Video: Different ways to create a business plan

If you follow the video series closely, you will remember that in the last few, we discussed why a business plan is crucial, the different components of a business plan, we’ve gone over some tips and various other topics.

Today, we will be looking a the different ways you can create a business plan for your very own business in Canada.

The good thing is that you have options; be it from doing it on your own, hiring some help, using some tools, we will go over each one of them and recommend our top choice as well.

So, let’s take a look at a few options on how you can get started.

This video is part of the small business video series, which you can access here to learn more about starting up, building a business plan, finding funding, and more.

Options to create a business plan

When it comes to the creation of your business plan, you already know how important it is to have one made.

But the process of making one isn’t always very simple.

So let’s review a few of the ways you can get a plan done.

• Writing it from scratch, on your own
• Editing form a sample
• Working with a template
• Hiring a writer (professional help)
• Using proven business plan tools

As you start the business planning process, your first thought might be to write the plan yourself.

It is a good idea, as there isn’t anyone else that knows how to put down your idea and your thoughts about what you want to do on paper like you – or quite as well as you.

But, you may not be a writer; it takes writing skills and know-how to word-smith your thoughts into a proper, formal plan.

The good thing is that there are a lot of resources on the web that can help guide you in the right direction; tools that can help you shape your plan, put the right words down and make the plan acceptable.

The downside of doing it on your own is that you may be in the process of starting up, and you simply don’t have the time. And proper business plan writing takes quite a bit of time.

This also brings us to the next option; finding sample plans about the same field or industry you are in, and simply adjusting them to fit your own model.

Many business owners do this as the first step, as the business plan in most cases, already has the needed components and with some adjustments, you can make a plan sound great for your own idea.

The downside, while you may be adjusting certain components, a few sentences here and there, subconsciously, you may be gearing your own idea to the idea presented in the sample. Ultimately this business is what you start turning your own idea into and not your own.

The editing of samples, or working on a plan from scratch doesn’t work for you, there are many free templates that you can use to put together your plan. Sort of like a plug and play model.

These are often some of the more recommended ways to work with a mixture of your own ideas, your own writing but utilizing a pre-defined template to make it all fit together the way it should be.

A downside of this is that a plan can sound a bit generic. But, with some modifications and adjustments to this, you can make a solid plan in no time.

One of the more ideal options, depending on your personal situation and if you have a budget in mind can be to hire a professional business plan writer.

With a professional writer who will spend time understanding your model, and writing it for you, you sure are to get a great plan in place.

The downside, the cost is anywhere from fifteen hundred dollars to over 5,000 in some cases.

Lastly, there are tools that are prepared to help with exact situations; allowing you to put together a formal business plan with guidance, sample work, industry standards, and recommendations, via a template and at a fraction of the price.

Best of all of the above, in one place.

Like our Business Plan Tool, offered by Canada Startups as part of the small business startup platform. It has been voted the number one user friendly tool for when it comes to the creation of business plans for the Canadian economy. But it also offers the step by step assistance to ensure your plan is up to par with exactly what is expected.

No matter which option you opt for, a business plan is always a crucial step and you should dedicate the needed time to perfect it.

Paying for a business plan

Many business owners, especially those starting out would rather not write a plan, than pay to have one done.

This is a mistake.

It is always recommended to take the time to put together a plan, be it that you pay a professional, pay for a tool, a template, or simply take the time to do it yourself.

Now, the advantages of paying a professional to get your plan done is that you will ensure that you can focus your time on other things involving your business. You don’t want to be trying to run the business and write the plan at the same time.

The time you save writing a plan can help you focus on the development of your business in other ways.

And by having a professional work your plan for you, it will ensure that it follows the proper steps, that it is worded correctly, looks and sounds professional and is ready for you to move forward with.

Now, on the negative side of it, hiring help could be costly.

A typical business plan starts at about fifteen hundred dollars or more. If this isn’t in your budget, you better start working on this on your own!

A professional plan can also take time to complete. Typically, 6 to 8 weeks for a proper plan. Maybe in this case, time isn’t on your side if you need it done sooner.

And while there may be professionals out there who are reliable and trusted; some may not be – and your business idea may be taken. So something to consider and always carefully plan for.

In conclusion, no matter how you decide, getting your plan done is always important.

Our Recommendations

Step 1:

Take the time to write your plan – a rough copy.

·         use bullet points

·         scribble your thoughts down

·         create an on-going working copy of all of your notes

Step 2:

Use a tool, such as the Business Plan Tool, with expert help to formalize your plan

Step 3:

Use a rewrite service if necessary

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As we come to the end of the video, you should now be aware of the different options as to how you can create your business plan.

There are some easy options and some not-so-easy methods.

Ultimately, your goal is to get a plan done, no matter the method.

Canada Startups has helped create over 10,000 business plans for our members. Members who were starting out, planning their ideas, looking for funding, or those who were expanding.

The recommendation we have and one that will maximize your potential is to take the time, plan out your idea on paper, be it a rough copy, just a bunch of notes, bullet points or thoughts initially.

As the first step, you just want to get all of those thoughts down.

The next step is to use a tool, like our Business Plan Tool, and utilize the expert guidance to populate the tool with your notes, which will also help organize your plan, and formulate the components and you will have the makings of a proper plan in place.

From there, it’s really about proofreading; adding more detail if necessary and you are done.

Optionally, you can from there hire an expert writer; somebody who can read your work, improve it by rewriting it, or reworking it to make it sound better.

With this, you can have a solid plan that you can proudly use to advance your business.

Whatever the case may be, so start a business in Canada, be sure to work with a Canada Startups expert who will help with your business idea, building your business plan and finding the needed funds to make your dream come true – and stay tuned for the next video in the series as we get into the finer details about the business planning process.

If you have found the above video helpful, review the other small business startup videos in the series as we will be discussing various things related to business planning and the required steps. These topics will range from the importance of your business plan, to the various components to include, tips and methods to get a plan in place.