Before starting a business, be sure to consider developing a business plan. A business plan is a recognized management tool used to identify business objectives, identify how these objectives will be attained, and to determine which funding sources will be utilized.
Here are some general guidelines to follow in developing a business plan:
- Choose a business venture and evaluate the feasibility of the business operations.
- Start with an executive summary, which is a broad overview of the business plan with an emphasis on the major goals of the business.
- Describe in detail the business profile of your company and its long-term objectives.
- Conduct market research and develop a marketing strategy.
- Determine financial needs to start and operate your business. This will include initial start-up costs, such as licenses and registrations, and everyday expenses, such as rent and supplies to keep the business operating smoothly.
- Consider supplemental financial sources and investments if needed.
- Identify ownership and management of the business operations.
Additional recommendations for growing your business:
- Consult your financial institution to discuss your banking needs.
- Consult an insurance broker or agent to discuss insurance requirements.
- Consult a marketing firm for information on promoting your business.
business infosource
(Canada-Saskatchewan Business Service Centre) is an excellent source of information for anyone starting a business. Their library includes a series of books and sofware containing a wide selection of sample business plans. For anyone putting together a business plan there are excellent government market research tools available online. The business infosource website, www.canadabusiness.ca/sask, offers market research and statistical resources. For example, a great resource is Industry Canada's SME Benchmarking Tool, which can help you create an accurate financial profile of your business.
If you're having trouble piecing your research together to paint an accurate picture of your business, try brainstorming with a skilled professional. Consider consulting a Business Information Officer at business infosource who can help find the information to create a solid business plan. There is no charge for any of the services at business infosource.