to secure financing or mapping out your road to success, a Business Plan is an essential asset when it comes to creating a solid foundation for your business.
“The stars will never align, and the traffic lights of life will never all be green at the same time. The universe doesn’t conspire against you, but it doesn’t go out of its way to line up the pins either. Conditions are never perfect. ‘Someday’ is a disease that will take your dreams to the grave with you. Pro and con lists are just as bad. If it’s important to you and you want to do it ‘eventually,’ just do it and correct course along the way.” — Tim Ferriss, author of the 4-Hour Work Week
Here’s five embarrassing faux pas to avoid when writing your business plan!
You know why you think your business can blow the competitors out of the water. It’s time to consider what your competitors may have over you. Easily overlooked by entrepreneurs, the ability to step back and identify weaknesses allows you to see where your business stands. Learn how to leverage your strengths to account for your weaker points, adapt and use the information to grow your business. Having a tough time identifying your weakness? Consider the following: experience, staffing, location, and funding.
Optimism- a positive trait needed by every entrepreneur. Being overly and unbelievably optimistic can turn the tables on the credibility of your business quickly! Identify where your business is right now. Where does your business plan to go in the next month, six months, one year, etc. Provide supporting forecasts that champion your projections. These can include verified marketing strategies, financial aid, partnerships, and sales. Refrain from overinflating your numbers by not considering crucial factors such as your initial costs, contingencies, and salaries.
A common mistake and a dead giveaway that the business doesn’t know it’s ideal target customer. Let’s aid this conversation with an example- A new Specialty Cheesecake Bakery identifies their target audience as- People looking to enjoy a delicious dessert. Yikes! This is one mistake you should and need to avoid when writing your business plan. Yes, your product or service is fantastic; you have no doubt anyone that comes your way will walk away happy. The truth of the matter is not everyone is your target audience. For whatever reason, be it location, age, brand loyalty, language barriers, etc., without knowing your market, your audience, and the needs of your target audience, your business plan flatlines before it even gets the opportunity to get in motion. Here’s an example of writing a better, more defined target audience – Catering to those in the (location) area that enjoy moderately priced, specialty Italian cheesecakes by the slice or whole to go. Here you’ve defined the price range, area that the ideal customer would be looking for takeout rather than dine-in and the specific type of product. Identifying your target audience now narrows down your market from people like dessert to people looking for moderately priced specialty Italian cheesecake. Significant difference!
Most businesses are fueled by hopes, dreams, and desires. That’s all good and well but be sure to bring the documents and the realism along with your business plan. Financial institutions and investors are all going to want to see and know how you developed your business projections, milestones, and growth expectations. Supporting documents can include past sales records, market statistics, market research, inflation data, and development costs. Any actual, credible, and relevant documents can add viability to your business plan.
Keep in mind a remarkably simple concept- What do you plan to do? How do you plan to do it? Business plans have identified pillars; every part reverts to the two questions above. Refrain from overloading your business plan with too many technical or irrelevant details that take away from a strong, concise, and clear business plan.
Avoid these simple yet highly embarrassing business plan faux pas, and your business plan will reflect being put together by a realistic well-informed business owner. Good luck! And, if you are looking for a Vancouver-based business plan writer, contact me here. I’ll be happy to answer any questions you may have about your business plan requirements.
The BC regional pilot program is designed for international entrepreneurs who wish to immigrate to communities outside of the larger BC cities. The program gives entrepreneurs the opportunity to immigrate, become part of a local community, start a business, and contribute to the local economy. As a part of the Regional Pilot Program application, entrepreneurs must submit a detailed business plan that meets the necessary requirements. Let’s look at some tips for writing a successful BC Regional Pilot business plan.
“All humans are entrepreneurs not because they should start companies but because the will to create is encoded in human DNA.” —Reid Hoffman, LinkedIn co-founder
The BC PNP Regional Pilot Program has specific requirements that need to be met to ensure that business concept and business plan are successful. The first step is to fully understand these requirements so that the business plan can be documented keeping those requirements in mind. If writing a business plan seems overwhelming, you can hire a business plan writer to help you navigate the nuances of business plan documentation. A professional business plan writer can provide the expertise to make your application stand out and convince community representatives that your business idea is viable. A professional business plan writer can also make sure that your business plan is detailed yet concise.
The BC PNP Regional Pilot Business Plan must adhere to the guidelines, and address key factors such as commercial viability, local market research, competitor analysis, staffing needs, local economic advantages, financial projections, etc. Numerous applicants apply for this program every year, and a well-written business plan can certainly help your application stand out. The business plan should clearly demonstrate the job creation plan, investment, and benefits to the community.
In your business plan preparation, make sure you do your research and find out about the community you are planning to immigrate to. If you are invited to apply, you must submit a comprehensive business plan that provides detailed information about your proposed business in B.C. Consider visiting the community where you wish to open the business to obtain vital information about the area, business needs, and competition. This way, you can understand the local market, what’s important to the community, and how your business could add value. This will assist with business planning to ensure all bases are covered with a full understanding of the community you wish to start your business in.
A well-written business plan that is according to the program guidelines can improve the chances of success of your immigration application. These tips are a great starter guide to help you with your business plan. For more information about my immigration business plan writing service, contact me here, and I’ll be happy to answer any questions you may have about your BC PNP Regional Pilot Business Plan. Please note that the above information is based on my experience as a business plan writer for Regional Pilot business plans. I am NOT an immigration consultant. Any questions regarding your eligibility or Regional Pilot immigration requirements must be directed to a licensed Canadian immigration consultant.
Further helpful reading:
Are you a cannabis entrepreneur looking to make a mark in the rapidly expanding legal cannabis industry? Writing a comprehensive cannabis business plan could be a great starting point. A cannabis business plan requires the same components as any other business plan. However, due to the nature of the business, intricacies, and regulations, you will need to dive deeper into researching the industry. Furthermore, you will want to make sure your business has a firm handle on the principles behind its operational standards and use your business plan to clearly outline what unique factors set your business apart. Here are a few tips for crafting a Great Cannabis Business Plan.
Identify your cannabis business model. Are you looking to produce, sell, process, market, etc.? Depending on what you’re aiming to do in the industry, each business model has its requirements, regulations, and guidelines. A transparent business model allows you to highlight what you’ll need to create your product or service, how you’ll get your business out there, and of course, what, and how you’ll get paid for your product or service. Keep in mind the cannabis industry has strict regulations, rules, and requirements, such as acceptable transaction processes, and you’ll want to include these details in your business plan.
There are so many ways to cash in on the booming cannabis industry. Whichever path you decide to take on, do so with a unique flair! Set yourself apart from the competition, bring something different and new that gets investors excited. The needs of your consumers and the ever-changing nature of the industry should be your primary focus. Keep it simple -what need, or problem are you going to fulfill? How do you plan to do it uniquely? Being unique and innovative is important because the same old has been done, established, and flourishing. You need to identify a new, better, more resourceful, or efficient way your company can offer consumers a successful solution in such a highly competitive industry!
The cannabis industry comes with its fair share of legalities. What do you need to run a fully licensed, viable business? How long will the necessary permits and licenses take to acquire? How much will it cost? How long will it take to assemble a team? Does the cannabis industry have special rules around marketing? You will want to research and know how long it will take to truly open your doors. The knowledge behind a realistic opening time positions you as a well-informed operator that has done their research. Thus, creating credibility with those assessing your business plan. Highlight your knowledge of the industry and the operational requirements in the relevant sections of your business plan. Reflect on the process when building your timeline estimates. Remember to add the costs of permits and licenses in your financials. For example, the cost of special required licenses should be accounted for in your startup costs, whereas ongoing licensing costs should be accounted for in your future financial forecasts.
Use these tips to craft a Great Cannabis Business Plan that sets you apart from your competition and positions you as an upcoming cannabis start-up! Furthermore, if you’re overwhelmed, hiring a professional business plan writer is always an option. Are you looking for a cannabis business plan writer? Contact me here, and I’ll be happy to answer any questions you may have about your Cannabis Business Plan requirements.
Don’t Let COVID-19 Destroy Your Entrepreneurial Dreams
“Only the bold reinvent a business when the traditional environment that made them successful has been completely altered.” – Dr. Anthony M. Criniti
Risk assessment is an essential piece of planning for any business. That said, I would bet very few people approach a social or business enterprise with a pandemic on their risk assessment chart. A global pandemic is as unpredictable and potentially detrimental as it gets. It was March 15, 2020, Dow Jones fell 3000 points, and all of my investments were bleeding. My hands were shivering and there were tears in my eyes looking at the Questrade app on my phone. After a stellar six-figure freelancing revenue in 2019 and spending one week in Cozumel, Mexico in February 2020, I was hoping for a better 2020! I had moved my condo mortgage from a variable interest rate to a fixed interest rate in early 2019 (as a “risk management” against rising interest rates) – so the three prime rate cuts in March 2020 did not ease my pandemic pain.
COVID-19 has had a definite but still unmeasurable impact on the global economy. Those who are feeling the effects the most are small and medium-sized companies without endless financial safeguards and investors to keep them afloat. But as grim as endless lockdowns and capacity restrictions may have felt for those in affected areas, there may be some positive takeaways from this worldwide learning curve, especially in the sphere of entrepreneurship. As it has never been required before, resilience has become a necessity, alongside a capacity for adaptation and persistent ingenuity.
Businesses are crucial for helping society survive an economic crisis and driving the innovation that shapes society post-crisis. A successful entrepreneur operating in the pandemic needs to think outside the box. An open mind and an opportunistic mindset can be a gamechanger. To take advantage of widespread uncertainty, an entrepreneur needs to compartmentalize the surrounding chaos and identify their role within the unpredictability.
An entrepreneur’s outlook is often quite different than others. The average entrepreneur will see a chaotic time (like a pandemic, for example) as a perfect chance to make a move, turning ideas into financial rewards. This can be true in any industry. Of course, specific sectors are doing better now than before the pandemic. Cleaning services, delivery services, liquor stores, online gaming companies, video communications, telehealth, and tutoring services – most business models prioritizing convenience and at-home enjoyment, alongside sanitization and health spheres, are faring well within the global crisis, at least in terms of profit.
There are also new companies being invented or reinvented almost daily. Unprecedented times call for unprecedented ways of thinking, which leads to changes in consumer behavior. Everyone – consumers, business owners, market analysts – is adjusting to a new business model. The move online has uprooted established habits and expectations, replacing them with entirely different methods of communication, advertising, and functioning.
Consider how your product or service fits into the pandemic lifestyle. The world has changed, and so have the values and priorities of different market segments. Be very conscious of your ethos and the way you’re conducting business. Reputations are strengthened and destroyed during times of crisis. Businesses that can support their customers by helping with shortages or making donations are quite often remembered for their goodwill when the economy bounces out. The same is true for the treatment of employees. A respected and supported team during hard times (and anytime, really) enhances a company’s credibility as an employer.
Have you ever written a business plan before? Your business plan is the first impression any potential investor will get about your venture. Investors go through numerous business plans each year, so you need to ensure that your business plan stands out and has the wow factor. Your business venture could have an excellent product, team, and customer base, but if your business plan doesn’t highlight these correctly, you will face rejection. Investors look for many reasons to say no when they look at business plans, so you need to make sure you give them every reason to say yes. So, let’s look at some of the reasons why business plans don’t receive funding. These will help you ensure that you leave a positive first impression on investors by avoiding these common mistakes.
One of the common mistakes entrepreneurs make is not identifying competitors or mentioning that they don’t have any competitors. While they think this will fascinate investors, in reality, it sends wrong signals. Be careful when you say there are no competitors for your business. Competitors can be direct or indirect. In your business plan, you should address both types of competitors. Furthermore, once you have identified competitors, layout the USP and how your product or service is different or unique. This will help investors understand how to plan to overcome competition in the market.
Business plans that cannot explain how a business will market, sell, and distribute products or services will fail to convince the investors that they will sustain in the market. Business plans need to provide answers to pressing questions investors could ask. Some critical questions to answer in your business plan include:
When detailing the marketing strategy for the business, you will need to explain how you will generate customer interest and make actual sales.
The key to any business’s success is its ability to fill a need or solve a problem in the market. If the business plan doesn’t demonstrate how the company will fill a need, the plan will likely face rejection.
People are ready to pay good money to have their needs filled and pay for a solution to the existing market gap. The greater the pain and the better your product is at alleviating it, the greater your market potential. If your business plan doesn’t explain what needs your business will fill and how you will fill that need, it will be tough to convince investors.
If your business plan is too technical with a lot of jargon, there is a high chance that the readers will not understand it. Business owners often write their business plans with industry-specific terms that are often confusing to potential readers. The key here is to keep the business plan simple and easy to understand for potential investors. Try to avoid highly technical discussions of the product or market that potential investors may find confusing.
If you are overwhelmed and need a business plan writer, contact me here. I’ll be happy to answer any questions you may have about your business plan requirements. Here are the top five reasons to hire a business plan writer.
Are you an entrepreneur looking for business plan writing resources? For any business to succeed, a well-written business plan representing the business and its operations can be crucial. The options available for writing a business plan are either hiring a professional business plan writer or using a business plan software application. Depending on your business and future goals, either can help you put together the business plan you need. Many business owners have difficulty in deciding what will be the best option for writing their business plan. So, let’s look at both options and identify which might be a better fit for your business planning needs.
Business plan software applications are a cost-effective option as compared to hiring a professional business plan writer. Business plan software applications have features that will help you write your business plan, but they have certain limitations.
A few suitable software applications available on the market allow business owners to have more confidence in their plan before sharing it with potential investors. But there are many reasons you might not want to use business plan software applications given the purpose of your business plan.
Many of these software applications miss industry insights or even the importance of business experience in the business plan. It’s worth noting that business plan software applications come at a cost, and many business owners can write the same quality business plan for free. The big downfall in many of these applications is that they are standardized and don’t offer flexibility and customization for developing a business plan.
Business plan software applications serve a purpose, but when seeking investment or potential partners to your business, they fall short in quality, in-depth industry research, local market analysis, competitor analysis, etc. For this reason, many business owners choose to hire a professional business plan writer to create an accurate picture of their business that captures the eye of the potential readers.
A professional business plan writer can take on a more customized approach when writing a business plan. They will conduct relevant market research to gather valuable information, ultimately saving you both time and money. This time saved can then be used to focus on other areas of your business.
A professional business plan writer knows what to add to a business plan to appeal to investors. They also know the terminology to use while ensuring relevant information is included in the plan to achieve its purpose.
A professional business plan writer can also be flexible and provide a business plan at any stage of your business process, whether for a new business venture or an already established business. They can revamp and update existing business plans where required. The significant part about hiring a business plan writer is that you will have someone who can continually update and revise your existing plan as your company grows.
Often, business owners refine their business concept and need to revise the first draft of the business plan. This is where a human connection can make a big difference. By hiring a business plan writer, you are engaging a professional who will write the business plan and also help with brainstorming ideas and strategies along the way.
As you can see, there are differences between using business plan software and hiring a business plan writer. Many business owners choose to use business plan software applications to save on the initial costs and write the business plan themselves. However, many end up spending more money further down the line by hiring an editor to review the final document.
Considering the two options, you will first need to decide the purpose of your business plan. If the goal is for your eyes only, then business plan software might be the best option. But, when presenting your business plan to investors for raising capital, it’s more advisable to hire an experienced business plan writer.
Business plan software can work well in some situations. However, if you are a growth-focused entrepreneur, you will need an in-depth marketing strategy, risk analysis, industry research for securing a bank loan or investor funding. By hiring a business plan writer, you can ensure the business plan meets its purpose the first time around with accurate results. A professionally written business plan can save you time and money eventually. So, focus on your end goal, and then decide for yourself which option will work for you. If you are looking for business plan writing services in Vancouver, contact me here, and I’ll be happy to answer any questions you may have about your business plan requirements.
Eight Things to Do Before Launching Your Business
Launching a small business is like training for a marathon. It’s easy enough to hang a shingle and flip the switch on the open sign, but unless you’ve laid the groundwork, you’ll be like the person who shows up on race day without a single kilometer run on their brand-new running shoes.
Yes, a lot of work! It’s stressful and requires a much different level of dedication than working for someone else. There will be extended hours for little pay – on average; it takes two to three years for a business to be profitable. Expect to devote many hours to develop and then refine your small business strategy.
The business plan is your playbook and is a valuable tool to keep you on track. It assists in providing clarity for your goals and is an aid in tracking the progress of your venture. If you’re seeking funding, most lenders and investors will need to review your formal business plan. There are many business plans writing services and tools to be found online and in your community.
You believe that your concept is terrific, but the question that needs to be asked is whether consumers feel the same way. Bottled water for dogs may be a hot seller in upscale neighborhoods where tiny, fluffy canines are carried around in designer bags. Still, it will likely be a flop in an area with average owners whose pets drink out tap water and puddles.
What are their buying habits? Study your competitor’s online presence and how they are delivering what people are looking for. What are their customers saying about them? Hiring a business plan consultant at this stage can prove to be a wise business expense. Good consultants are experts on the subject of demographics and the fluid nature of consumer demands.
“So often people are working hard at the wrong thing. Working on the right thing is probably more important than working hard.” – Caterina Fake, co-founder, Flickr
The purpose of your business should drive your every decision. It’s easy to be distracted and lose focus when starting up a business simply because there are many demands. The mission, a part of a solid small business strategy, will keep you focused and prevent you from being pulled in many directions,
Joining community groups like the Rotary Club, the Chamber of Commerce or other local service organizations are excellent ways to get to know other businessmen and businesswomen. In these groups, you’ll also be able to meet people who offer valuable services like small business consulting, marketing, and business plan writing. You may also find the potential customers of your products and services in that community.
Unless you have a bag of money buried in the backyard, you’ll not only need money for start-up costs, but you’ll have to have the resources to pay the bills until your business begins to turn a profit. Starting small and growing your business slowly will enable you to control your personal and professional finances. If you already have a day job, and this is your side hustle or passion project, you may need to weigh the value of keeping your current job until your business is firmly on its feet.
Surround yourself with experienced and successful business people. They have been where you are right now, and you’ll find that most are delighted to share what they’ve learned from their experiences. Don’t be afraid to ask questions and seek out other people’s opinions about your business idea.
If this seems too much, hire a business plan writer. Need help writing a business plan? Check out more details here Adept Business Plans Inc. I am an independent business plan writer. I can help you write a professional business plan for your startup. If you’re interested in working with me, bouncing ideas, or just want to say hello, I would love to hear from you.
Writing a business plan is a critical step for any business, including planning to own a franchise. Think of the business plan as a detailed map that outlines your journey, helps you identify any potential roadblocks, and paves the way to successfully arriving at your destination. Creating a business plan can help you in anticipating potential challenges and assists you in tempering any unrealistic expectations you may have. It is difficult to bridle enthusiasm when working out a business strategy, and the business plan is an excellent tool to channel that drive. If you are going to be seeking financing, banks and other lending institutions will certainly ask for a detailed business plan.
Many franchises offer their business plan templates that you can use and adapt. Another perk of a franchise startup is that most of the financial information you will require can be found in their Franchise Disclosure Document (FDD). Hiring a business plan writer to develop your business plan, reviewing it, and providing feedback, is a wise decision. The money you spend at this step is considered a business expense.
Lenders are busy people and don’t want to read novel-length business plans, so use restraint while being clear and concise. Your work should make the lenders confident that you’re able and ready to take on the franchise and that it will turn a profit in a reasonable amount of time. One of the advantages of franchise ownership is that franchisors have already done the legwork to address lenders’ concerns. While business plans aren’t standardized, there are must-have sections found in every well-written business plan.
The executive summary provides a brief overview of the company and the history of the franchise. It also outlines the market size and its characteristics, the competition in that market, and how strong it is. Other points included here are your operational approach and the summary of your financial projections. Some of the information you’ll need can found in the Financial Disclosure Document.
The key management positions and who will fill these roles is what this section is all about. It’s important to highlight that your managers possess the relevant experience your managers have, driving your franchise towards success. You will also want to highlight the staff/ consultants that the franchisor provides to assist franchisees.
This section describes the target market and answers the customers’ questions and how they will be attracted to your business. Outline the competitive advantage your new franchise will enjoy in the market and describe how potential customers perceive the value of your product or service. It will be necessary to briefly outline your marketing and advertising plan and explain how and why they will draw customers to your business.
Income statements, cash flow statements, and balance sheets that are clear about the anticipated financial performance of the business are found here. All of the material assumptions used to prepare these projections must be carefully and extensively outlined here. When you are working out your numbers, it is crucial to be very conservative. Lenders are realistic, and they understand that unexpected challenges arise no matter how prepared you are.
This section analyzes all of your startup costs, including the working capital required for the marketing plan and the operating expenses until the business gets to its breakeven point. Occasionally entrepreneurs get to this section, and after crunching all the numbers, they discover that the franchise may not be a good venture or the right fit. It’s much better to understand this sooner rather than later. It’s not a failure at all – it’s good business. When you are writing your business plan, don’t be shy about using all the resources a franchisee will make available to you, including initial training and the Financial Disclosure Document. Some franchises are better than others, and the services of a business plan writer are invaluable. Lastly, remember that your business plan is not a static document tucked away in a filing cabinet. It should be reviewed and revised annually.
Get in touch: If you’re considering creating a franchise business plan, want to revise an existing business plan, or need any advice in the business plan writing world then get in touch! I’d love to hear from you.
With more than 7000 languages spoken around our increasingly interconnected world, access to language learning resources has never been more sought after. Language schools can bring the world together by allowing individuals to learn new languages and break down communication barriers. If you have a passion for education and a desire to promote cultural exchange, this could be the right business venture for you. Developing a solid business plan could very well be the most important step in your language school. It might not seem very interesting compared to the exciting stages of launching, marketing, and actually seeing clients walk through your (newly painted) door. Still, those successes all stem from thorough business planning.
Knowledge is power, especially with a business plan. Ask the pertinent questions: How many students are interested in studying Academic English? How many students will be in each level per course? Who are your biggest competitors, and what are you up against? What about in terms of the profile of prospective students? Find out how many young and adult learners there are. Ensure your curriculum meets the students’ needs (i.e., personal growth, education, or broader career opportunities). These factors can help you decide what factors are high or low in demand and provide accordingly. Can you offer any or all types of instructions in your language school? English, Chamicuro (only a dozen people speak this language worldwide), sign language? With innovation, you can explore offering specialized modes of instruction to boost demand and ensure you won’t be competing within a saturated market. Know if there are legal requirements you need to comply with, like health & safety, fire, emergency exits, etc. Be sure to consider insurance costs, the number of classrooms you will utilize, and how many classes will run in each classroom per day. This kind of knowledge will support you as you go about managing your limited resources.
This allows you to map out the Strengths, Weaknesses, Opportunities, and Threats for your language school.
> Strengths are assets you offer as the owner of your potential language school. For example, if you’ve been a language teacher for ten years, that experience will set you apart from anyone new to the industry.
> Weaknesses are real shortcomings you can identify in terms of you and your business. Remember that acknowledging your weaknesses shouldn’t be shameful. Keeping your blind spots front and center helps you to avoid potential pitfalls.
> Opportunities pinpoint inevitable outside forces. For example: “The Canadian government is extending a 25% subsidy on language preparation programs.”
> Threats also refer to external influences that could wreak havoc on you and your language school. You need to anticipate solutions for possible business threats around you, so you are prepared if any of those worse case scenarios hit your business.
It pays to have a plan for finding competent staff – not everyone will be an asset to you. Do you have connections or know capable people you can potentially hire for your language school? Will they be full or part-timers? Having a great team of passionate people that you trust will contribute to the success of your language school.
To assess the competition, follow the same process of gathering information as you used to generate your initial market research. Once you feel confident in your ideas, objectives, and courses of action, direct your energy towards uncovering the same things about your closest competitors. What are they doing well? If they seem to have a particular niche locked down, consider offering something unique. Or if they have courses that aren’t exactly thriving, it is a chance for you to provide a better version of those courses.
This is the most critical part of your business plan. Map out your cash flow using a profit and loss plan. Solidify potential sources of finance and calculate how much you will bill your students for the course fees. The typical rate of language classes will depend on the instructor’s level and years of experience and the class size. Your revenue can increase considerably based on the number of teachers employed and the number of classes you can deliver per week. To minimize handling several students at a time, consider scheduling more group classes and fewer one-on-one lessons. In this case, it’s feasible for you to have at least two teachers conducting both the group and individual lessons. Time to get started on your language school’s business model. Be creative but realistic, and don’t forget to have fun! In addition to applying these tips, please feel free to contact me if you need help with your business plan writing.
Many business plans are wordy and repetitive, written to sound business-like but leaving you in the dark after reading. This guide will be short and straightforward. It doesn’t need to take multiple months to a year to get your business ready for take-off. A few strategic weeks of planning can be more than enough. Your business plan will help you outline and achieve your goals. It’s also a management tool that allows you to analyze results, make strategic decisions, and showcase how your business will operate and grow.
Mission, vision, and values, that’s right. If you don’t have these ducks in a row, it will be increasingly hard for you and your business to stay authentic and clear as you move forward.
Define your niche from the outset. Who are you designing for, and why? Starting a clothing business is personal, and you’re probably looking to introduce something a little different to a constantly evolving industry.
Perhaps you’ve identified a gap in the market or have a unique design in mind for a specific customer group. Or maybe your clothing business is born out of something you’ve realized you’re genuinely passionate about, from eco-sustainable fabrics to unisex baby accessories. Keep your individuality in mind. As your business grows and evolves, these initial principles can still guide your decision-making and values.
This initial document doesn’t need to be perfect. Draft your business plan to be reviewed and adjusted to help you identify and reach your goals. Working through your business plan and starting with a one-page pitch (link to our one-page article) can help you test the viability of your business idea long before launching. Investors and loan providers need to know that you have a solid understanding of the trajectory of your business. Ensure you understand and can provide:
You’re eager to get started and maybe planning to buy a sewing machine and get straight to work. But spend a moment on the logistics. Where will you be located? Are you working from your living room with a plan to upgrade into a small studio? Are you selling online or opening a bricks-and-mortar shop front? Do your research as specific rules apply for online businesses or market stall traders.
This is where you need to put in the groundwork. To understand what your business needs to offer, you need first to identify your competitors. How long have they been in business? What are their annual sales (if they are public)? How do they market themselves? Once you have a sense of who you’re up against, compare your product to theirs and get a sense of what to do (and not do).
The fashion industry depends on global shifts and evolutions. As such, it’s hard to predict, and nothing is guaranteed. So, while it pays to have a plan A, you also need a plan B, D, and C. Keep things simple as you enter the scene. Plan to develop one design you love and know-how to manufacture (or buy) and test the waters. This approach allows you to make changes on the fly without committing to a wide selection of products that no longer make financial sense to offer.
Your budget will vary depending on whether you’ll design and make the clothes yourself or buy from designers at wholesale price. Either way, start small. Invest in smaller designers and/or essential equipment, and as demand grows, you can review potential upgrades or expansions.
And now you’ve written your business plan! Business planning isn’t easy, but when brands put in the effort at the start of their business, they have a much higher chance of success and growth.
Looking for business plan advice?
I know all the ins and outs of business plan writing. Feel free to contact me with any questions regarding business, marketing, or financial plans!
When starting a new business, all entrepreneurs dream that it will be a remarkable success in the future and try to focus on the outcomes of the business. However, one thing that should never be skipped is having a professionally- written business plan that touches all aspects of the business. Careful business planning consists of all valuable information regarding the business, helping to secure investors’ capital to get the business started.
This business planning stage can be the determining factor as to whether the business is a success in the future, that’s why it’s essential to have a professionally written business plan. Hiring an experienced business plan writer is the key to any new business.
Professional business plan writers will conduct relevant research and gather vital information needed for the business plan. This saves business owners time which they can then focus on other areas of the business.
When you hire an experienced business plan writer, you are hiring a professional who knows exactly what needs to be in a well-written business plan. The key is to have an outstanding business plan for potential investors.
Business plan writers have the skillset and knowledge that allows them to present what investors look for in a business plan. They typically know the business plan format that investors look for when they review it.
Business plans focus on the most important aspects of the business such as the overall profitability and growth of the business. Business plans that are well-written by a professional business plan writer have a much greater chance of attracting new investment, which is crucial to its chance of success.
A business plan writer will outline how the company operates including its market growth, sales, and production. This is where the business plan is written to capture the overall mission and goals for the business in the long term.
Preparing the perfect business plan for any business can take time to ensure that it includes all the main points of the business while being appealing to investors.
It can take some business owners days, or even weeks to compose the ideal business plan. By hiring a professional business plan writer, business owners can save time, and switch their focus back to their business. At the initial stages of any business, entrepreneurs want to ensure their focus and time are fully in the business, so that they can produce the best ideas for their business. By hiring a business plan writer, they have one less important task to worry about.
Business plan writers are much more than just writers. They can offer business owners insights and advice regarding their own business planning. When hiring a business plan writer, you are getting more than just a writer. You hire someone who has extensive knowledge in the area to help plan out the business and to place it in its best position for growth.
Many business owners attempt to put together their own business plans but cannot obtain funding for their business. By hiring a professional business plan writer, they can step in, and revamp the existing plan to be more appealing to investors. In many cases, this will involve a deeper analysis of the business, so the writer is able to capture all the main points and can write in a more persuasive and professional way. This can be the case for old and existing business plans which are no longer relevant, or accurate for the business.
Looking for a Vancouver-based business plan writer? Contact me here, and I’ll be happy to answer any questions you may have about your business plan requirements.
How to Choose the Best Marketing Platforms for Your Business
Alright, business-savvy peeps— you have your awesome business plan in your hands, and now it’s time to sort out the marketing. As you get busy running your business, it can be challenging to spend time mastering all the different marketing avenues available. Narrowing it down to a few select platforms will allow you to focus your efforts and get the best return on your time investment.
Market research is a key part of developing your marketing strategy. It allows you to collect information and gain insight into your customers’ location, demographics, rationale, and buying patterns. Thorough market research will also allow you to craft an initial sales forecast and keep an eye on what your competition is doing.
There is an unlimited number of potential customers, and trying to advertise to everyone can be expensive and ineffective. For the purpose of market segmentation, you must choose your most viable option and move your product forward from there. Grouping or segmenting your potential customers based on certain characteristics will help to focus your marketing efforts. Consider the more obvious factors, such as:
But also underlying motivators, including:
Marketing goals will help you to define what you want to achieve through your marketing activities. Your goals should be SMART: specific, measurable, attainable, relevant, and time-based. You will also need to allocate a budget to your marketing activities. Your marketing budget should consider:
Options include a business website, blogging, brochure and flyers, networking events, print advertising, word of mouth, cold calling and letter drops, and of course, social media marketing.
Social media is a great way to interact with your market segment. It allows you to connect with your customers easily and address questions and concerns quickly. This makes them happy and bolsters your reputation. More than 3 billion people report using social media regularly; many of those people don’t just connect with their friends and family — they use social media as a way to follow and learn about different brands and companies. In a recent survey of 250 business executives, 85% report that social data will be a central source of data collection for their company moving forward into 2021 and beyond.
When it comes to social media marketing, your best bet is to research which platform best fits your brand. This includes evaluating the different platforms to see if your customer base is there, whether or not they’re engaging with brands, and if the platform jives with your brand’s personality. Facebook, Instagram, Twitter, LinkedIn, Pinterest, etc.; each platform offers its own advantages and potential drawbacks. Social media allows you to develop your brand and voice and monitor and improve your search engine rankings. The global market has moved online, and it may benefit your business to follow suit.
Right marketing platform can be a powerful tool. It can turn your website into a lead generation machine and build your brand. But, you have to make sure you choose the right platform. Only then will you see the benefits unfold. Looking for a strategic marketing plan? My marketing plans focus on digital strategies to help grow your brand and bring in leads. The plan will give you the necessary resources and strategies to grow your business. Please message meany questions you have about marketing plans. I can’t wait to start working with you!
The old adage ‘less is more’ might just prove to be true when it comes to making a business plan. Minimalism is effective, and recent business pitches have seen entrepreneurs and start-ups utilizing the one-page business plan to get the funding or external investment conversation started.
A one-page business plan is all about efficiency, summarizing your strategy into one easy-to-share page. It’s a handy snapshot you or your team can refer to every now and then to ensure you’re on track. While each specific goal can be flushed out with more detail and specificity, the concise one-page business plan enables you to create a straightforward strategy that is easy to pitch, explain, and compare. The readability of your business plan – such as keywords and short phrases – means that important information stands out, assisting you and your team with meetings and assessments.
A one-page business plan mustn’t be missing any crucial detail. Just because this is a shorter version of your business plan doesn’t mean you can skimp on the research needed to back up your objectives and strategies. Your condensed business plan must have one paragraph on identifying the problem and offer a solution. Layout who you will serve and what problem you’ll solve for them with your strategic and innovative plan. And don’t forget to explain exactly how it will be profitable.
Include a couple of sentences about your primary target market and the customer or client needs within this market that you will be addressing. Describe your market niche, keeping in mind that the more specific the target market, the better. Conclude this section with detail about how you plan to differentiate your product after your target customer base.
Include your team and their titles. Who is who in the business, but keep it short. If investors have questions, they can always ask for your resume and Linkedin profile link.
In your shorter plan, highlight a few key points about the competition: Which products and services are most competitive to yours? Where will your product or service have the most significant opportunities? Where will you face the most severe threat? Keep your answers short and to the point.
This is what sets a one-page plan apart from longer descriptions. You need to (very briefly) explain how your business will be different from your competitors. Describe your unique selling points (USP). It will be difficult to craft this section into just a few sentences, but by doing so, you’ll not only have a clearer idea of what you’re doing, but you’ll also have a short and compelling pitch.
Write a sentence or two on your plan to position products/services and a competitive evaluation of these products/services. Provide detailed descriptions and focus on differentiation. Avoid too much deep technical detail and clarify what you’re bringing to market that nobody else is.
Focus on the one marketing or sales method that sets you apart. Quickly explain your strategy and how it will drive results and revenue. Keep your financial detail tightly focused on profit and loss projection. Highlight profit and loss projections, including gross sales, gross profit margin; selling, general and administrative expenses; and net profit. If you feel confident, include sales targets. The main objective of a one-page business plan is to hit the high points relevant to your business and leave the nitty-gritty details for a longer document (and hopefully a more extended business plan discussion) with a prospective partner or investor.
Have questions about your one-page business plan? Get in touch. I am always happy to help.
An investigation is key to preparing a thriving competitor analysis section of your business plan. You need to understand the markets your competition is catering to, learn everything you can about the products and/or services being offered, and analyze why customers choose this company.
In a management plan for business owners, the competition section provides a breakdown of the competition. You and your team look at comparative strengths and weaknesses to develop strategic positioning. In a business plan aimed at potential investors or lenders, a description of the competition is designed to reassure your audience that you understand the competition and are positioned to take advantage of opportunities and avoid pitfalls.
Visiting your competition is a great starting point, whether that means a URL entry or a trip to their physical store. Go and investigate. Look at the systems they have in place, price points, and how customers are treated. You can learn a fair bit about your competitors from talking to their customers and/or clients. Additional valuable sources of information about competitors include their vendors or suppliers, as well as a company’s past or current employees. They may or may not be willing to talk to you, but it’s worth a try. Seek out any publicly available information about your competitors. Online publications, newspapers, and magazines can contain information about the company you’re investigating for your competitive analysis.
Simply finding and listing the results of your research into the competition won’t be helpful by itself. It’s the analysis of the information that’s important. Study the information you’ve gathered about each of your competitors and ask yourself how you plan to compete with that company. The key to competing successfully for many businesses is identifying a gap in the market and a specific customer base whose needs are not being met and cater to them. The goal of your competitor analysis is to identify and expand upon your competitive advantage. Layout the benefits that your proposed business can offer the customer or client that your competition cannot. And remember that there is always competition. There are only two reasons competition may not appear to be a problem:
> Your business or product is so new and innovative that no one else has had time to replicate it, OR
> There’s a fatal flaw you’ve missed that others have identified; essentially, it’s not a good enough business idea to attract others.
Either way, competition still exists. In the first case, your competition is getting ready to jump in, so be prepared. In the second case, look at your plan more closely.
When it comes to searching for and utilizing information, use common sense. Look for readily available information that will represent what you’re hoping to demonstrate. Credible online reviews are a quick and easy way to find evidence of quality. Websites, social media, and reviews are widely available on lots of local businesses.
It can be challenging to access the financial data of privately held companies. More exhaustive research and speculation are sometimes required, such as numbers of employees, rooms, tables, vehicles, or stars in reviews. If you’re up for it, you could play the role of potential customer to gain insight.
How well does your business compare? The goal of positioning is to set your business up against the background of your competitors, so the differences are apparent to your target market. What are you doing better? How do you work toward strengths and away from weaknesses? What do you want customers to think and say about you in comparison to others? Once you’ve drafted and perfected this section, pop it into your well-written and clear business plan and get ’em! Got questions? Call me at (778) 319-8550 to chat more about my business plan writing services or contact me here!
According to Wikipedia, “Childcare, otherwise known as daycare, is the care and supervision of a child or multiple children at a time, whose ages range from two weeks to eighteen years.” Operating a daycare can be a rewarding personal and financial undertaking. Typically, profit margins are high, making it easy for owners to scale and grow their daycare operations. According to Canadian labor statistics, approximately 60% of children under six participate in formal or informal daycare. Each Canadian province and territory establish legislation and regulations around daycare businesses, so doing online research or chatting with a savvy business plan consultant is an ideal place to begin defining your small business strategy. A business plan will help to shape and focus your idea of running a daycare. It provides direction, and if you’re going to seek out an investor or a financial institution, a business plan is an absolute necessity. Writing a business plan demands time and research, but it doesn’t have to be an arduous task. Numerous business plan writers in Canada are available for hire, and the cost of employing one is considered a business expense – a wise one. Here are a few tips on what to include in a daycare business plan.
Daycare is an all-encompassing word for many distinct types of services, so you’ll want to spend some time defining what your niche is. Your description is an “elevator pitch” – a short, impact statement that gets investors excited about the business. Describe what sets you apart from other caregivers. This could include touching on your unique location, philosophy, approach, curriculum, quality of staff, neighborhood needs, and how your business meets them. Professional business plan writers are absolute gold and can help mine your ideas and develop a professional business plan.
While you’ll want to introduce general trends in daycare, the most salient point is to narrow the focus to trends in your locale. Who is your target market? Real estate websites are a wealth of information about neighbourhood demographics. What is the median age of the neighbourhood? Will your daycare be in a bedroom community of a larger city? Is the area one in which the population fluctuates due to seasonal employment, potentially affecting business income? Who is the competition, and what are the differences that will attract customers?
Starting a business requires a great idea, but a successful business is built on sound financial planning and assessment. This is the section where the rubber meets the road. Having a solid handle on the numbers is, of course, necessary for investors or lending institutions, but it’s also an invaluable tool for you, the small business owner. You’ll want to demonstrate that the business will reach a breakeven point and begin to turn a profit in a reasonable period. Outline income and expenses and design a realistic contingency plan for unexpected operating costs. Your investors will want to know how many children will need to be enrolled to break even. Also, a rough estimate of bills and expenses like rent, utilities, insurance, wages, equipment, licensing fees, etc. When writing this section, it’s vital to be realistic and conservative.
Include the daycare’s policies and procedures handbook here. Outline that your business complies with your region’s staff-to-child ratio. Furthermore, you also undertake extensive background checks, including fingerprinting and rigorous verification of references and education. A daycare center should have a clearly outlined disaster and crisis management plan.
Your investors will need to know who is going to run your daycare. Who are your managers and staff? If you have employees on board, provide a polished resume for everyone and a detailed job description for every position. This is also the section to identify directors, a board, other investors, partners, etc.
The marketing plan is the tool you will use to attract customers. A business consultant who specializes in marketing is a terrific resource and a legitimate business expense. The plan outlines how potential customers will understand that you are different from your competitors. You must demonstrate that you understand the needs of your target market and how you’re going to meet them.
The value in hiring a small business consultant or a small business plan writer can’t ever be overstated. Their services can vary from taking on the entire writing plan to providing experienced and thoughtful feedback on what you’ve crafted yourself. No matter what avenue you choose, your plan will be based on three to five years of business. Remember that it takes the average business two to three years to begin turning a profit, and your plan should reflect that.
I help individuals, entrepreneurs, and companies of all sizes write professional business plans. Start today by requesting a quick discovery call to find out how I can help you craft an awesome daycare business plan.
Business planning is essential for any business, especially if you’re looking for external investment. When pitching your business idea to investors, they will ask you many questions about your business and its operations.
Receiving those questions from investors means that they are interested, yet the more important question is that whether you are ready with your answers with your business plan or not. Therefore, it is vital to have a professionally written business plan that outlines how that the business can fill a gap in the market and the opportunities it will bring.
By hiring a business plan writer, business owners will be fully prepared for any of these questions investors may have. Professional business plan writers know exactly what needs to be included in a business plan to make sure it stands out to potential investors and answers any possible questions they may have regarding the business.
So, let’s look at some of the top questions business plan investors typically ask:
Investors like to fully understand the management team behind the business, just as much as understanding more about the product or services.
Investors will want to know if the team has the right set of skills and experience to grow the business. Some frequent questions investors may ask include:
Investors will be looking for how big the market potential is for the product and services you plan to sell. They would also like to see how the business will grow in time and try to understand their potential return on the investment. To ensure these answers are readily available, a well-written business plan can provide actual data relating to the percentage of the market that the business plan captures.
“What do you need to start a business? Three simple things: know your product better than anyone, know your customer, and have a burning desire to succeed.” — Dave Thomas, Founder of Wendy’s
A crucial factor for investors that indicates whether the company is worth investing in is that if the business would have an early traction with its customers or not. If the answer is yes, the business will be more likely to receive funding from investors or venture capitalists.
To answer this question, business owners need to ensure they outline this clearly in their business plan with evidence to show early traction. A business plan writer can help to show any early traction, and what the business has achieved to date in a way that appeals to investors.
Investors will want to know if the founders understand the financials and key metrics of the business. Therefore, business owners will need to show that they have complete control over the business’s trajectory. An effective business plan can provide this information and a thorough understanding of its financials and key metrics.
Please contact me here to discuss what we can do together to make your business plan right and appealing to the investors.
Simply put, startup costs are the money you’ll need to launch your business and to operate it for one year. One of the fundamental roles of a business plan is to help you determine the amount of money needed to start your venture. It’s easy to begin strong, but even the best businesses can stutter and stall simply because of unrealistic goals and underestimating the needed financial resources. If your business gets mired down financially, so does your credit, and you’ll soon find out how difficult it will be to secure more money. You may also find yourself paying a higher interest rate to non-traditional lenders. The simplest way to avoid this pitfall is due diligence and careful consideration of the startup costs. Taking advantage of a business plan writing service is money well spent and a legitimate deductible expense. If you’re unsure who to hire, a good starting point is an internet search along the line of “business plan writing services near me.”
The easiest method to estimate startup costs is to work out three sections – spending on assets, spending on expenses, and a 12-month sales forecast.
Businesses fall into three categories – brick and mortar, service, and online – and assets will vary for each. Startup assets are those items that are essential to launching the business. The keyword here is “essential.” For example, while a general contractor would love to have a new truck with all the bells and whistles, it’s not necessary when an older reliable model will do. Brick and mortar businesses will list assets such as desks, shelves, tables, cash registers, and inventory. A service business such as mobile pet grooming will include items like a vehicle, table, scissors, and shears. An online homemade soap business asset could consist of pots, thermometers, moulds, oils, etc. Itemize each asset along with the cost. This will require some time and research, but generally, the information is right at your fingertips. Please resist the temptation to include computers and technology as assets because they are, in fact, expenses and can be deducted from taxable income.
Expenses can be put into one of two categories. The first is one-time expenses, things that you purchase once. These include incorporation fees, permits, logo design, website design, signage, and computers and technology. The second category is ongoing expenses, and items in this list could include business taxes, accounting services, business plan writing services, legal services, insurance, payroll and benefits, and utilities. Be prepared to identify fixed (lease, insurance, utilities) and variable (payroll, shipping, etc.) expenses when making your pitch to lenders. After listing assets and expenses, add the two together.
The third list determines how much cash will be needed for the period between the business launch and when it finally has the sales to cover costs and expenses. The most effective way to do this is by creating a monthly sales forecast spreadsheet covering 12 months. Many factors can cause business income to fluctuate. A furnace repair business, for example, will likely experience a lull during warmer weather, and a gift store is usually quite hectic around significant holidays. For each month, calculate the estimated sales, costs, and expenses. Subtract the costs and expenses from the sales for each month. This will provide a clear picture of potential cash shortfalls and is a helpful tool in projecting when a business is likely to break even. Working out startup costs is a great time to talk to folks who are running similar businesses. Your local chamber of commerce is another solid resource. Connect with experienced business owners who are almost always pleased to lend a hand or dispense valuable advice to new entrepreneurs.
Avoid the temptation to “bootstrap” your startup costs. Bootstrapping happens when an entrepreneur attempts to spend as little as possible and stretches every single dollar. The danger in this behaviour is underestimating your needs and tanking the business due to a lack of funds. Looking for professional business plan writing services nearby? Contact me here and I will be happy to help you estimate startup costs for your next venture!
As a staple day starter and midday pick-up for many, a successful coffee shop can garner a lineup out the door. In this highly competitive industry, proper execution is the key! You’ll want to know exactly what sets your shop apart from your competitors and how you’ll translate your competitive advantage to customers. A Business Plan is an essential tool that will help you establish your goals and create strategies to achieve your business’s milestones. Multiple factors go into creating a business plan for a coffee shop, from obtaining financing to finding suppliers and securing the right location. To make it easy, I’ve outlined the key areas you’ll want to focus on when creating a good business plan for your coffee shop.
Use the executive summary to lay out the fundamentals of your business. A great way to get started is to create a synopsis of your business using the Who What When Where How strategy. Who is the owner(s)? Introduce the owner(s) that will be bringing the business plan to conception. What type of atmosphere are you aiming for? Will this be a sit-down coffee shop providing Wifi or take and go etc. When do you plan on reaching certain milestones for your business? Outline the milestones and goals you’re looking to achieve and when you plan on reaching them. Be realistic and outline a good plan of progression. Describe the location you have or would like to secure and why this location would be a good match for your coffee shop. Where will you be located? How will you bring your vision to life? Securing financing, additional training, hiring a commercial broker are just a few examples of what you may need to help get your business running.
Your marketing plan should outline your target market, your SWOT analysis, and your marketing strategies. Brick and Mortar coffee shops are localized businesses. Who exactly are you aiming to target? Students looking for a quiet place to study? Drive-by commuters? A clearly defined target market shows potential investors and partners that you have a clear understanding of your customer, thus effectively marketing them. A vital part of your business plan is your SWOT analysis. Take time to identify your company’s strengths, weaknesses, opportunities, and threats. Include your marketing strategy in the marketing plan section of your business plan. Identify each of your business’s goals and weaknesses and the exact steps you’ll take to overcome or achieve them. Be sure to include how you plan to get the word out about your coffee shop. Are you thinking of running an online social media campaign or relying on word-of-mouth advertising? Clearly state your strategy and how you will measure your strategy’s ROI.
Coffee shops provide so much more than just the typical cup of joe nowadays. Signature drinks, unique pastries, and one-of-a-kind customer service contribute to bringing traffic through the doors. While offering something extra is a great way to attract customers, keep in mind that a simple cup of coffee may not cut it in this competitive industry. Consumers are keen on their coffee consumption and more than ever have an interest in the quality, roast, and sourcing of their coffee. Getting educated on the basics of brewing or hiring an experienced barista will help give you a competitive edge.
The big picture! The operational plan looks at your business from a bird’s eye view with details intact. This is where you will want to elaborate on your business plan and revert to your executive summary with added points on your achievement process. Where will you be sourcing your products and supplies? How often? What is the cost? What is your hiring process? How many employees will you need? What is your expected budget? What license or permits do you need to operate your business? What are all of your startup costs? Where and how will you secure financing? When do you estimate you will be breaking even? Include your future financial projections.
What will your day-to-day procedures look like? The management section of your business plan will include your daily operations. What are your hours of service? Who will be responsible for what tasks and what will qualify them to take on these duties? What type of training will employees receive?
Your business plan adds validity and structure to your business ideas. Make adjustments and changes as needed and use it as a standard reference to keep your coffee shop’s goals on track. Need help? I’ll be happy to jump on a call to bounce ideas. If you are looking for a business plan writer, contact me here, and let’s talk.
SWOT is an acronym that stands for Strengths, Weaknesses, Opportunities, and Threats. It’s an important technique that allows businesses to identify the advantages and disadvantages their company may have at present or in the future. The SWOT analysis is a critical part of the business plan. It plays a crucial role in determining the owner’s industry knowledge and realism. Both of which are vitally important if you’re looking to secure partners, financing, or deciding how to grow your business continually. It’s the opportune time to analyze your market, fellow competitors, and target customers. Outlined below are tips to help you build a robust SWOT analysis for your business plan.
Create validation behind each part of your SWOT analysis with the use of accurate data. For example, if your company’s strength is their high-quality work or one-of-a-kind customer service, support your claims with customer testimonials or stats representing your percentage of repeat business.
Prioritize each section of your SWOT analysis by selecting only high-priority vital elements. A great way to do this is by grouping situations. If you happen to have four weaknesses related to lack of finance, bundle it under lack of financial resources rather than listing each situation that stems from the exact cause.
Knowing the opportune time to act upon an opportunity is essential at any stage of business and understanding the timeframe in which specific opportunities will be available to you. By identifying a timeline, you’ll be able to prepare your business to take advantage of current and future opportunities as they become available.
Perhaps the most significant advantage of creating the SWOT analysis for your business plan is reflecting and developing strategies that allow you to leverage your strengths and opportunities and mitigate your weaknesses and threats. Keep in mind that opportunities and threats are external factors that you don’t necessarily have complete control over, such as the actions of your competitors, customers, economy, regulatory and seasonal changes. External factors require you to be able to adapt and pivot your business strategies as changes occur. Strengths and weaknesses are internal factors within your business, such as product features, location, distribution, staff, company structure, financial resources, and quality control procedures. The actions of the company can entirely alter internal factors. When creating your SWOT analysis, use the opportunity to evaluate how your strengths can minimize your threats and how your opportunities can reduce your weaknesses.
As a critical part of your business plan, the SWOT analysis requires you to research and dig deep into what has and hasn’t benefited your company’s performance. Refer back to the points above when writing your business plans SWOT analysis section. Creating a solid, well-thought-out SWOT analysis will allow you to better utilize your strengths and opportunities and create a strategic plan to conquer your threats and weaknesses and reach your business goals. Looking for help to write a business plan or just want to chat and bounce ideas? Let’s connect.
How to Define Your Marketing Goals (SMART)
You’ve probably gotten the hint by now that I believe Planning. Is. Everything. Like Eleanor Roosevelt said, “It takes as much energy to wish as it does to plan.” How’s that for a real talk? As you fine-tune your advertising strategy (e.g., business planning and choosing marketing avenues), be sure to spend some time evaluating your marketing objectives.
Marketing objectives should precisely spell out what you want to accomplish through your marketing activities – within a specific timeframe – as you promote your products or services.
Setting objectives will help you set meaningful goals and create marketing strategies that support your big-picture business objectives. It will ensure that your marketing campaigns aren’t just gung-ho shots in the dark but are successfully contributing to your bottom line. And there are a number of important factors to keep in mind to ensure that you are setting practical marketing objectives.
There is a nifty acronym to help you remember these factors. All you need to do is ensure your marketing objectives are SMART: Specific, Measurable, Achievable, Realistic, and Timely.
The SMART approach not only ensures that your marketing activities are planned and managed effectively but also allows you to check back and determine whether your marketing activities were as successful as planned. If not, it serves as a guide for how you could direct your energies going forward.
Are your marketing objectives clear enough? Have you written out exactly how success will look for you and your business and how you see yourself getting there?
Objectives should not be broad, sweeping, or arbitrary. Also, use verbs (doing words) wherever possible to indicate exactly what action needs to be taken. Identify the exact steps of your plan and the market segment you are targeting. And then make sure your plan is clear enough that you can your objectives becoming ideal outcomes.
Each marketing objective must be quantifiable. Look at whether a unit of measurement can be applied to determine the level of success in meeting your objectives, such as measuring a market share percentage or increased revenue figures.
Lofty goals are exciting to set, but if you can’t see a direct path towards making it happen, then it’s ultimately useless to you. You want to tick off your objectives within a reasonable timeframe. If your marketing objectives are too intricate or long-term, break them down into simpler, shorter-term goals. Identify your initial to-dos, things you can start today or tomorrow. From there, branch off into subsequent small jobs that will allow you to see your progress.
Similar to making sure your objective path is achievable, you need to be realistic about what you can accomplish. We are all capable of extraordinary things, but if you set your sights too high from the outset, it can be quite disappointing (and downright disheartening) when things don’t go to plan.
Realistic doesn’t mean easy. Set targets that you and/or your employees will need to work hard to accomplish but ultimately have a chance of meeting. Check that every objective is possible within your proposed timeframe and your set budget.
Having a concrete end date is a powerful motivator. Open-ended marketing objectives often fall short because, well, they can be put off until tomorrow. Determine when you want to achieve your objectives, and do not adjust the date. When you reach that end date, measure your success rate using the measurement tools you planned earlier. Celebrate successes and learn from your mistakes. Your next, improved marketing campaign will aim to circumvent those losses. Need help? Let’s chat.
A business plan is a vital tool for many business owners and entrepreneurs, as it allows them to set out their goals for the business and track their progress as it grows. It is essential that a business plan is formulated correctly at the start of any new business so that it can help your business to have its best chance of success.
Business planning is the real key to success and allows you to provide a clear picture of all aspects of the business from finance and operations to marketing and product details. An effective business plan can be the determining factor of how successful your business will be in the long term and how quickly your business will grow.
To answer the question of the importance of a business plan, below are just some reasons why you should have a business plan in place when starting a new business:
Business plans are essential for effective business planning and repositioning the business to meet changing conditions. A business plan is a foundation for business planning and prioritization where you strategically map how your sales fit with your expenses. In this business planning stage, a business plan allows owners to establish milestones and long-term goals for their business that are key to its success.
Business plans can have a long list of benefits for owners but one of the primary reasons for a business plan is that it helps owners to make better business decisions. By building a business plan, allows owners to determine the answer to critical business decisions ahead of time, by thinking on a deeper level about the strategies that can help answer the most critical decisions.
To secure funding from investors a business plan is key to answering the key questions potential investors may have. If you’re looking for funding from the bank, venture capitalist, or an investor they will have questions as to whether the business owner has good control over the business’s trajectory. A business plan can provide this information along with evidence to suggest that there is a market for your business.
Having a business plan can help to set out clear goals and objectives for the business, whilst keeping the owner accountable to the business’s long-term goals. By outlining SMART goals in a business plan, owners can set milestones which can then be used to set effective business goals to help guide sales strategies.
As we are all aware, owning a business does come with some element of risk but this risk is much more manageable with a well-written business plan. By business planning for revenue/expense projections, implementing operational plans, and understanding the market can all be laid out in a business plan to help reduce risk. By reducing these risks owners can have a clearer future for their business in the long term.
As you can see, a professionally written business plan for your business can have many benefits. Though the process of writing out a business plan can be time-consuming, and this is a time that many entrepreneurs just don’t have.
This is where hiring a business plan writer could be the perfect solution, as they are able to write the business plans to meet your requirements whilst writing in a way that is sure to please potential investors, banks, or government organizations.
Looking for a Vancouver-based business plan writer? Contact me here, and I’ll be happy to answer any questions you might have about your business plan requirements.
So, you have a business idea—that’s great! But besides a clever idea, one of the most important things you can do to be successful is to develop a solid business plan. Whether your business is big or small, self-backed or financed through investors or banks, here are the top five reasons why you need a business plan:
#1 Brings your idea to life
If every idea equaled prosperity, we’d all be working for ourselves. But since the world doesn’t work that way, the best way to turn an idea into a profitable business venture is by fleshing it out by writing a solid business plan. And because our business ideas are often innately personal—even labor of love—a business plan helps put things in perspective, allowing you to view your idea critically and objectively to determine its viability in the marketplace.
#2 Creates a blueprint for your business
Like any stable structure, a solid idea needs the proper architecture to build a successful business upon, which a well-written and thought-out business plan can provide. And like any good blueprint, a thorough business plan establishes a framework for how to run your business, gives you the chance to iron out any kinks in advance, and helps focuses your vision and mission, and creates a path to success.
“The critical ingredient is getting off your butt and doing something. It’s as simple as that. A lot of people have ideas, but there are few who decide to do something about them now. Not tomorrow. Not next week. But today. The true entrepreneur is a doer, not a dreamer.” -Nolan Bushnell, founder Atari and Chuck-E-Cheese’s
#3 Leads you to the investment
A business plan is the first thing any potential partner, banker, or investor wants to see before thinking about handing you over any money. A great business plan can even attract their attention before you’ve opened your doors. And even if you’re starting up without any outside financial help, a business plan keeps your initial investment low by helping you avoid any unanticipated costs, and saves you time eventually, which is just as valuable.
#4 Introduces your business
Even though you came up with the idea, a business plan introduces your idea along with every aspect of your business and helps you figure out who you are as a company, and where you want to go. It also establishes your brand and lets any potential backers, stakeholders, and future partners get to know you and what you’re about. A well-written business plan can also teach you about any competition you may have, and how to succeed in the marketplace.
#5 Makes you more organized
From putting your idea to paper to reading the final draft, every aspect of a business plan prepares you to open your doors for business effectively. The planning process teaches you about your target customers, which allows you to better position yourself to reach them. The business plan keeps you organized and can help your company grow faster, achieve higher benchmarks, and multiply your chances of success.
It doesn’t matter what your idea is, or how much money there is to be made, writing a business plan is the best thing you can do to ensure your company succeeds when so many others fail. Looking for a Vancouver-based business plan writer? Contact me here, and I’ll be happy to answer any questions you may have about your business plan requirements.
When starting a new business, there is no denying the fact that a business plan plays a vital role in ensuring the overall business longevity and success. An effective and comprehensive business plan aims at in-depth market research while developing targeted strategies for achieving optimum success. A good business plan will cover all areas that tend to potentially affect the overall feasibility and profitability of the business model. The idea of a business plan is to highlight and outline a realistic image of the business, its assets, and projected business and financial goals for the future. As a business plan writer, I often get asked multiple questions regarding the business plan before my clients hire me. Here are some of the common business plan FAQs:
The short answer here is, yes! Even if your business idea is clear in terms of how you’re going to start and grow the business, you will still need a business plan. A business plan is a clear game plan that helps business owners assess whether they have taken everything into account. By having a business plan, you are setting out a clear plan for the business and a business success barometer.
Not at all, many business owners make this mistake of thinking the business plan is only required for financing from investors and that’s it. The benefits of a business plan far expand this and the person that benefits from a business plan is the business owner. A business plan will help to obtain a true picture of your own capabilities and your target market and help to set out strategies for the business. This is important when your business is up and running, as you will be able to determine if your goals are still being met or whether a business strategy calibration is needed.
The sooner you start the business plan preparation, the better! A clear path for your business will be visible as soon as an effective business plan is developed. It is fair to say that it is never too late to develop a business plan even after launching your business. If you are still planning your business and feel like a business plan is required, there is still plenty of time to have an effective business plan done. This can help change the course or success of your business. The sooner you do this, the better this will be for your business overall.
Any entrepreneur or business owner should write a business plan as it dramatically increases the chance of success. A good business plan allows business owners to understand the likelihood of making a profit and determine initial start-up costs. Another key reason for writing a business plan is that it allows you to seek investor funding and see how much investment you need from potential investors.
To ensure the business plan captures the most important points of the business, the short and long-term goals, it is always advisable to hire a professional business plan writer. A business plan writer can spend some time with you to fully understand the business from different angles and capture this in a way to appeal to potential investors or banks. A business plan writer can also ensure correct terminology is used with the clear presentation of financial and company information.
It depends on the business idea, timeline, amount of investment needed, and purpose of the business plan. I charge between $1500 and $5000 plus applicable taxes for a comprehensive business depending on the scope of work. If you want to discuss the exact quote, please contact me here and I will be happy to work with you.
A professional business plan writer can help you with your business plan. Whoever you decide to work with should have experience in business plan writing. A lot of entrepreneurs hire business plan consultants to draft their business plans. It’s always good to have a kick-off meeting before hiring someone to write your business plan. At the end of the day, the business plan is a written document of your dreams, ambitions, and ideas, and thus, it’s a good practice to get involved in the initial stages of business plan writing. I always start with a discovery call followed by a business plan questionnaire to get to know my clients and their business plan needs. Next, we sign a business plan service agreement and NDA. Finally, the hard work of business plan writing begins! I keep my clients informed about the progress all along the way.
I usually take 2-3 weeks to deliver a comprehensive business plan.
Looking for a Vancouver-based business plan writer? Got more questions? Let’s connect here, and I’ll be happy to answer any questions you may have about your business plan requirements.
Most business plans are from 25 to 30 pages. There are also smaller business plans that are only a few pages in length. It depends on the purpose of the business plan.
A business plan contains a standard scope of work unless a client has provided a different scope of work. I work with my clients based on their specific needs and develop a customized business plan for multiple audiences and various funding purposes.
When starting out and developing a business plan, it’s important to remember that the form of the business often follows its function. Every business owner should have at least a clear business plan that accurately sets out the needs of the business. This is apparent for any business whether the emphasis is starting a new company, raising investment funds, or managing an existing business.
All successful entrepreneurs when starting out with a new business will ensure they have an effective and well-prepared business plan. Business plans allow business owners to have a clear road map for their business no matter what the future obstacles may be.
Most business plans are around 20 to 30 pages and are written in a way that is easy to read in simple business language. The business plan typically contains bullet points, tables, and financial projections to clearly display the main highlights of the business. Some of the main reasons why you need an accurate business plan can be found here. If you are wondering where to start writing a business plan, below are some of the core elements needed to create an effective business plan.
The executive summary is the most important part of your business plan. The reason being many potential investors most likely will glance at the executive summary first to decide whether the business is of interest to them. When creating the business plan, you will need to ensure the executive summary is written in a way that the reader wishes to stick around and look further into the plan. This is where the unique selling proposition (USP) of your business is presented. It also contains a quick summary of the team, marketing strategies, and financial projections. The executive summary should be concise and under two pages. It should have the grab so that readers can gauge the business potential without going through the entire business plan.
The business description will be where you provide an overview of the current business or proposed venture. This is where the business structure is outlined and how the initial ownership will be divided among founders. This section of the business plan will include the plan for the business, its legal form, with further information relating to the history and prior performance of the business (if any). This section also contains products and services, mission and vision statement, and location of the business.
A market analysis is another crucial section of a business plan. This section presents your potential target market, its size and anticipated growth over the next five years (outlook). It also describes your target customers, competition, key success factors, regulation, and barriers to entry. The aim of the market analysis in a business plan is to show that there is an opportunity for the business in the current market.
In this section of the business plan, you will need to name and offer insight into the background of each member of the team. This is an opportunity to show how the combined knowledge and skill set of the team can be beneficial to the company. Potential investors will be looking to see if the management team has the right skillset and is capable to get the business off the ground.
A good business plan needs to include a financial plan that outlines the financial structure of the business. A financial plan breaks down the financial strategy and projections for the future. This section of the business plan should feature easy-to-follow financial analysis in the form of tables, charts, and graphs. In the financial plan, business owners need to demonstrate how this business strategy supports projected growth. Financial reports need to be included that clearly show projected income statements, balance sheets, and cash flow statements for up to 5 years.
Business plans serve as a road to success! Looking for a Vancouver-based business plan writer? Contact me here, and I’ll be happy to answer any questions you may have about your business plan requirements.
Business planning is essential to ensure the survival of your business, but it wasn’t until the 1990s that it became popular to implement a business plan to sharpen your business. Nowadays, any business functioning without a business plan can be exposed and left behind in today’s business world.
Business plans are defined as successful business maps that are used to entice investors and partners whilst providing clear business direction. Plans help businesses to achieve important goals and grow successfully in the future. So, given the Importance of a Business Plan, how should you go about sharpening your own plan today?
Many business plans are mostly general with many business owners failing to provide clear financial figures or deeper level projections. By failing to provide this information, you are leaving your business plan short of vital information. If your business plan does include accurate details, then your plan is sure to be more solid and stand out to investors. To sharpen the plan, it’s worth including plans and goals for revenue and how you will plan to keep costs down.
A good business planning strategy is to revisit your business plan as your company starts to grow. Once business goals have been achieved, it’s good practice to revisit your business plan again. This is the time to sharpen your business plan with new goals to help steer your organization towards further success. Without revisiting the business plan as your business grows, your business will likely not grow as quickly and effectively as you want.
You should have passion for your product or service if you want to succeed. However, most entrepreneurs focus too much on the business story and not enough on financial success. When you apply for a loan, your business plan should outline how you wish to utilize the loan efficiently with clear plans for repayment. Similarly, your investors should also be able to look at the finances and feel comfortable investing in your business.
One of the best practices of business planning is to involve a professional to capture the most essential elements of the business in a professional manner. As a business owner, you want to ensure you focus your time on the business and leave the business plan to a dedicated professional to prepare on your behalf.
By Hiring a Business Plan Writer, you can be assured that your business plan is written in the most effective way to help highlight your business.
I have been helping start-ups and established businesses write business plans since 2011! I can help you develop a professional business plan that is simple, authentic, and has the wow factor for potential readers. Consider completing this form to explore how we may work together.
So, you’re looking to start a business – that’s great! However, writing a business plan can be more complex than simply typing your ideas on a word doc. A business plan is a presentation of your business idea and a roadmap of your business goals, vision, and mission. In simple words, a business plan is a document that describes details about your business and how you plan to make it grow and become successful.
A formal business plan can have the following components. However, the components of a business plan may vary as per your business purpose and audience. The typical components of a business plan include:
There is no fixed rule of how long a business plan should be; it depends on the purpose, audience, and nature of the business. It is worth discussing your business plan needs with a professional business plan writer, who can advise how long the business plan should be for your given purpose. A business plan writer can also advise on what should be included in your specific business plan to ensure all the requirements are met. Often, a business plan for a specific purpose, such as a PNP Business Plan has a page limit or suggested word limit. It is best to advise your business plan writer the purpose of your business plan so that they can follow the guideline.
Business planning is a life-long process, and a business plan is not a document for life. As the business evolves, financial indicators and KPIs change. To ensure your business plan is relevant, you need to ensure that it is updated once the set goals are achieved. If there is a change in strategy or business model, the business plans must be revisited and revised accordingly.
In your business plan, you need to understand your audience and what language style is appropriate for them. Next, you need to understand your business plan’s purpose and write it in a way that engages your audience. It is best to be written in laymen’s terms in many cases, so the audience can fully understand the business plan’s contents. On the other hand, when writing a business plan for a government grant, it would need to be written more formally.
Most people assume business planning consists of lengthy reports or documents with charts or graphs. However, there is much more to it, and a business plan is a crucial component where you set out a clear layout for your business idea. In the plan, there needs to be a clear outline of how the business will do and how it will grow in the future with relevant market data and research. A business plan should cover the points below, so the audience has all the relevant information they need about the business:
Depending on your business’s purpose, there are many different types of business plans, and it is essential to have the right one to highlight your business to meet its objective. Here are some types of business plans that I often get contacted by my clients:
A start-up business plan is needed initially to attract potential investors. It is a comprehensive game plan including a business overview, goals, financials, industry analysis, marketing plan, etc.
A strategic business plan comprises the company’s strategies, mission, KPIs, and implementation guidelines. Strategic plans are usually an internal document to facilitate management into making an organization’s policies and help set out business strategies with decision making.
One page plan is also known as a quick overview business pitch. It consists of the most vital business details that include its operations, management, values, and mission, and summary charts of projections.
This plan is needed when a business wants to enter joint ventures, financial investments, or new acquisitions. It provides complete details of essential information about the company and its projections with proper market research.
An operational plan focuses on the daily operations and how they contribute to the overall success of the business. It contains objectives for the company with timelines, deadlines, and measures to track progress.
Feasibility plans are for those companies that plan to introduce a new product to the current market or an existing product in a new market. This plan includes market patterns, competitor analysis, consumer behaviour, and market research (both secondary and primary).
The PNP Business Plan must meet the immigration requirements of the Canadian government. The government of Canada asks that the following essentials are included in your PNP Business Plan:
Looking for a Vancouver-based business plan writer? Contact me here, and I’ll be happy to answer any questions you may have about your business plan requirements.
If you are a restaurateur, this post is for you. If you are a restaurateur who hates writing a business plan, then this post is DEFINITELY for you. You are spectacular at what you do, and you are passionate about food. I know this is a lot of work for you to read this blog, but you will be glad you did. Whether you’ve graduated from a culinary school or just developed a secret recipe in your kitchen, you will need to create a business plan to make sure you have covered all the bases.
Running a successful restaurant can be challenging, but the results will fulfill your dreams provided you are committed to conceptualizing your business plan. A business plan for opening your own restaurant must include your vision, market and competitive analysis, and the ways you plan to position yourself in your target market. Opening a restaurant is a dream for many people. At the end of the day, it’s all about turning their passion into a business venture. Unfortunately, for many restaurateurs, the reality of running a restaurant is not what they expect. Long hours, cash flow issues, finding the right staff, financing the equipment, and a lot of stress cause many restaurants to shut down just after a few years.
One reason for the high failure rate in the restaurant industry is that the owners often fail to treat their restaurant as a business from the very beginning. They have no plan in place to deal with unexpected expenses, and they don’t understand the true hidden costs associated with opening a restaurant.
By writing a Restaurant Business Plan, you show investors or lenders that you have a clear contingency plan for handling any problems that may arise. Besides, it also serves as a road map for the owners to track their success. There are a few key points to consider when drafting a restaurant business plan that determines whether the plan is a success. So, let’s look at some of the top things to include to ensure you set yourself up for success.
In any successful restaurant business plan, you will need to lay out a clear concept for the business with potential investors, partners, and your team. The business plan should clearly outline the type of service, and whether this is a casual or fine dining restaurant for example. The restaurant service choice will then have a massive impact on the overall concept of the business. It’s worth mentioning ideas for the restaurant design in the business plan, with clear visuals to capture the reader’s attention. This is your chance to shine in front of your readers, potential investors, landlords, or future staff about your restaurant.
When writing a business plan for a new restaurant business, it’s important to include a breakdown of the sample menu on offer. This is where you will highlight the food and drink options that will be available which are key to drive the business success. Restaurants are only as good as their menu; they are the core element of the business and its brand. This is an opportunity to highlight your restaurant’s brand through its menu, so it’s worth including enticing menu descriptions and images. The goal is to get your sample menu for the business plan as close to the finalized menu as possible.
Defining your target market will help prospective investors understand how lucrative their investment could be. Your chosen location could be a good indication of your target market. Next, you can add the specifics of the group of consumers – in your case, diners – whom you wish to attract to your restaurant. How your business will capitalize on existing trends, how your pricing structure compares to that of the other restaurants in the area, and how your restaurant will fulfill an untapped “dining niche” in the market. Your target market also depends on demographics, psychographics, and behaviour of potential customers. Once you have a clear idea of your target market and the customers you aim to attract, you can start working on bringing your idea to life.
A successful restaurant business plan should provide a clear breakdown of the restaurant team members from the servers to restaurant management. It’s worth mentioning how many employees there are and how many will be needed for day-to-day operations. Any potential investor will be looking to see who will be running the business and how they will implement the business plan.
The readers would also want to see how your restaurant is expected to perform financially. For the financial projections, you will need the anticipated start-up cost of the restaurant – this list is often long. If you’re looking for investors, they would want to see the breakdown of where the money will be spent. This section includes projected income statements, balance sheets, and cash flows, and break-even analysis.
“If you want to be an entrepreneur, it’s not a job, it’s a lifestyle. It defines you. Forget about vacations, about going home at 6 pm – last thing at night you’ll send emails, first thing in the morning you’ll read emails, and you’’ wake up in the middle of the night. But it’s hugely rewarding as you’re fulfilling something for yourself.” -Niklas Zennstrom, founder of Skype and Kazaa
Business Plan Writers are professionals who are experienced in writing business plans for a wide range of entrepreneurs including restaurateurs. They can write the plan in a way to ensure you cover all the important points about your business to entice investors and lenders. The chances of a successful restaurant business and business plan are dramatically improved by choosing to hire a business plan writer to help with accurate business planning.
These tips are a great starter guide to help you with your business plan. For more information about my in-depth business plan writing service, contact me here, and I’ll be happy to answer any questions you may have.
As an entrepreneur, you are super passionate about your business. However, creating and revising a business plan can be a completely different challenge. Without the proper planning, you could end up spending weeks, even months trying to figure out where to begin! Even then, the road map of your business might look blurry and may not be up to par with what the lenders or investors want to see. Instead, you need a professionally written business plan that can help you get the funding and be a roadmap for your initial months in the business. The good news is that writing a business plan is not rocket science! There are plenty of resources that you can use to develop your business plan.
One of the worthwhile investments at the business planning stage is to hire an experienced Business Plan Writer to craft a professional business plan. A business plan is a road map that entrepreneurs use to gain investors’ funding to enable them to achieve their business goals. The job of a business plan writer is to prepare a comprehensive business plan that is creative, technical, and easy to understand. Business plan writing requires expertise in crafting a business plan that gets the vital points across about the business while setting out a clear plan. So, let’s look at some of the top tips for hiring a business plan writer:
The business plan writer you select needs to have experience writing for a business or industry like yours. They should be someone who knows the industry and are familiar with the audience that your business targets. An experienced writer will help you address critical business plan sections such as industry research, marketing plan, financial projections.
Business planning isn’t limited to a specific period; business plans need to be revisited and adjusted as the business grows. In the search for a business plan writer, you should look for a writer who can work with you for the long term as your business scales. The idea is to hire someone who knows your business and industry inside out. As your business progresses, you might need to update your business plan and set new goals for your business.
“Timing, perseverance, and ten years of trying will eventually make you look like an overnight success.” — Biz Stone, co-founder of Twitter
It can take between 40 to 60 hours to put together a professional business plan. If you hire a professional business plan writer, they can help you save valuable time and money. When hiring a business plan writer, think about how many hours you might save on researching information and writing up a plan. Time is money, and you could use it to focus on running your business. For many business owners, it makes more financial sense to hire a business plan writer. The key here is to hire a business plan writer who can help you save time and money while providing you with a business plan with the wow factor for potential readers.
Are you looking for a Vancouver-based business plan writer? Contact me here, and I’ll be happy to answer any questions you may have about your business plan requirements.