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yoga studio business plan

Tips for Writing a Business Plan for a Yoga Studio

Adept Business Plans Inc. Jun 17, 2021 , , , ,

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.

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Five Embarrassing Business Plan Faux Pas!

Adept Business Plans Inc. Mar 12, 2021 , ,

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.

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Regional Pilot Business Plan

Top Tips for a Successful BC Regional Pilot Business Plan

Adept Business Plans Inc. Feb 14, 2021 , , ,

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? 

 

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Cannabis business plan

Tips for Writing a Great Cannabis Business Plan

Adept Business Plans Inc. Jan 15, 2021 , , , ,

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.

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Why Some Business Plans Don’t Receive Funding

Adept Business Plans Inc. Nov 5, 2020 , , ,

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.

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Hire a business plan writer

Business Plan Software vs. Business Plan Writer

Adept Business Plans Inc. Oct 18, 2020 , , ,

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.

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franchise business plan

Tips for writing a franchise business plan

Adept Business Plans Inc. Aug 2, 2020 , , , , ,

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.

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language school business plan

5 Tips for Creating a Language School Business Plan

Adept Business Plans Inc. Jul 3, 2020 , , , ,

 

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.

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Clothing store business plan

5 Tips for Writing a Clothing Store Business Plan

Adept Business Plans Inc. Jun 13, 2020 , , ,

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!

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Vancouver business plan writer

Top 5 Reasons to Hire a Business Plan Writer

Adept Business Plans Inc. May 2, 2020 , , ,

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.

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daycare business plan

Tips for Writing a Daycare Business Plan

Adept Business Plans Inc. Jan 2, 2020 , , , , , ,

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.

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coffee shop business plan

Tips for writing a coffee shop business plan

Adept Business Plans Inc. Mar 1, 2019 , , , ,

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.

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