presented by roger pierce newcomerstartup.com 1. control & freedom no job security anymore ...

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How to Prepare a Business Plan

Presented by Roger PierceNewcomerStartup.com

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Control & freedom No job security anymore Pursue your passion Earn money Change the world

◦2.7 Million self-employed in Canada

Why startup?

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Focus! Organize your thoughts and actions Raise financing Guide your team Proactive not reactive Determine costs

Why create a Business Plan?

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1. Clear2. Well-researched3. Short (10 pages)4. Comprehensive5. Proofed by experts6. Written by you7. Updated every 2 years

Ingredients of a great plan

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Cover Page Business name, contact information

Executive Summary Highlights of the plan (1 page)

Business ProfileYour business objectives Growth expectations and strategy

Ownership and Management

OwnershipManagement and advisors Professional advisors (lawyer, accountant)

Business Environment Analysis

History Industry overviewIndustry position

Marketing Plan

Target market CompetitorsCompetitive advantagesSales and marketing plan

Inside a Business Plan

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OperationsLocation Equipment/TechnologySuppliersCost centresHuman resourcesSalesCustomer Service/Support

Financial StatementsBalance SheetIncome StatementCash Flow Forecast Financing needs (Startup Budget)Banking arrangements

Personal Financial StatementNet worth Employment history

AppendixResearch reportsFloor plans & diagrams

Inside a Business Plan

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Creating your plan:

ResearchThinkDecideEnter

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Passion Ambitions in life Work preferences Personal priorities Your skills

What about you?

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Personal goals Financial goals What will your business achieve? Who will it serve?

Set goals

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Research your idea◦Customers

Surveys Interviews Focus Group

◦Competition Industry research Trends

Market Research

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What you will sell What does it do Benefits Suppliers Price Costs

Product description

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Where will your business operate Who will run it

◦Hiring employees Processes to make a product or deliver a service

Decide operations

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Calculate Startup Budget◦Capital costs +◦Operating costs (x 6 months)

Revenue & expenses for financial statements

How much money do you need?

Capital Cost Operating Costs

Equipment Heat

Renovations Telephone

Inventory Wages

Building Advertising

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Savings Friends & family Banks Investors Gov’t Programs Customers & suppliers

Where you’ll get the money

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1. Professional advisors (banker, lawyer, accountant, coach)

2. Peer advisors (entrepreneurs, mentors, colleagues)

3. Paid help (employees, suppliers, freelancers)

Who will help you in business

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When will you open for business Planned promotions First customers Schedules Testing your systems

Launch information

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Underestimate revenue Overestimate expenses Ask several experts to proof it Spell check Run “what if?” scenarios Leave it, return, edit

Test your plan

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Canadabusiness.ca Bizpal.ca CFA.ca Entrepreneur.com Enterprisetoronto.com NewcomerStartup.com

Helpful websites

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How to Prepare a Business Plan

THANK YOU!

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