Step 5: Choose Your Business Location

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Develop Your Business Plan.

The success of your business depends on your clear vision of the future. A business plan is a written document to help map out the vision of your business during start-up and a valuable reference document when operating and/or expanding your business.  Your business plan is essential if you are seeking funding, to rent or lease a location and by many suppliers and potential customers. It will also help you identify goals, needed resources and employees as you grow your business.

What to include in your Business Plan:

Business plans are a recognized management tool used by successful and/or prospective businesses of all sizes to document business objectives and to propose how these objectives will be attained within a specific period of time.

  1. Your business proposal – i.e. name of business, description of what you are offering, who is your customer, what is your plan for growth
  2. Your unique selling proposition – i.e. how will you compete, what is the value you will offer your customers
  3. Market Research
  4. Analysis of your competition
  5. Organizational structure – i.e. who is involved with the business and their roles
  6. Human Resources – i.e. employees to hire
  7. Premises and capital investment – i.e. location requirements, equipment
  8. Key financial data
  9. Legal structure
  10. Executive summary

FREQUENTLY ASKED QUESTIONS (FAQs)

We have identified and answered the most commonly asked questions about this topic:

A business plan is a written document which describes who you are, what you plan to achieve, where your business will be located, when you expect to get under way, and how you will overcome the risks involved and provide the returns anticipated.

Business plans are a recognized management tool used by successful and/or prospective businesses of all sizes to document business objectives and to propose how these objectives will be attained within a specific period of time.

A business plan is a valuable tool for every business owner, whether you are starting up, have been in business for years, or are ready to grow. Your business plan is essential if you are seeking funding, to rent or lease a location and by many suppliers and potential customers. It will also help you identify goals, needed resources and employees as you grow your business.

The benefits of preparing a business plan

  • Provides an outline of your short term and long term business goals
  • Helps to identify your customers, your market, your pricing strategies and the competitive conditions under which you must operate to succeed.
  • Identifies the amount and type of financing or outside investment required.
  • Makes it easier for a lender or investor to assess you and your proposal.
  • Improves your ability to manage your business.
  • Encourages realism.

Beyond creating a business plan for the sake of lenders and investors, it is also a necessary exercise to help you map out the growth and progress of your business. The success of your business depends on your clear vision of the future.

When starting or expanding your small business it is important to have a business plan. View the resources section below to help you prepare a business plan including guides, courses, templates, and online tools.

RESOURCES

We have identified the following resources to assist you in this topic:

Small Business Services: Tips, Guides & Regulations

www.sbs-spe.feddevontario.canada.ca

STARTS HERE.

IDEA MISSISSAUGA.

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