Are you finally ready to take the first step in making your business idea a reality? Already in business and wanting to expand, pivot, or apply for financing? You’re going to need a plan.
Writing your business plan is a big task and can seem intimidating at first—that’s why we’ve developed a new, interactive tool to make business planning a less daunting task.
What is a Business Plan?
Your business plan is the foundation of everything you do as a business owner. It’s a valuable document no matter what stage of business you’re at; whether you’re just starting out, already established, or are looking to change or pivot your current business model. It covers all of the major aspects of your business including your financials, operations plan, marketing strategy and beyond.
Our Business Plan Builder Makes It Easier Than Ever
We’re excited to be launching a brand-newtool designed to make writing your business plan easier than ever. Our interactive Business Plan Builderis afree, interactive tool that anyone can use—from aspiring entrepreneurs with a new business idea, to existing business owners looking to pivot their current business model or secure new funding. The tool breaks down your business plan into easy-to-manage steps and sections, allows you to save your work as you go, and includes plenty of tips and examples.
Start with the section you feel most comfortable with. This will give you confidence when writing the rest of your plan.
Schedule dedicated time to work on your plan every day or every week, whatever works with your other responsibilities. Dedicated work time will help to create a process and put a priority on getting it done.
Don’t feel that you need to find the answers to everything as you are writing that specific section. If something will require more time or research to determine, make a note in your plan to come back to it later once you’ve had the time to find what you need.
After you’ve written a section, come back to it a week or so later and re-read it. Does it still make sense? Is all the information necessary? Is any information missing?
Have someone that is not involved in the business read over the whole plan. This can help you know where there is too little or too much information.
When completing your business plan, consider who you’re writing it for: yourself, your business partner, or your bank perhaps? This might help you understand what kind of details you’ll need to include in the plan.
Remember, the most important thing is to take action after you finish your business plan. Do your best to follow what you have written in your plan but remember that businesses are ever-evolving and changing; it’s a good practice to revisit your business plan annually after starting your business. It’s important to keep on top of what’s happening in the real world, this will likely impact your plans. Take the first step today and get started on your business plan!
Sarah Parrotta is a Marketing Coordinator at Business Link. A graduate of the University of Alberta, Sarah is passionate about community and connection building and supporting entrepreneurs and small business owners in her community.
Sarah’s weekends are spent discovering Edmonton’s best coffee shops and food spots, finding a new podcast to binge, teaching a cycle class or rock climbing. You’ll find her taking a drive out to the mountains for some fresh air or traveling somewhere new whenever she can.
We want to acknowledge that in the province of Alberta we are situated on the traditional territories of Treaties 4, 6, 7, 8 and 10, ancestral homeland of diverse First Nations groups, Métis and Indigenous people whose ancestors have walked this land since time immemorial and whose histories, languages and cultures continue to influence our vibrant community. We pay respects to the Indigenous people of this land, past, present and future, while recognizing their cultural heritage, beliefs, and relationship to the land on which we reside.