9 steps to develop a solid business plan
Want to start a business?
Here are 9 steps to develop a solid business plan
By Simon Trudel-Lachance
In order to build and run a successful company, you'll need to create a business plan.
If you have a business idea and you’re having difficulties convincing investors, what you need is a business plan to help you make your case.
Here are 9 steps to develop a solid business plan
1. Executive summary
• Highlight the goals of your new business and how to achieve them.
• Make it the first section of your document, but write it last.
2. Company description
• What problem does your company solve?
• Why is it the best at doing this?
3. Research your market
• How do you position yourself against your competitors?
• Include: target market, segmentation analysis, market size, growth rate, and competition assessment.
4. Organization and structure
• What’s the legal structure?
• Identify risk management strategies.
• Determine company leadership structure.
5. Define your goals
• They should be specific, measurable, action-orientated, realistic, and time-bound.
6. Product or services
• Describe your product.
• Compare to similar products.
• Cost analysis.
7. Background summary
• Study other businesses
• Pro, cons, do your research!
8. Marketing plan
• What are the unique characteristics of your product/services?
• How will you promote your business?
9. No money,
no business
• Propose your financial plan.
• Project for at least five years.
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ABOUT THE AUTHOR
Simon Trudel-Lachance
PIB — Sponsorship & Membership coordinator / Content Writer
Pride In Business article in partnership with TD.
By Simon Trudel-Lachance
Pride In Business article in partnership with TD.
By Simon Trudel-Lachance
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