5 Easy Steps to Creating a New Business Plan
Starting a Business

Creating a new business plan is a detailed process with a few stages with similarities. Even if you are writing your own plan from scratch or a template, or working with an experiences business plan writer or consultant, you will find these steps in the process:


You have to explore and research the industry, customers, competitors and costs of the business when you start. There are many resources that you can use, from databases and articles, to direct interviews and other entrepreneurs and customers. Exploration and research should be well-documented and well-organized, with all of the information and sources cited correctly.


The information gathered from your research should inform the strategy for your business. Go back to the strategy before researching and dig deeper into decisions on suitable marketing, operations and hiring for the first five years of the company's life. Strategy usually pulls the best practices in the industry, using them as a foundation to add very different activities that create an aggressive lead.


All the activities you choose to strategize and analyze come at a cost, but hopefully lead to revenue. Sketch out the financial situation by finding out whether you can expect revenues to cover costs and get profits. Insert your financial assumption and start-up costs into a model that can produce a first year cash flow statement and give you a sense of the cash you will need to fund your early operations.

With the financials settled and a strategy in place, itís time to draft through the narrative of the plan's many sections. With the background work you have completed, the drafting itself should be painless. If you have trouble with the wording, this is the time to get help from a business plan writer who can put it all together.

Modify and Proofread

Take another look at the plan for any ideas or wording that may be confusing, unnecessary or immaterial to the points you are making. Then proofread it thoroughly for spelling, grammar and formatting, getting help from others to act as extra eyes. After working on your plan so closely and for an extended period of time, it's always a good idea to step back and take a break, to rexamine your work later with fresh eyes.


Phone 1-800-481-8434 to talk to an
advisor or fill out this form:

Subscribe to Centre for Business Plan Development e-zine. My email stays private.

Business Plan Poll

Search Site

Search hundreds of collected Canadian small business articles, with success stories, funding tips, business plan outlines, common pitfalls, advice from previous grant & loan recipients and many more topics to secure funding.