Starting a business is thrilling, but without a clear plan, it’s easy to lose track of your goals. A business plan isn’t just a document for investors—it’s your roadmap to success, helping you understand what to prioritize and how to navigate challenges. By the end of this blog, you’ll know the key elements every business plan needs and where to go for extra help. Ready to start planning? Check out our Business Launch Program for a one-on-one guidance tailored to your needs.
Sections to Include in Your Business Plan
1. Executive Summary
The executive summary is the highlight reel of your business. Think of it as the elevator pitch that summarizes what you do, who you serve, and why your business will succeed. Even though it’s the first section, most people find it easier to write this part last—after all, it’s easier to summarize once you’ve mapped out the rest of your plan!
2. Company Description
In this section, it’s time to get into the details. What’s the purpose of your business? What problems do you solve, and what makes you unique in the Alberta market? You’ll also want to cover the basics, like your business’s legal structure (whether you’re a sole proprietorship, partnership, corporation, or something else). Show why your business is set up for success, but don’t forget to be concise. Clarity goes a long way.
3. Market Research
The key to making smart decisions is understanding your market. Here’s where you demonstrate you’ve done your homework on your competitors and target audience. Who are your ideal customers? What do they need, and how do they behave? Show that you know the landscape and how your business fits into the puzzle. And hey, don’t worry—just because there’s competition doesn’t mean there isn’t room for you. It just means you need to find your sweet spot! Business Link is here to help – our free secondary market research services have you covered.
4. Organization and Management
Who’s running the show? Whether you’re a one-person powerhouse or you’ve got a team in place, this section is where you explain the organizational structure of your business. If you’re seeking investors, they’ll want to know who’s in charge of what and if your team has the skills to execute the plan. If it’s just you for now, don’t be shy and be sure to highlight your strengths, education and experience.
5. Products or Services
What exactly are you selling? This is where you get to show off your products or services. Highlight what makes your offering unique, how it benefits your customers, and why it stands out from the competition. Make it easy for someone reading your plan to understand the value you bring to the table and feel free to let your excitement shine through!
6. Marketing and Sales Strategy
How are you going to get your products or services in front of customers? Your marketing and sales strategy outlines the methods you’ll use to attract and retain customers. Whether it’s digital marketing, social media ads, or good old-fashioned word of mouth, this section should show that you know your audience and have a solid game plan to reach them. Remember, marketing isn’t a one-and-done task, it’s about building long-term relationships.
7. Funding
It’s important to outline how your business will be funded to cover start-up costs and expenses. You could draw from savings, partner investments, or bank loans. If you’re looking for funding, this section is crucial. Be clear about how much money you need, how you plan to use it, and what it will help you achieve. Whether you’re applying for a small loan or seeking investors, make sure your financial needs are justified.
8. Financial Projections
This section is crucial in showing that your business is financially viable. You’ll need to include an income statement, cash flow forecast, and a break-even analysis. These projections not only help you plan for the future but also provide potential investors and lenders with confidence that your business is set up for long-term success. Make sure your financials are thorough, accurate, and realistic—this is the backbone of any strong business plan. Need some help? Our Business Launch Program offers free personalized support for entrepreneurs just starting out.
Writing a business plan may seem like a daunting task, but by breaking it down into these sections, you’ll have a clear roadmap to guide your business forward. Ready to get started? Check out our Interactive Business Plan Builder for a step-by-step process to help bring your vision to life. And if you need personalized advice or have questions along the way, book a free meeting with one of our Business Advisors. We’re here to help!
Sources
- Government of Canada – Business Plan Guide [2021]
- Community Futures Alberta – Business Plan Guide
- ATB Entrepreneur Centre – Build Your Business Plan
- Business Link – Interactive Business Plan Builder [2024]
- Business Link – Business Launch Program [2024]
