business planning

There are many resources for business planning. If you want to write your own business plan then research the various resources and choose the ones that meet your needs.

Business Plan Template

Financial Statement Template

Market Research and Marketing Plan

The most common weaknesses we see in business plans are lack of market research and insufficient marketing plans.

What to Research

Competition:

  • Direct competition – what businesses in your geographic region offer the same products/services as you?
  • Indirect competition – alternative choices for customers (example: sandwich vs. burger)

Industry trends:

  • What is the outlook for your industry?
  • What are the benchmarks for your industry?

Economy:

  • What is the outlook for the economy in your region?
  • How might global economy affect my business?
  • Is now a good time to start the business?

Forms of Research

Primary: interviewing people and speaking to potential customers

Secondary: access statistical and demographic information from sources such as;

 

Other things to consider during the planning phase:

Name Search/Registration

Find the name that you want and make sure that it is available. Reserve (or register) the name and include the name in your business plan.

Proprietorship vs. Incorporating

Many simple business models only require a proprietorship structure, while other types of businesses always incorporate (due to potential liability issues).This decision should be made with input from your advisors (accountant, Consultant, Insurance professional, Business Services Officer, etc).

Incorporation: Depending on the complexity of your business and the financial support you are receiving, this might be done before or during start-up. Ask a Business Services Officer.

Business Number (BN)

Insurance

  • What type of insurance does my business need?
  • How much does it cost?
  • What does it cover?
  • What assets must be insured?
  • Find out by speaking with advisors, a Business Services Officer, and insurance brokers

Workers Compensation

  • When is it needed?
  • How much does it cost?
  • What does it cover?
  • Find out here: Work Safe BC

Payroll

  • How do I pay employees?
  • How do I calculate deductions? (CPP, EI, Income Tax)
  • Find out here: Canada Revenue Agency

 

Other resources:

Small Business BC: An excellent source for business planning and start-up guidance

Small Business BC is British Columbia’s premiere resource centre for knowledge-based business products and services. Small Business BC’s innovative approach and programs have been recognized by several national and international awards.

British Columbia One Stop Business Registry: for your business registration needs

“Plan Your Business, Choose Your Business Name, Register A Web Address, Register a Proprietorship or Partnership or Incorporate Your Company, Register with Other Public Agencies, Change Your Business Address, Find More Business Information.”

Canada Business Network

Find out how to write a business plan and access templates and sample business plans.

BPlans

This website has sample business plans as well as marketing and advertising plans to view along with other useful information to apply to your business.

Small Business Accelerator

This website is an excellent resource provided through UBC (University of British Columbia). It provides research and planning resources.