Business Plan Doesn’t Have To Be Hard – Read this to find out more!

Adept Business Plans Inc. Sep 30, 2021 business plan tips, business plan writers hacks

Business Plan Doesn’t Have To Be Hard – Read this to find out more!

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.

Understand your target market

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.

Establish the right vision

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.

Use business analysis to your advantage.

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.

Establish the right business goals

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.

Think about different time frames

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.

It’s essential to stay conservative, rational, and logical with your business assumptions.

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.

Improve your business plan periodically.

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. You should consider all these factors as you try to adapt your business plan to the existing market conditions.

The bottom line

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 or business plan consultant. 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 connect.

Tips to Write a Business Plan for Your Car Dealership

Adept Business Plans Inc. Aug 10, 2021 business plan tips, business plan writer, business plan writer tips

Tips to Write a Business Plan for Your Car Dealership

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, the blueprint of a building, and the 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:

Executive Summary

This part should, in a crisp summary, convey the intention and idea of the business.
A good business plan has its purpose: making affordable cars a reality, no BS selling model, competitive pricing, and a hassle-free sales process.
It must express the type of cars, preference, potential in the market and type of dealership.
Value comes when the focus is on whom to, why to, how to, what cars to sell and compare, and the ‘stand apart’ angle of the pitch.
The way car dealerships run and general market trends can effectively convey a compelling reason to get external investment.

Practical Plan of Action/ Operations Model

The plan must contain how the business intends to procure and sell the cars.
Categories like used or new cars, SUVs or vans, and sources are to be defined.
A professional business plan should say how the business will manage legal procedures of tax, insurance, guarantee, warranty, authenticity, verifications, etc.
An outline of the mode of payment and service management on the buyer’s end will be helpful.
The trends and demands of the targeted market are to be studied. In marketing, age, gender, means, and many more factors matter.
The idea will make a reader feel that it is the best and most appealing option among all others in the market.
The plan must duly recognize the risks associated with the business.

Sales and Marketing Plan

Advertising is the lifeline of a business. A business uses various marketing means, online and traditional, in a planned manner to aid reach and bring in clients.
The marketing team’s duties and value in the company clarify the plan.
When it visions optimistic and practical planning for at least 3-5 years, a plan will spark trust and credibility in the idea.
A profit and market trend for a few years shows the life of the project.
Analyzing the scope should be both realistic and optimistic.

Capital/Financial Analysis

Describe a detailed breakdown of the investment needed.
Discuss the labour costs, projected profits, margins, and cash flow.
Breakdown of monthly expenses.

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 entry into the market and securing external investment. I hope you use these tips for your car dealership business plan. Some of the common questions that entrepreneurs often ask themselves are: How much does it cost to hire someone to write a business plan? or Can you pay someone to write a business plan? or How do I find a business plan writer? or How much does a small business plan cost? 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.

Some Hacks To Reinvent Your Business Plan

Adept Business Plans Inc. Aug 5, 2021 business plan hacks, business plan tips, business plan writers tips

Some Hacks To Reinvent Your Business Plan

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 a 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:

Listen to your audience!

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 listen to your audience because they can give you amazing ideas and a new way to improve your existing business plan.

Follow the latest industry trends.

This is a good option, especially if you believe that your business is not doing that great anyway. Adapting to market trends can actually save you, and it can bring tremendous potential. Use that to your advantage; the payoff alone can be second to none.

Study your competitors and make adequate changes

Studying the competition and seeing what they are up to is a great idea. More often than not, this will give you lots of ideas and help you reinvent your business plan. That minor adjustment can indeed make a difference, so use that as an advantage.

Start focusing more on differentiation.

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 of buying experience, a vast range of products or services, and a higher sales volume. Changes like this can make a difference.

Implement more technologies

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.

Get outside help from mentors.

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, you could take advantage of many business planning services, business plan software, and business plan templates. Business plan writer cost depends on many factors, such as the scope of work, timeline, and end goals. How to choose the right option? Consider reading my post on business plan writers v/s business plan software.

Showcase new marketing channels.

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.

Conclusion

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; the results can 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. Hiring one of the small business plan writers could be a great investment for your new or existing venture. Tired of searching for business plan writers near you? Let’s talk about affordable business plan writing services.

Tips For Writing a Grocery Store Business Plan

Adept Business Plans Inc. Jul 30, 2021 business plan tips, grocery store business plan

Tips For Writing a Grocery Store Business Plan

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.

But where to begin?

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.

What should I include in my 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.

Be clear about your Mission Statement: What kind of store are you planning to open, and what are its goals and objectives? The mission statement gives the reader an immediate sense of what your business is about, what you want to do, and the impact on the local market.
Provide a detailed Market Analysis: Likely, one of the reasons you’d like to open a grocery store is because you see that a particular niche is unfulfilled. Maybe the neighbourhood is ethnic, and the people who live there can’t find the food they are familiar with. Or perhaps the demographic is one where residents deliberately seek out vegan or organic offerings. Let your research show the need for your store and then outline how your business will meet that need. Conduct informal neighbourhood polls, meet with the current store owners, talk to local growers, and carefully document your findings. Also, access online market research databases to see how the industry is performing and where it’s headed.
Describe the experience of your Management Team: Your investors/lenders will want to know the background of the people working for you. Experienced staff give a sense of security to lenders, including detailed resumes for the people already on board or a detailed job description for each position you intend to fill.
The Financial Plan: Next to doing market research, writing this section will require the most time. This part is very comprehensive, but your business plan writer is skilled at putting this together. You will include itemized startup expenses, startup assets, profit and loss projections, break-even analysis, and cash flow projections. Profit margins are traditionally slim for grocers, so be detailed when working out the sales forecast. Your market research ties in here and should support your projections. Lenders understand that it takes time for a business to be profitable, but the bottom line is that your financial plan will need to be clear about a break-even point in time.

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 Business Plan for a Yoga Studio

Adept Business Plans Inc. Jun 17, 2021 business plan tips, business plan writing services, tip for writing business plans, writing a business plan for a startup, yoga studio business plan

Tips for Writing a Business Plan for a Yoga Studio

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.

Some Things to Include:

1. Executive Summary

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.

2. Company Summary

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?

3. Market Analysis

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.

4. Strategies for Marketing and Sales

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.

5. Funding and Finances

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.

Thoughtful Living

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.

Five Embarrassing Business Plan Faux Pas!

Adept Business Plans Inc. Mar 12, 2021 Business Plan Faux Pas, business plan tips, tip for writing business plans

Five Embarrassing Business Plan Faux Pas!

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!

1) Failing to Identify Your Weaknesses

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.

2) Financial Assumptions

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.

3) Target Market Exaggeration

A common mistake and a dead giveaway are that the business doesn’t know its ideal target customer. Let’s aid this conversation with an example- A new Specialty Cheesecake Bakery identifies its 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!

4) Lack of Supporting Documents

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.

5) Information Overload

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.

Top Tips for a Successful BC Regional Pilot Business Plan

Adept Business Plans Inc. Feb 14, 2021 BC Regional Pilot Business Plan, business plan tips, Regional Pilot Business Plan, tip for writing business plans

Top Tips for a Successful BC Regional Pilot Business Plan

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

#1 Understand Program Requirements

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.

#2 Create an Appealing Business Plan

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.

#3 Understand the Local 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:

Tips for a Successful Intra Company Transfer Business Plan

What is a Provincial Nominee Program (PNP) Business Plan?

Tips for Writing a Great Cannabis Business Plan

Adept Business Plans Inc. Jan 15, 2021 business plan tips, Cannabis Business Plan, Cannabis Business Plan Tips, Cannabis Business Plan Writer, tip for writing business plans

Tips for Writing a Great Cannabis Business Plan

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 the Business Model

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.

Be Unique

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!

Utilize Industry Startup Knowledge

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.

Why Some Business Plans Don’t Receive Funding

Adept Business Plans Inc. Nov 5, 2020 business plan tips, business plan writer tips, business plan writing tips, tip for writing business plans

Why Some Business Plans Don’t Receive Funding

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.

Not Identifying Competition

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, lay out 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.

No Marketing Strategy

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:

Who will buy the product or service?
Why will they buy it?
How will you get the product or service to the target customer?

When detailing the marketing strategy for the business, you will need to explain how you will generate customer interest and make actual sales.

Not Filling a Need

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.

Too Technical

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.

Business Plan Software vs. Business Plan Writer

Adept Business Plans Inc. Oct 18, 2020 business plan tips, business plan writer, business plan writer tips, tip for writing business plans

Business Plan Software vs. 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

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.

Business Plan Writer

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.

Business Plan Software vs. Business Plan Writer

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.

Tips for writing a franchise business plan

Adept Business Plans Inc. Aug 2, 2020 business plan tips, business plan writer tips, franchise business plan, franchise business plan tips, franchise business plan writer, tip for writing business plans

Tips for writing a franchise business plan

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 assist 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.

Executive Summary

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 be found in the Financial Disclosure Document.

Management

The key management positions and who will fill these roles are 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.

Marketing

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.

Pro Forma Financial Projections

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.

Financing Needs

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.

5 Tips for Creating a Language School Business Plan

Adept Business Plans Inc. Jul 3, 2020 business plan tips, business plan writer tips, Language School Business Plan, Language School Business Plan Writer, tip for writing business plans

5 Tips for Creating a Language School Business Plan

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.

1. Research

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.

2. Do a SWOT Analysis.

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.

3. Make a Plan for Building a Team

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.

4. Do a Competitor Analysis

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.

5. Work Out the Financials

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.

5 Tips for Writing a Clothing Store Business Plan

Adept Business Plans Inc. Jun 13, 2020 business plan tips, business plan writer tips, Clothing Store Business Plan Writer, tip for writing business plans

5 Tips for Writing a Clothing Store Business Plan

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.

**1. Carve out what makes your brand you:**

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.

2. Prepare and draft.

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:

The correct financial statements.
Forecasts.
An easy-to-swallow explanation of your business model is available for potential investors.

3. Organize the nitty-gritty.

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.

4. Scope out the competition.

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).

5. Clarify your budget.

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.

That’s it!

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!

Top 5 Reasons to Hire a Business Plan Writer

Adept Business Plans Inc. May 2, 2020 business plan tips, business plan writer, business plan writer tips, tip for writing business plans

Top 5 Reasons to Hire a Business Plan Writer

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.

#1 Specialized Skill Set

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.

#2 Crucial to Business Success

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.

#3 Save Valuable Time

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.

#4 Business Planning Expert

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.

#5 Revamp Existing Business Plans

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.

Tips for Writing a Daycare Business Plan

Adept Business Plans Inc. Jan 2, 2020 business plan tips, business plan writer, business plan writer tips, Daycare Business Plan, Daycare Business Plan Writer, Daycare Business Plans, tip for writing business plans

Tips for Writing a Daycare Business Plan

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 labour statistics, approximately 60% of children under six participate in formal or informal daycare. Each Canadian province and territory establishes legislation and regulations around daycare businesses, so 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.

Business Description

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, neighbourhood 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.

Business Needs Assessment

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 will the differences attract customers?

Financials

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.

Operating Policies and Procedures

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.

Who Will Run Your Daycare?

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 section also identifies directors, a board, other investors, partners, etc.

Marketing Plan

Starting a small business requires considerable marketing efforts. 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 your target market’s needs and how you will meet them.

Conclusion

The value of 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.

Let’s grow together

As a business plan expert, 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.

Tips for writing a coffee shop business plan

Adept Business Plans Inc. Mar 1, 2019 business plan tips, business plan writer, coffee shop business plan, coffee shop business plan writer, tip for writing business plans

Tips for writing a coffee shop business plan

A successful coffee shop can attract many beverage addicts to its 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.

Executive Summary

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 Wi-Fi, 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, and hiring a commercial broker are just a few examples of what you may need to help get your business running.

Marketing Plan

Your marketing plan should outline your target market, SWOT analysis, and 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 clearly understand 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.

Products

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.

Operational Plan

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.

Management

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 to open a coffee shop in strategic Canadian cities like Vancouver, Calgary, Edmonton, Toronto, or Montreal, and need a business plan writing service, contact me here, and let’s talk.

What exactly is a business plan?

Adept Business Plans Inc. Feb 9, 2013 business plan tips

What exactly is a business plan?

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 into a Word document. 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.

Components of a Business Plan

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:

Executive Summary
Business Overview
Product/Service details
Market Analysis
Marketing Plan
Management Overview
Financial Plan, Indicators, and Projections

Business Plan Length

There is no fixed rule of how long a business plan should be; it depends on the business’s purpose, audience, and nature. 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 professional on the purpose of your business plan so they can follow the guideline. Some of the reasons are bank loans, investor funding, government grant, etc.

Business Plan Updates

Business planning is a life-long process; 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 update it once the set goals are achieved. If a strategy or business model changes, the business plans must be revisited and revised accordingly.

Engage your Audience

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. In many cases, it is best to be written in laymen’s terms so the audience can fully understand the business plan’s contents. On the other hand, writing a business plan for a government grant would need to be written more formally.

Purpose of Business Planning

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. The plan needs to clearly outline 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:

A clear outline of business goals
Set out financial projections
Market Gap and industry analysis
Marketing Plan

Type of Business Plans

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:

Start-up Plan

A start-up business plan is needed initially to attract potential investors or lenders. It is a comprehensive game plan including a business overview, goals, financials, industry analysis, marketing plan, etc.

Strategic Plan

A strategic business plan comprises the company’s strategies, mission, KPIs, and implementation guidelines. Strategic plans are usually internal documents to facilitate management in making an organization’s policies and help set out business strategies for decision-making.

One-Page Plan

A one-page plan is also known as a quick overview business pitch. It consists of the most vital business details, including its operations, management, values, and mission, and summary charts of projections.

Expansion Plan

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.

Operational Plan

An operational plan focuses on the daily operations and how they contribute to the business’s overall success. It contains objectives for the company with timelines, deadlines, and measures to track progress.

Feasibility Plan

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).

PNP Business Plan

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:

Must clarify the type of business being purchased/established.
Demonstrate detailed financial projections for the business.
Must demonstrate how the business will benefit the local economy.

Looking for a professional business plan writer cost? Contact a local business plan expert to have your questions answered via discovery call about your business plan needs.