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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