Don’t Let COVID-19 Destroy Your Entrepreneurial Dreams

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.

How has the pandemic affected entrepreneurs?

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. 

Fear zone, learning zone, growth zone.

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.  

How can you maintain (or build up) your business within pandemic uncertainty?

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.

Are you looking for a Vancouver business plan writer to help you with your post-pandemic entrepreneurial dreams? Contact me here, and I’ll be happy to bounce ideas!

Eight Things to Do Before Launching Your Business

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. 

Understand that running a business is work

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.

Write a Business Plan 

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.

Ensure there’s a demand for your product or service

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.

Understand your demographic and what makes them tick

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

Have a strong mission

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, 

Network, network, network

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.

Assess your finances 

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.

Find a mentor

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.

How to Choose the Best Marketing Platforms for Your Business

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. 

So, how do you choose the right social media platforms for your business?

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. 

Here are three tips to help you get started.

1. Identify your audience

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:

• Geography – location;
• Demographic – age, gender, education level, income, occupation.

But also underlying motivators, including:

• Behavior – loyalty, attitude, engagement, readiness to buy;
• Psychographic – lifestyle, habits, social status, personality, personal values.

2. Set goals that make sense for your business

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:

• website development and maintenance
• search engine optimization (SEO) strategy
• brand design
• creation of promotional material (online adverts, business cards, brochures, signage, etc.)
• sponsorships
• employing staff to undertake marketing activities.

3. Choose your marketing avenues

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.

Conclusion

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!

Tips for Writing a One-Page Business Plan

Tips for Writing a One-Page Business Plan

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.

Benefits of condensing your business plan

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.

Don’t discard important detail.

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 Market Analysis

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.

Management Structure

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.

And a Competitive Analysis

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.

Strategy

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.

Products and Services

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.

Marketing, Sales, and Financials

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.

How to write the competition section of your business plan

How to write the competition section of your business plan

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.

Identify the purpose of your analysis.

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.

Gather information for your competitor analysis 

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. 

Analyze the competition 

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.

Use online reviews

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. 

Source financial information

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.

Establish your competitive position

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!

Top Questions Business Plan Investors Ask

Top Questions Business Plan Investors Ask

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 whether you are ready with your answers to your business plan or not. Therefore, it is vital to have a professionally written business plan that outlines how 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:

#1 Is There a Skilled Management Team?

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:

• Who are the founders & key leadership team?
• What relevant experience does this team have?
• Is this team capable of executing the business plan?
• What are the plans to scale & grow the business in the future?

#2 Is There a Market Opportunity for the Business?

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

#3 What Has the Company Achieved So Far?

A crucial factor for investors that indicates whether the company is worth investing in is that if the business would have 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 must ensure they clearly outline this 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.

#4 Do the Founders Understand the Financials & Key Metrics?

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. If you are in Vancouver, we can meet for a business plan discussion. If you are located outside of Vancouver, I will be happy to jump on a Zoom meeting and discuss your business plan needs. As a Vancouver business plan writer, I work with clients from all walks of life. 

How to Estimate Startup Costs – Writing a Business Plan

How to Estimate Startup Costs – Writing a Business Plan

Simply put, startup costs are the money you’ll need to launch your business and 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. Start-up costs are crucial for your bank loan business plan and investor business plan, and a business plan expert can help you navigate these. 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 Sections

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. 

Spending on Assets

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 unnecessary when an older reliable model does. 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, a 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.

Spending on Expenses 

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. When making your pitch deck to lenders, be prepared to give a high-level view of fixed (lease, insurance, utilities) and variable (payroll, shipping, etc.) expenses. After listing assets and expenses, add the two together. 

Sales Forecast

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 helpful 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. 

One last caution

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 business plan writers in Canada? Contact me here, and I will be happy to help you estimate startup costs for your next business plan. 

How to write the SWOT Analysis section of your business plan

How to write the SWOT Analysis section of your business plan

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 these are vitally important if you’re looking to secure partners, finance, or decide 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.  

Tip 1: Use accurate data. 

Create validation behind each part of your SWOT analysis with the use of accurate data. For example, if your company’s strength is its high-quality work or one-of-a-kind customer service, support your claims with customer testimonials or stats representing your percentage of repeat business.

Tip 2: Be concise.

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 them under lack of financial resources rather than listing each situation that stems from the exact cause. 

Tip 3: Identify opportunities. 

Knowing the opportune time to act upon an opportunity is essential at any stage of business as 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.

Tip 4: Develop strategies

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. Remember that opportunities and threats are external factors you don’t necessarily have complete control over, such as the actions of your competitors, customers, economy, and 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 plan’s 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.  Stuck on how to write a business plan?  Looking for business plan experts or just want to chat and bounce ideas? Get in touch today to find out how much a professional business plan writer costs. 

How to Define Your Marketing Goals (SMART)

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. 

Specific

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.

Measurable

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. 

• What tools will I use to measure the success of my marketing activities?
• How will I know whether my activities have had any impact?
• How will I get my hands on this data?

Achievable

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.

Realistic

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.

Timely

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.

Importance of a Business Plan?

Importance of a Business Plan

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.

Reasons to Have a Business Plan

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:

• Allows Effective Business Planning
• Helps with Critical Business Decisions
• Helps to Secure Funding/Investors
• Allows to Set Business Goals/Objectives
• Helps to Reduce Risk

Effective Business Planning

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.

Critical Business Decisions

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.

Secure Funding/Investment

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.

Set Business Goals/Objectives

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.

Reduces Risk

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.

Top Five Reasons Why You Need a Business Plan

Top Five Reasons Why You Need a Business Plan

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 Futurpreneur Canada Business Plan Writer? Contact me here, and I’ll be happy to answer any questions you may have about your business plan requirements.

Business Plan FAQ

Business Plan FAQ

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:

Do I really need a business plan?

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.

Do I only need a business plan for external investment or a bank loan?

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.

When should I write a business plan?

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.

Why should I write a business plan?

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.

Do I really need professional help to write a business plan?

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.

How much does it cost to have someone write a business plan?

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.

Who writes a business plan?

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.

How long does it take to write a business plan?

I usually take 2-3 weeks to deliver a comprehensive business plan.

How do I find someone to write a 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.

How many pages is a good business plan?

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.

What is a business plan format?

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.

Main Sections of a Business Plan

Main Sections of a Business Plan

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.

#1 Executive Summary   

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.

#2 Business Description 

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.

#3 Market Analysis 

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.

#4 Management Team 

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.

#5 Financial Plan 

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 business plan writer in Canada? Contact me here, and I’ll be happy to answer any questions you may have about your business plan requirements.

Top Ways to Sharpen your Business Plan

Top Ways to Sharpen your Business Plan

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?

Quantify your Business Plan

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.

Revisit your Business Plan

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. 

Focus on the Finances

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. 

Hire a Professional 

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 can help!

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.