Writing Your Business Plan
A business plan will not only guide your process and keep you focused, but can be indispensable when it comes to obtaining grants and loans or attracting investors. Use the resources below to create your own business plan.
Choosing a Business Structure
If you’ve gotten this far and still want to continue, your first step will be to determine what type of business structure you want to go with: 1) Sole Proprietorship, 2) General Partnership, or 3) Corporation (either provincial or federal).
Although the three business structures outlined above are the most common in BC, franchises, societies, and co-ops are also potential frameworks to consider. The resources below will help you learn the relevant distinctions between these legal frameworks so you can pick the right one for your business.
Conducting Market Research
Continue to explore the viability of your business idea by researching industry trends, identifying local competitors, and figuring out who your target customers will be. This research is not only critical for making sure that your business has a decent chance of success within the current economic climate and your geographical location, but will pay off in a big way when you're drafting your business plan, approaching banks or investors for funding, and developing an effective marketing strategy. The links below can help to get you started.
Putting it All Together
Once you have a solid business idea in mind and can back it up with industry data, it’s time to compile all the work you’ve done so far by filling out your business plan. Use the resources and tools below to learn more about why it's so important to have a compelling business plan, what elements it should include and how those elements might be structured, and how to go about actually writing it all down.
