Business Plan

Why Prepare a Business Plan?

If you are thinking of starting a business, you should complete a business plan. The business plan states what it is you want to do, why you believe there is a demand for your idea, what resources you will require to undertake the business, and how the business will be managed. A detailed business plan is cruciall to determining whether an idea is viable and profitable, and it is also a necessity for securing financing. In addition, lenders and investors will need to assess your business plan as part of their consideration for funding.

First impressions are important. The business plan should be well organized, concise (normally 40 pages maximum) and complete. Supporting documentation should be added to the appendices or kept on hand. The most inexpensive method of producing a business plan is to do it yourself. There are a number of books and computer programs that can be purchased to guide you through the various steps of business planning or you can use the Interactive Business Planner(IBP). The Interactive Business Planner employs the capabilities of the Internet to assist new or existing entrepreneurs in preparing 3-year business plans.  These plans can then be downloaded to the client's computer for easy access.

However, you should realize that this exercise takes a great deal of time and effort. In some cases, depending on the complexity of your venture and the time limits you face, you may consider hiring a consultant. Although this can be a more expensive route, the consultant will have the expertise and resources to deliver a professional business plan in a short time frame. Don't take short cuts. The value in the plan is going through the planning!

For more information, please visit the Business Start-Up Assistant Website created by the Government of Canada to view general information and guides for starting a business in BC.

Click on the following links to view examples of business plan outlines:

sample business plan outline

Ventures West sample outline

The Interactive Business Planner (IBP)

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