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What is a business plan and why do I need one?

A business plan is a written document that describes your business, its objectives and strategies, the market you are targeting and your financial forecast. It is important to have a business plan because it helps you set realistic goals, secure external funding, measure your success, clarify operational requirements and establish reasonable financial forecasts. Preparing your plan will also help you focus on how to operate your new business and give it the best chance for success.

Securing financial assistance to start your new business will be directly related to the strength of your business plan. To be considered a viable candidate to receive funds from a financial institution or investors, you must demonstrate that you understand every aspect of your business and its ability to generate profit.

A business plan is more than just something to show lenders and investors, it is also necessary to help you plan for the growth and progress of your business. Your business’s success can depend on your plans for the future.

Listed below are examples of questions to ask yourself when writing your business plan:

• How will I generate a profit?
• How will I run the business if sales are low or if profits are down?
• Who is my competition, and how will we coexist?
• Who is my target market?

What should be included in a business plan?

Although business plans can vary in length and scope, all successful business plans contain common elements. The following points should be included in any business plan:

• Executive summary (business description)

Identifying your business opportunity

Marketing and sales strategy of a business plan, financial forecasts of a business plan, other useful documentation, the executive summary (business description).

The executive summary is an overview of the main points in your business plan and is often considered the most important section. It is positioned at the front of the plan and is usually the first section that a potential investor or lender will read. The summary should:

• Include the main points from each of the other sections to explain the basics of your business
• Be sufficiently interesting to motivate the reader to continue reading the rest of your business plan
• Be brief and concise – no more than two pages long

Although the executive summary is the first section of the plan, it is a good idea to write it last – after the other parts of the plan have been finalized.

In this section of your business plan, you will describe what your business is about – its products and/or services – and your plans for the business. This section usually includes:

• Who you are
• What you do
• What you have to offer
• What market you want to target

Remember that the person reading the plan may not understand your business and its products and services as well as you do, so try to avoid using complicated terms. It is also a good idea to get someone who is not involved in the business to read this section of your plan to make sure that anyone can understand it.

Some of the things you should explain in your plan include:

• Whether it is a new business venture, a purchase of an existing business or the expansion of an existing business
• The industry sector your business is in
• The uniqueness of your product or service
• The advantages that your business has over your competition
• The main objectives of your business
• Your legal business structure (sole proprietorship, partnership, corporation)

You can also include the date the business was registered/incorporated, the name of the business, its address and all contact information.

A strong business plan will include a section that describes specific activities that you will use to promote and sell your products or services. A strong sales and marketing section demonstrates that you have a clear idea of how you will get your product or service into market and can answer the following questions for the reader:

• Who are your customers? Do some research and include details of the types of customers who have shown an interest in your product or service. You can describe how you are going to promote yourself to potential customers.  
• How are you going to reach your customers? You should know your customers and the best methods to reach them. Research will help you identify the most effective way to connect with your selected audience, whether it is through the Internet, over the telephone or by in-person contact.  
• Who is your competition? Once you understand this, you need to research their strengths and weaknesses and use this information to assess potential opportunities and threats to your business.  
• How are you going to position your product or service? Describe what makes your product or service unique to the market you are trying to target.  
• How are you going to price your product or service? This information will outline your pricing strategy, including incentives, bulk pricing and/or group sales.

Don't underestimate the importance of this part of your plan. Investors need to know that you and your staff have the necessary balance of skills, motivation and experience to succeed. This section describes the people working in your business and how you plan to manage your activities. Information in this section can include:

• A brief organizational layout or chart of the business
• Biographies of the managers (including yourself)
• Who does what, with a brief job description of each position
• The needed skills of each position
• Any other relevant information related to personnel

It is also a good idea to outline any recruitment or training plans, including the cost and the amount of time required.

The operations section of your business plan will outline your daily operational requirements, facility requirements, management information systems, information technology requirements and any improvements you may have planned. This section usually includes information like:

• Daily operations – descriptions of hours of operation, seasonality of business, suppliers and their credit terms, etc.  
• Facility requirements – this includes things like size and location, information on lease agreements, supplier quotations and any licensing documentation    
• Management information systems – inventory control, management of accounts, quality control and customer tracking  
• Information technology (IT) requirements – your IT systems, any consultants or support service and an outline of any planned IT developments

Your financial forecast turns your plan into numbers. As part of any good business plan, you need to include financial projections for the business that provide a forecast for the next three to five years. The first 12 months of forecasts will have the most details about costs and revenues, so investors can understand your strategy.

Your financial forecasts should include:

• Cash flow statements – cash balance and the cash flow pattern for the first 12-18 months, including working capital, salaries and sales
• Profit and loss forecast – projected level of profit based on your projected sales, the costs of providing goods and services and your overhead costs
• Sales forecast – the money you expect to make from sales of your product or service

Some other things to consider include:

• How much capital do you need (if you are seeking external funding)?
• What security can you offer to lenders?
• How do you plan to repay your debts?
• What are your sources of revenue and income?
• Forecasts should be covering a range of scenarios
• Reviewing risks and developing contingency plans to offset the risks
• Reviewing industry benchmarks/averages for your type of business

It is important to do your research to find out how your business compares to other small businesses in your industry.

The following sections are not always required, but can enhance any business plan:

• Implementation plan – this section lists estimated dates of completion for different aspects of your business plan, targets for your business and accomplishments. Appendices – these should include supporting material, such as licences and permits, agreements, contracts and other documentation that support your business plan.

Who should write my business plan?

Your business plan should be prepared by you, the entrepreneur. It is your business and your plan, but do not hesitate to ask for help from your management team, consultants, accountants, bookkeepers, copy editors or other experienced people.  

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How To Write A Business Plan (2024 Guide)

Updated: Apr 17, 2024, 11:59am

Table of Contents

Brainstorm an executive summary, create a company description, brainstorm your business goals, describe your services or products, conduct market research, create financial plans, bottom line, frequently asked questions.

Every business starts with a vision, which is distilled and communicated through a business plan. In addition to your high-level hopes and dreams, a strong business plan outlines short-term and long-term goals, budget and whatever else you might need to get started. In this guide, we’ll walk you through how to write a business plan that you can stick to and help guide your operations as you get started.

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Drafting the Summary

An executive summary is an extremely important first step in your business. You have to be able to put the basic facts of your business in an elevator pitch-style sentence to grab investors’ attention and keep their interest. This should communicate your business’s name, what the products or services you’re selling are and what marketplace you’re entering.

Ask for Help

When drafting the executive summary, you should have a few different options. Enlist a few thought partners to review your executive summary possibilities to determine which one is best.

After you have the executive summary in place, you can work on the company description, which contains more specific information. In the description, you’ll need to include your business’s registered name , your business address and any key employees involved in the business. 

The business description should also include the structure of your business, such as sole proprietorship , limited liability company (LLC) , partnership or corporation. This is the time to specify how much of an ownership stake everyone has in the company. Finally, include a section that outlines the history of the company and how it has evolved over time.

Wherever you are on the business journey, you return to your goals and assess where you are in meeting your in-progress targets and setting new goals to work toward.

Numbers-based Goals

Goals can cover a variety of sections of your business. Financial and profit goals are a given for when you’re establishing your business, but there are other goals to take into account as well with regard to brand awareness and growth. For example, you might want to hit a certain number of followers across social channels or raise your engagement rates.

Another goal could be to attract new investors or find grants if you’re a nonprofit business. If you’re looking to grow, you’ll want to set revenue targets to make that happen as well.

Intangible Goals

Goals unrelated to traceable numbers are important as well. These can include seeing your business’s advertisement reach the general public or receiving a terrific client review. These goals are important for the direction you take your business and the direction you want it to go in the future.

The business plan should have a section that explains the services or products that you’re offering. This is the part where you can also describe how they fit in the current market or are providing something necessary or entirely new. If you have any patents or trademarks, this is where you can include those too.

If you have any visual aids, they should be included here as well. This would also be a good place to include pricing strategy and explain your materials.

This is the part of the business plan where you can explain your expertise and different approach in greater depth. Show how what you’re offering is vital to the market and fills an important gap.

You can also situate your business in your industry and compare it to other ones and how you have a competitive advantage in the marketplace.

Other than financial goals, you want to have a budget and set your planned weekly, monthly and annual spending. There are several different costs to consider, such as operational costs.

Business Operations Costs

Rent for your business is the first big cost to factor into your budget. If your business is remote, the cost that replaces rent will be the software that maintains your virtual operations.

Marketing and sales costs should be next on your list. Devoting money to making sure people know about your business is as important as making sure it functions.

Other Costs

Although you can’t anticipate disasters, there are likely to be unanticipated costs that come up at some point in your business’s existence. It’s important to factor these possible costs into your financial plans so you’re not caught totally unaware.

Business plans are important for businesses of all sizes so that you can define where your business is and where you want it to go. Growing your business requires a vision, and giving yourself a roadmap in the form of a business plan will set you up for success.

How do I write a simple business plan?

When you’re working on a business plan, make sure you have as much information as possible so that you can simplify it to the most relevant information. A simple business plan still needs all of the parts included in this article, but you can be very clear and direct.

What are some common mistakes in a business plan?

The most common mistakes in a business plan are common writing issues like grammar errors or misspellings. It’s important to be clear in your sentence structure and proofread your business plan before sending it to any investors or partners.

What basic items should be included in a business plan?

When writing out a business plan, you want to make sure that you cover everything related to your concept for the business,  an analysis of the industry―including potential customers and an overview of the market for your goods or services―how you plan to execute your vision for the business, how you plan to grow the business if it becomes successful and all financial data around the business, including current cash on hand, potential investors and budget plans for the next few years.

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Julia is a writer in New York and started covering tech and business during the pandemic. She also covers books and the publishing industry.

Kelly Main is a Marketing Editor and Writer specializing in digital marketing, online advertising and web design and development. Before joining the team, she was a Content Producer at Fit Small Business where she served as an editor and strategist covering small business marketing content. She is a former Google Tech Entrepreneur and she holds an MSc in International Marketing from Edinburgh Napier University. Additionally, she is a Columnist at Inc. Magazine.

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How to write a business plan

How to write a business plan | cfib.

A business plan is an indispensable road map for your business’ success. While many entrepreneurs only write a plan in hopes of securing financing, smart entrepreneurs invest the time to create a plan that can take their business into the future.

A business plan is a living document, generally planning 3-5 years ahead. It outlines the direction a business intends to take to establish a customer base and start earning profits.

The key elements of a strong business plan include:

• Company Profile:   What is your business’s mission? What product or service do you offer? What is your competitive advantage in the market?
• Market Research:  What are the current trends in your industry? What are the characteristics and traits of your target market and what is the market share opportunity for your business? 
• Sales & Marketing:  What channels will you use to distribute your product? How are you going to reach your customers? Will the web and social media play a role in promoting your goods?
• Operations:   What will you need to run your business (equipment, space, staff, etc)?  Will you handle your own books or hire an accountant?  How will the business be structured – incorporated or sole proprietor?
• Financials:   How much money will you need to get your business off the ground? How will that money be allocated?  When do you expect to start earning money?

Need help developing your business plan - We have the resources to help.

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Business Plan Essentials: A quick overview of what’s needed

Business Plan Writer : An interactive tool created by Futurpreneur, the Business Plan Writer has been designed to simplify the business planning process. Not only is this tool dynamic, allowing you to customize your plan, it also provides tips & tricks and plenty of examples to guide you as you write.

Mentoring :  Futurpreneur Canada matches entrepreneurs (18 to 39) with a business mentor for six months and provides access to start-up resources, but without the financing. Mentors offer personalized support to help you launch and grow your business.

Other Resources :

• Scotiabank: Interactive Business Plan Writer
• Business Development Bank of Canada: Business Plan Template
• RBC Planning Your Business Site
• TD Online Business Planning Guide
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How to Write a Business Plan (with Free Template)

So you've developed an idea for your business and you've registered it. Now what? 

Before you start grinding away at the day-to-day, you're going to want to sit down and build a plan for what your business is going to look like, not just in the day-to-day operations, but in the next year, three years and five years. 

This document will help steer your course, inform strategic decisions about which opportunities you're going to pursue and which ones are distractions. It'll also play an integral role in getting funding. 

That document is your business plan. 

How do you write a business plan? What should include? What should you leave out? In this article, we break down the essential components and why they're important. 

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Writing your business plan is an excellent exercise in articulating your strategy. Many business owners have an idea in the back of their mind of where they want to go within the year and in the next five years, but often they don’t sit down and put it on paper.

Meghan Larson, Commercial Banking Advisor for Envision Financial, says, “I think people are often afraid that if they put something down in writing, then that means they might fail.”

But what they may not realize, Larson explains, is that by putting their plan into writing, they are more likely to reach their goals. And if they don't, at least they have a roadmap they can use to figure out what didn't go according to plan.

What is a business plan?  

Your business plan is your business’s most important strategic document: it tells your business’s story. It explains how you got where you are, where you hope to go and how you’re going to get there. 

Everything in your business plan is building an argument and telling a story of how you will get from point A to point B. 

Why is writing a business plan important?

Like we said, your business plan is also a very useful document to help you secure funding as it shows potential financiers that you’ve thought through the details of your business, established measurable goals and put together a plan to help you achieve those goals.

8 components of your business plan

A business plan will usually have eight sections to it: 

• Executive summary
• Business profile
• Business overview
• Competitive landscape
• Financial projections

Each section has a distinct purpose in communicating how your business will reach the goals you've set out. Watch Meghan Larson explain the main ones and why they matter.

Write your executive summary

This is a one-page summary of your entire business plan.

Though it goes at the beginning, it’s the last thing that you write.Your executive summary is the story that you want to tell, so tell it well. It’s what’s going to create a lasting impression for your reader, but more than that, it should create enough curiosity for them to want to go in-depth and keep reading.

Create your business profile

Your profile section puts all your contact information in one place and provides basic background on your business.

• Registered Company Name (or DBA - Does Business As)
• Business Address
• Phone number

Marketing tip: Your name, address and phone number (NAP) are instrumental in building up your local Search Engine Optimization (SEO) . Track all the instances where they appear, keep them consistent and, if you update one, update them all.

• Email Address
• Date Established
• Ownership and Legal Status: Are you a sole proprietorship, a partnership or a corporation? Who owns your company and what percentage does each owner have?
• Company History: If you have an established business, do you have accomplishments or key milestones in your history that can showcase your impact?

 You can also add to this section any social media channels where you are active.

Ultimately, your business profile gives readers all the information they need to get a hold of you. It also will prove a handy place for you to consolidate all of that contact information that you want to make public.

Develop your company overview

This section is all about what makes your business unique. It tells the story of what you do, who you serve and why you do it in a brief, compelling way.

• Products and Services: What does your business offer and what key benefit do your products and services offer your customers?
• Core Values: What matters to you as a business owner and how does that impact your business? What will you never sacrifice, no matter how much pressure there is on you? How will your core values influence the decisions you make?
• Target Demographic: Broadly speaking, who will most benefit from your products or services? What problem are they trying to solve that you can help them with?
• Unique Selling Proposition: What makes your product or service unique? What’s the key message you want to be known for?
• Vision: Where do you see your business in 5-10 years?
• Mission: What do you work to achieve day-to-day?
• Goals and Objectives: What milestones do you want to achieve? Include at least one short-term goal (within the first year) and one long-term goal (over 3 years). Then communicate the objectives that will help you reach those goals.

Your elevator pitch is a quick way for people to understand what you think your business is really about. In a lot of ways, it’s the beating heart of your business, where you share your hopes and dreams and how you will work to make those come true.

Analyze your competition

It’s important for new and veteran business owners alike to understand the market that they’re in. The competitive outlook section of your business plan helps you think deeply about that.

What’s the industry you’re in? What is the current industry makeup? What are the trends? Who are the major players? Who are your direct competitors and what is the local market?

These are all questions that help you make strategic decisions about how to position your business and how to find new opportunities tailored to your marketplace.

Most importantly, creating your competitive outlook helps set you as an authority in the eyes of prospective financial partners. It shows that you know your industry and that you have a chance to thrive in it.

• Industry: What industry are you in?
• Industry Description: What is the key characteristics of the industry? Is it dominated by a few key players or populated by many smaller shops? Are there any challenges that the industry is facing?
• Industry Trends: What are the local and global trends happening in your industry? Where do you see the industry going in the next 2-5 years?
• Local Market: What is the scope and reach of the geographic area you will serve? What is the nature of the competitive landscape? What kinds of businesses are around you? What are the opportunities and challenges present?
• Key Competitors: Who are your direct competitors? Make a quick profile of them: how long have they been around for? How successful are they? What channels do they use to advertise? How large are their social media followings?
• Key Competitors SWOT Analysis: Take your key competitors and analyze their strengths, their weaknesses, the opportunities you have and the threats they pose to you.

In analyzing your competition, you want to look at what your competitors are doing well, what they don’t do well, and how you can be better than them or improve what they’re doing.

The competitive outlook shows that you understand your industry, your market as well as the supply and demand chains and that you have identified viable gaps that your business is able to take advantage of in order to provide value.

You don’t want to go to an orchard and sell apples.

Outline your marketing strategy

When you’re starting out, word-of-mouth is one of the most powerful drivers of new business. While there are steps you can take to encourage your existing customers to spread the news that you exist, you don’t want to leave your entire marketing strategy to the whim and timing of customers.

That’s why you write a marketing plan. This section of your business plan functions as a summary that highlights the most important information.

• To grow revenue by 20% each quarter
• Add 200 new customers each month
• Increase retention by 10%
• Increase Average Order Value by 15%
• Lower cost of goods by 5%
• Product: What are you selling?
• Price: What do your competitors charge for services or products similar to yours? What will you charge in comparison and why?
• Place: Where will you sell it (online, physical store, back of a van)?
• Promotion: How are you going to sell it?
• Geographic location
• Purchasing power
• Family status
• Industry…
• What is the typical sales cycle from initial client contact to making a sale?
• How long does the cycle last from beginning to end?
• Owned media: the channels that are yours, like your website, email marketing and social media feeds.
• Earned media: the channels you don’t own and don’t pay for, like news outlets and bloggers. Earned media is usually the scope of public relations.
• Paid media: the channels that you don’t own, but you pay for, like Google Ads, social media ads, TV ads, newspaper ads, billboards, etc.
• Strategic Alliances: Are there other businesses or organizations that make sense for you to explore joint ventures or partnerships with?

Your marketing strategy is where you plan how you’re going to leverage your channels to reach new customers and retain their business.

Think of your business ops and personnel

Who needs to do what when? This is the question you’re answering next. You get to go through a typical day at your business and describe what goes on so you can figure out who you need to bring onboard and in what capacity.

• Business Operations: What are your opening hours? What does a typical day in your business look like?
• Location: If you have a physical location, describe it, its surrounding areas and why you chose it. Explain the opportunities that are there and some of the challenges you might find. If you don’t have a physical location, explain why, again making sure you think through the challenges this might pose as well as the opportunities.
• Management Overview: Describe your management team’s background and explain their roles in the day-to-day operations of the business. Who are the individuals in management positions and what value or specific skills do they bring to your business?
• Personnel/Staffing: How many full-time staff will you have? How many part-time staff will you have? What will be their job titles and roles? What’s the first position you’ll want to hire?
• Legal Issues: Who will be your lawyer or law firm?
• Insurance Issues: Who will be your insurance broker?
• Finances: Who will be your bookkeeper and your accountant? Will they be on staff or will you contract?
• Banking: Where you will you set up your business’s banking? What kind of account do you need? What additional services will you require?
• Marketing: Will you contract a marketing agency to help you do your marketing or will you keep it in-house?
• Suppliers: Who are the major suppliers for your business and how did you choose them? What are your supplier terms?

Your business ops and personnel section shows that you understand your business inside and out. You know what the day-to-day looks like and who you need to bring in to help you better serve your customers.

Make your financial projections

The purpose of your financial plan is first to show prospective investors or lenders the capacity for growth that your business has. Secondly, it projects how you expect your business will do, once you sit down and do the math.

The most important rule when you are writing your financial projections is to be realistic. It is not worth your while to blue-sky this section while thinking, “This will never happen.”

• Sales Forecast: Highlight the sales you expect to close each month in the first 3 years.
• Expenses Budget: Outline how much it is going to cost you to close those sales in your first 3 years. Differentiate between fixed costs and variable costs and think of both recurring expenses and one-time purchases.
• Cash Flow:  Cash flow is the movement of money coming in and going out of your business in a month.
• Income Projections: Use the figures that you have put in your sales forecast, expenses budget and cash flow statement. Sales - cost of sales = gross margin. Gross margin - interest - expenses - taxes = net profit.
• Balance sheet: Your balance sheet takes into account your assets and liabilities to determine your net worth. Start with your assets: what do you project to have on hand every month for cash, accounts receivable (money that is owed to you), inventory, and substantial assets, such as equipment or land. Then determine your liabilities, taking into account interest accrued on any loans you have: accounts payable (bills you haven’t paid) and outstanding loans.
• Break Even: When do you project your company to start breaking even? When will your revenue cover your expenses?

If your business has been around for a few years, you can use reports from the previous years to help you make financial projections for the future.

Rather than set and forget these projections until the following year, this is a section that is useful to return to on a monthly basis to update with the actual figures and help you plan properly.

Wrapping up your business plan

Your business plan is a strategic document that tells the story of your business.

It helps you think deeply, anticipate the issues you will face and plan to overcome them. It is a useful exercise not just for new business owners. And it has tremendous value for potential investors or lenders. 

This guide is designed to be a resource for you but still it can be overwhelming. The good news is, you don’t have to do it alone: our business banking experts are here to help you and your business thrive. They would be more than happy to answer any questions that you might have about how to write a business plan that will help you grow your business.

Get in touch today!  ​

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The basics of a business plan and how to get started.

Watch this video to learn how answering five key questions can help you start your business plan. Turn your answers into a winning blueprint that you can use to build your business, access funding, and more.

What is a business plan?

A business plan is a living document that defines your goals, and how you will achieve them. It covers all major aspects of your business, including your financial plan, operations plan, marketing plan, and more. A business plan has 2 main purposes: it’s both your roadmap and your pitch.

Your business plan is your roadmap

Your business plan establishes goals that will guide your decisions as your business grows. You can return to it and update it to ensure that your choices align with your strategy and goals.

Your business plan is your pitch

Your business plan is also for the benefit of others. It tells the story of your company to help potential investors and lenders understand how you intend to use their funds. It should persuade them that you are well-prepared and should demonstrate to them that you have the experience and commitment to develop a detailed plan as well as the communication skills to write and present it.

Your business plan is invaluable, no matter how new or established your business. Use your business plan to:

• Guide your business activities
• Get financing or investors
• Plan for future growth
• Identify your strengths, weaknesses, opportunities, and threats
• Track your performance
• Plan your exit or succession from your business

When should I create a business plan?

Start as early as possible. Your final plan might be quite different from the first draft—your business plan will change and grow as you learn. To avoid being caught off guard later, make sure you’ve researched and planned for all the important aspects of starting a business.

A business plan does not have to be a massive document when you first start out. To begin, create a simple one-page plan. This will assist you in organizing your thoughts before creating a full plan. Throughout the year, Business Link hosts several workshops that can assist you in developing a one-page business plan. Attend one of our “Bring Your Business Idea to Life” or “Business Model Canvas” workshops to learn how to do so. Visit our events page to find out when and where the next workshop will be. Our interactive Business Plan Builder is also a great resource to help you get started.

How do I build a complete business plan?

Our FREE interactive Business Plan Builder makes writing a business plan easier. This online tool helps you write a full business plan and make updates and changes easily. It includes samples and short help videos throughout. In addition, our team of in-house experts can help you research , plan, and review your business plan .  Contact us today!

Additional business planning supports for Indigenous or immigrant entrepreneurs.

Indigenous Business Planning Workbook A workbook designed for our clients in Indigenous communities, but a great resource for any entrepreneur wishing to create a business plan. It provides vast information on evaluating your idea, analyzing your competition, and developing an operational plan.

Business Planning Guidebook for immigrant entrepreneurs This guidebook provides immigrant entrepreneurs with the basic steps of business planning in Alberta. You can use this guidebook to complete a business and marketing plan. Although this guidebook gives you what you need to start as an Alberta business owner, it does not have all the details. Each business will have unique characteristics. You will need to adapt what you learn in this guidebook to your specific circumstances.

Explore resources for other business functions.

There are some tasks that almost every small business owner needs to complete before they get off the ground. These pages will educate you on some of those essentials to help get you on your way.

Financing Your Business

Licenses, Permits & Regulations

Finding & Hiring Employees

Still not sure where to start? Connect with us for free one-on-one business advice.

Our team of in-house small business experts can help you navigate the process of starting and running a business with free one-on-one advice.

We can help you:

• Understand and navigate the startup process including regulations and licensing
• Explore strategies to be successful in starting or running your business
• Learn about your financing options, marketing and sales strategies, HR, and more
• Find the most relevant resources and supports in the business community

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How to Easily Start a Business in Ontario

Here's the simplest way to launch a Business in Ontario

Embarking on the journey of starting a business in Ontario? This comprehensive guide provides step-by-step insights, practical tips, and expert advice to navigate the nuances of entrepreneurship in this vibrant Canadian province.

Table of Contents

• Understanding the Ontario Business Landscape
• Legal Considerations for Starting a Business
• Developing a Solid Business Plan
• Financing Your Venture: Options and Strategies
• Registering Your Business in Ontario
• Building a Strong Online Presence
• Effective Marketing Strategies for Ontario Businesses
• Managing Finances and Taxes

1. Understanding the Ontario Business Landscape

Ontario boasts a diverse and thriving business landscape, making it an ideal location for entrepreneurial endeavors. Before diving into the intricate details of your business plan, take the time to gain a comprehensive understanding of the economic environment, market trends, and the unique opportunities and challenges that Ontario presents.

Economic Overview

The economic dynamics of Ontario contribute significantly to the national GDP of Canada. With a diverse range of industries, including finance, healthcare, manufacturing, and technology, the province offers a broad spectrum of opportunities for aspiring entrepreneurs.

Identifying Business Opportunities

Before you finalize your business idea, conduct thorough market research. Identify gaps in the market, assess consumer needs, and explore emerging trends. Understanding the unique demands of Ontario's diverse population will help you tailor your products or services to meet local preferences.

2. Legal Considerations for Starting a Business

Launching a business in Ontario requires meticulous attention to legal considerations. From choosing the right business structure to ensuring compliance with regulatory requirements, navigating the legal landscape is crucial for the long-term success of your venture.

Choosing the Right Business Structure

Selecting the appropriate business structure is one of the foundational legal decisions you'll make. Whether you opt for a sole proprietorship, partnership, corporation, or limited liability company (LLC), each structure comes with its own set of legal implications, tax considerations, and operational requirements. Choose the structure that aligns with your business goals and future growth plans.

Understanding Regulatory Compliance

Compliance with federal and provincial regulations is non-negotiable. Different industries may have specific regulatory requirements, and it's crucial to understand and adhere to them. This includes licensing, health and safety standards, and any other legal obligations relevant to your business operations.

3. Developing a Solid Business Plan

A business plan is more than just a document; it's your roadmap to success. This section delves into the key components of a comprehensive business plan, guiding you through the process of articulating your vision, understanding your market, and setting realistic financial projections.

Components of a Business Plan

Your business plan should encapsulate your business concept, mission statement, and vision for the future. Take the time to conduct a detailed analysis of your target market, considering demographics, consumer behavior, and market trends. Clearly articulate your products or services and emphasize what sets your business apart from the competition.

Financial Projections

The financial section of your business plan is critical for attracting investors and guiding your financial decisions. Provide realistic financial projections, covering startup costs, revenue forecasts, and a break-even analysis. Investors will scrutinize these projections, so ensure they are well-researched and grounded in market realities.

4. Financing Your Venture: Options and Strategies

Securing adequate financing is often a pivotal challenge for entrepreneurs. This section explores various funding options and strategies, helping you make informed decisions about how to fund your business in Ontario.

Bootstrapping

Bootstrapping involves starting small and funding your business with personal savings. While it requires financial discipline and might limit initial growth, it allows you to maintain full control and ownership of your venture.

Seeking Investors and Loans

If bootstrapping isn't sufficient, explore opportunities for external funding. Ontario offers access to various business loans, grants, and venture capital. Research government programs, financial institutions, and angel investors who may be interested in supporting your business.

5. Registering Your Business in Ontario

Registering your business is a crucial step towards establishing its legitimacy. This section provides a detailed guide on the registration process, ensuring you navigate the administrative requirements seamlessly.

Choosing a Business Name

Your business name is a crucial aspect of your brand identity. Ensure it aligns with your products or services, is easy to remember, and is legally available. Perform a thorough name search to confirm its availability and uniqueness, and then register it with the appropriate authorities.

Business Registration Process

Ontario has a straightforward business registration process. Whether you're opting for a sole proprietorship, partnership, or incorporation, follow the necessary steps to register your business with the Ontario government. This includes obtaining a Business Number (BN) and registering for relevant taxes.

6. Building a Strong Online Presence

In the digital age, a robust online presence is integral to business success. This section explores the key elements of creating a compelling online presence that resonates with your target audience and positions your brand effectively in the competitive Ontario market.

Website Development and Optimization

Your website is often the first interaction customers have with your business. Invest in professional website development, ensuring it is visually appealing, user-friendly, and optimized for search engines. Implement SEO strategies to improve your website's visibility and drive organic traffic.

Social Media Marketing

Leverage the power of social media to connect with your audience. Identify the platforms most relevant to your target demographic and create engaging content. Social media marketing enhances brand awareness, fosters customer engagement, and provides valuable insights into consumer preferences.

7. Effective Marketing Strategies for Ontario Businesses

Marketing is a cornerstone of business growth. Tailor your marketing strategies to align with the preferences of Ontario consumers. This section explores effective marketing channels and tactics to elevate your brand in the competitive market.

Localized Marketing Campaigns

Customize your marketing campaigns to resonate with the local audience. Highlighting your Ontario roots and involvement in the community can create a strong emotional connection with customers. Participate in local events, sponsorships, and partnerships to enhance your brand's visibility.

Online and Offline Integration

Integrate online and offline marketing efforts for a cohesive brand experience. While digital marketing is essential, don't underestimate the impact of traditional marketing methods. Blend both approaches strategically to reach a diverse audience across Ontario.

8. Managing Finances and Taxes

Sound financial management is vital for the sustainability of your Ontario business. This section provides practical insights into organizing your finances, optimizing tax strategies, and ensuring compliance with financial regulations.

Accounting and Bookkeeping

Establish robust accounting and bookkeeping practices from the outset. Accurate financial records are crucial for informed decision-making. Consider using accounting software to streamline processes and maintain a clear overview of your business's financial health.

Tax Planning

Ontario's tax landscape has specific considerations for businesses. Engage with a professional accountant to develop a tax strategy that minimizes liabilities while ensuring compliance. Understand the various taxes applicable to your business, including corporate income tax, sales tax (HST), and payroll taxes.

Frequently Asked Questions

What are the steps to start a small business in ontario.

Starting a small business in Ontario involves key steps such as conducting market research, creating a business plan, choosing a business structure, registering your business, and implementing effective marketing strategies. Tailor your approach to the unique needs of your small business.

How can I start a business in Ontario with no money?

Starting a business in Ontario with no money requires a combination of resourcefulness and strategic planning. Explore bootstrapping methods, consider low-cost business ideas, and leverage free resources provided by government programs and business incubators.

How long does it take to register a business in Ontario?

The timeline for business registration in Ontario varies based on the business structure chosen. Generally, it can take between two weeks to a month (can get it done in less than 1 week) . Factors such as name availability and completeness of documentation impact the registration process.

How do I register a startup in Ontario?

Registering a startup in Ontario follows similar steps to other business structures. Choose a business name, decide on the business structure, register with the Ontario government, obtain a Business Number (BN), and fulfill any industry-specific requirements. Ensure compliance with all legal and regulatory obligations.

What funding options are there for startups in Ontario?

Startups in Ontario can explore various funding options, including government grants, loans, angel investors, venture capital, and crowdfunding. Each option has its eligibility criteria and application processes, so research thoroughly to identify the most suitable source of funding for your business.

What are the key industries driving the Ontario's economy?

Ontario's economy is diverse, with key industries including manufacturing, finance, healthcare, technology, and agriculture. Understanding the dominant sectors can help entrepreneurs identify business opportunities and align their ventures with the province's economic landscape.

How important is digital marketing?

Digital marketing is crucial for Ontario businesses, providing a cost-effective way to reach a wide audience. It enhances brand visibility, allows targeted marketing, and provides measurable results. Investing in a robust online presence is key to staying competitive in the Ontario market.

How to Easily Start a Business in B.C.

How to easily start a business in quebec.

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Starting your business with a plan and support

On this page skip this page navigation, introduction.

Everyone needs a business plan. It does not matter whether you are starting your very first business or growing an existing one, you always need a plan.

It is also important to know whether entrepreneurship is right for you and where to find the services and support available to help you get started.

In this section you will learn:

• if entrepreneurship is right for you and available support services
• why you need a business plan
• the key elements of a business plan
• how to research the information you need for your plan
• where to find support for your business

Is entrepreneurship right for you?

Take a few minutes to learn more about the reality of being your own boss and what it takes to succeed. The Ontario Ministry of Agriculture, Food, and Rural Affairs ( OMAFRA ) and the Government of Canada have information that could help you decide. To learn more, see:

• Starting a Business in Canada

Even experienced business owners can benefit from coaching or counseling. If you are ready to take the next steps and want some support, try these resources:

Business development centres and consultants

Do you need help writing your business plan, doing your research, or developing the skills you need to be a business owner? Small business development centres or a consultant can help. Make sure you do your research and select a consultant that is right for you and your business. You may need to spend some time before contacting a consultant to identify your business needs and your budget for this service.

Here are a few resources to help you get started:

• Small Business Access
• Community Futures Ontario
• Business and Industry
• Federal Economic Development Agency for Southern Ontario
• Federal Economic Development Agency for Northern Ontario

You’ll find more resources in Appendix A .

Seminars and workshops

You may be interested in attending seminars or workshops on how to start up a new business. Many are free or cost very little. Topics include taxes, business planning and marketing. To find one, check with groups like these:

• Banks and other lenders (for example, Business Development Bank of Canada or Farm Credit Canada)
• Ontario Small Business Enterprise Centres
• Food sector associations (for example, Food and Beverage Ontario or Baking Association of Canada)
• Industry conferences and tradeshows
• Food festivals and events
• Government agencies
• Regional economic development organizations
• Manufacturing organizations (for example, Excellence in Manufacturing Consortium, Canadian Manufacturers and Exporters)
• Chambers of Commerce

You may also find other helpful tutorials and webinars by searching the Internet.

Job shadowing

One of the best ways to learn about the food processing industry is to work in it. Consider volunteering, job shadowing or working as an intern. This will give you valuable experience and connections. To find a position, get in touch with an industry association or a career and placement centre.

Business incubators and commercial kitchens

A business incubator is an organization that offers a wide range of services and resources to help grow your new business. These include physical locations, mentoring assistance, management assistance, business counseling and advisory services, technical information, financial advice, training, networks and more.

Some incubators are general in nature and will accept new clients from a variety of sectors, while others focus on specific industries or technologies.

A commercial kitchen is a food production facility that has all the licenses required to produce safe food. It is also inspected regularly by a health authority depending on the type of food that can be produced in the kitchen (that is, municipal, provincial and federal food safety requirements). They generally offer for rent a food production kitchen as well as dry, cold and freezer storage among other services.

To find a business incubator and/or commercial kitchen, see Appendix A .

Think you are ready to run a business? Now it is time to learn more about why you need a business plan.

Why you need a business plan

A business plan is a critical management tool for the creation or expansion of any business. It is a game plan — a concise, written record of objectives and how to obtain them. It describes, at a minimum, a product or service, customers, competition, management and financial arrangements. It should also outline production and marketing plans. It will outline the steps needed to start and grow a successful business, identify necessary resources, resolve potential problems before they occur and highlight areas where you need financing.

Others expect you to have a plan

If you need money to help get your business going, investors, the bank and any government funding programs will require a plan.

Planning takes research — lots of it

Writing your business plan will take a lot of research. The more research you do, the better. Research can show you the hurdles you need to overcome, identify unexpected costs, and help you avoid spending time and money on a project with little or no chance of success.

Research can be the difference between seeing your business being successful or your being business being exposed to risk.

Key elements of your business plan

Business plans come in many different forms and lengths, but they all contain the same core information. You can find many business plan templates online.

Futurpreneur Canada has detailed information and resources on writing a business plan. Also, see Appendix A for links to business planning software available for purchase.

Your business plan should include:

Executive summary

An executive summary of your business plan can be one to two pages in length. Investors especially will look at this section to see if they are interested in learning more about your business. Everything here is detailed elsewhere in your plan, so keep it brief.

The executive summary should include:

• a general description of your product
• the market(s) in which you are entering
• what differentiates your product from your competition
• short-and-long term goals for your business (start up, growth potential, new markets and expected income)
• ownership structure (sole proprietorship, partnership, corporation and the management team)
• financial highlights and other financial requirements

The executive summary is the first thing readers see, but it is typically the last piece of the business plan that is written.

Business description

Include a general description about your business, such as:

• vision, mission and values
• goals and objectives — what are the timelines to accomplish your goals and objectives
• ownership structure (sole proprietorship, partnership, corporation) — outline share ownership if multiple investors are involved
• leadership and/or management team — what experience, credential and expertise do they bring to the business and how will they contribute to the success of the business?
• business location — where is the business located? Are facilities being leased or is the business co-packing or just starting and using a commercial kitchen/incubator?

Also, see Setting up your business .

Industry overview

Demonstrate the potential success of your business by discussing the size and growth of your industry and the key markets within it. Be sure to include:

• market research, gap analysis and SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis of the market
• major players in your industry including competitors, your customers and potential consumers of your product
• relevance and key attributes of your product, that is, unique selling proposition ( USP )
• industry and economic trends affecting your industry — this is also sometimes referred to as a PESTEL (Political, Economic, Social, Technological, Environmental and Legal) analysis
• certifications, insurance and industry or government regulations required
• overall growth potential of your industry

Also, see Stages of business growth for food and beverage companies.

Product(s) description

Go into details about your product(s) including:

• features and benefits
• competitive advantages
• how and where your products will be produced and packaged
• where your product is going to be sold

Also, see Developing your product prototype .

Marketing strategy

Include the four Ps of marketing — product, price, promotion and place (distribution).

Consider describing:

• competitive advantage — does it fill a niche or specific market demand
• price point — based on costs, competition, or what the market will bear
• SWOT analysis — identify and outline strengths, weaknesses, opportunities and threats relating to the business (internal) and the market (external)
• identify and understand the competitors and consumers of the product(s)
• implications of change, trends, new technologies, new products, different lifestyles, ability of customers to afford the product
• targeted geographic area where marketing tactics will be focused
• product distribution — how will you get your product(s) to customer

Refer to the following sections of this guide:

• Promotion strategy
• Placement strategy
• Pricing strategy

Operations plan

Prepare a brief outline of how you plan to operate your business, including:

• how the product will be manufactured — for example, your own plant, co-manufacturing and commercial kitchen use
• where ingredients and supplies will be purchased and how the product will be packaged, warehoused and shipped
• what, if any, land, buildings and equipment will be needed
• business location — proximity to consumers, suppliers, transportation (include costs) and location of competitors
• production capacity that can be achieved (how you will react to market demand)
• how will the business meet food safety requirements and other mandatory regulations

Human resources plan

Human resources management is a critical component to the success of any business. Consider including details about:

• the key people currently involved in your business — include your management team and outline their experience, credentials and expertise and how they will contribute to the success of the business
• your plan to attract, retain and train employees
• additional skills needed to implement your plan and when you will need them
• how key areas will be handled and by whom. An organizational chart is recommended
• strengths and weaknesses in the management team and a strategy to overcome them
• salary and compensation of managers and employees

Financial plan

Some believe this is the most important part of a plan. The financial plan is an essential part of any business plan and will be a requirement for creditors and/or government agencies when evaluating your business needs and use of funds. Include at least three years’ worth of projected financial statements.

Your financial plan should include:

• income statement — discloses annual revenues and expenses of a business over the time period covered by the plan.
• cashflow summary — forecast how much money will come in and out of the business. This projection will budget what you can afford and predict when expenditures will be made. It will show how to keep the business operating on a month-to-month basis and indicates the projected bank loan requirements during the year.
• balance sheet — describes the assets, liabilities and equity of the business at a point in time. It is a widely used accounting statement that indicates the economic resources of the business organization and the claim on those resources by creditors. This information will allow owners, partners and creditors to compare the estimates against past performance and industry averages.
• capital sales and purchases — supply detailed information on the capital purchases of land, buildings and equipment that are anticipated during the planning period and disclose information on how these assets are to be financed and their life expectancy.
• financing schedule — snapshot overview including name of financial institutions for existing and new loans.

Be sure to document all the assumptions you used in forecasting your revenues and expenses (see Financing your food and beverage business ).

Now that you know some of the key elements required in a business plan, it is time to start your research.

Researching information for your business plan

Invest the time required to research the information needed for your business plan. This is a key step and critical to your success. One great place to start your research is by looking at other food and beverage manufacturing businesses to see what they make, how they make it, their target market and more.

Conduct your own search of trade associations specific to your product or reach out to OMAFRA through the Agricultural Information Contact Centre ( AICC ) via e-mail at [email protected] or phone at 1-877-424-1300 , and the AICC will direct you to an economic and business advisors who will be able to assist you. They can provide you with industry or sector reports or put you in contact with the right players.

For details and statistics on Canada’s food and beverage processing industry, it is recommended that you read the Government of Canada's information about food and beverage processing .

Learn about Ontario’s food and beverage industry on Ontario's Food and beverage statistics webpage .

Also, see Appendix A for links to other online resources and industry information.

Food product databases

Look for research, consumer surveys, business trends and developing technologies from all over the world on a wide variety of food product databases.

You can access some for free on the Internet. Others are available through data services for a fee.

Make a list of key words that describe the industry, the business and the topics you are researching. Examples include:

• company names
• individuals

Learn from example

It helps to know how other entrepreneurs started their businesses. Keep informed through resources such as the Business Development Bank of Canada’s characteristics of entrepreneurs .

Once you have completed your research, you should talk to an expert who can help you finish your plan and provide advice and support for your business.

Finding support

Now that you have done your research, you know about the demand for your product, how to make it unique and what it will take to get it produced. You are ready to speak to experts or others working in the industry for more advice and guidance.

This support can come from a wide variety of sources.

Industry associations

Industry associations are made up of businesses that operate in a specific industry. You can contact the associations for more information about your industry or to become a member to get regular updates on topics that will affect your business and the key factors for success. Some examples include:

• Food and Beverage Ontario
• Ontario Fruit and Vegetable Processors Association
• Meat and Poultry Ontario
• Canadian Sugar Institute
• Baking Association of Canada

Advisory board/food industry mentors

Many successful businesses have advisory boards. These are made up of experienced people who give the business owners advice and guidance. You might want to create your own advisory board or find a mentor to advise you. Look for someone with food industry experience who is willing to share what they know with you. Potential mentors, or board members, could be:

• retired/previous owners or managers of similar businesses
• non-competing business owners
• potential customers
• key suppliers
• accountants
• financial planners
• technical experts

Successful businesspeople in non-food related sectors can also provide valuable advice on how to start up and manage your new business. Tips and experience from one type of business often work just as well for another.

Peer networks

Look for local or internet-based business professional and entrepreneurial networks that will share their support and information. These networks do not need to be food related. Peer networks are great for learning best practices, making industry connections, developing potential customers and promoting your business. These are some examples of peer networks:

• local food groups
• women in business networks
• young entrepreneur networks
• I can describe my business concept (what my idea is) in one minute.
• I have set up a folder to file my information.
• I have gathered research information on my market and sector.
• I understand my product positioning ( USP ) and can describe the customer that would buy my product.
• I understand the demand for my product.
• I can list my competition and have begun gathering information on them.
• I know what makes my product better or different.
• I have researched other food and beverage manufacturers to see how they succeeded or failed.
• I have contacted industry associations to find experts who can advise me.
• I have a business plan template and have made progress in filling it in.

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Create a business plan

Explore the ways tailored advice from TD can help your business, today.

Starting a Business in Canada

Starting a business can be a challenging and rewarding endeavour. With the right planning, resources, and groundwork you'll enjoy a better chance of success.

Find out if your business idea will work

Clarify your idea and get it in writing

Find the money and manage your cashflow

Think about the legal stuff

TD Business Accounts, lines of credit, and more

Write a Business Plan

Clarify your idea and get it in writing.

There's a lot of work involved in  writing a business plan  but it prepares you for the even bigger task of starting a business.

It will help refine your idea, outline goals, and make it easier to explain what you hope to accomplish. This comes in handy when you're looking for money.

Download our business plan template  which addresses product and service information, competitive analyses, the financial feasibility of starting up, and more.

Why You Need a Plan

If you're pitching your idea to banks or other financial institutions for a loan, you'll need a  business plan  because people want to see that you've put serious thought into your idea.

Thinking about the details will help you make decisions about your business, and will open you up to new ideas or approaches you might not have considered.

Writing out a business plan will give you an action plan to work with, but if you need help getting started  use our interactive checklist .

Why You Need a Unique Selling Point

One of the most important aspects to consider when writing your business plan is asking  why customers would buy your product or service .

Will it be better quality? Better price? Is it backed by a guarantee? Will it have more features? Will you be able to provide outstanding customer service?

Once you establish what differentiates you from the competition, it's essential to communicate it consistently when you go to market.

Use our interactive checklist  to define your unique selling point.

Determine Demand & Profit Potential

Once you know (or are reasonably sure) that customers are likely to buy your product or service, figure out if you'll be able to make a profit.

Determine what you need in sales to cover costs plus a profit margin. Also ensure you have capacity - the physical ability to work a certain number of hours in a week or produce the required amount of product.

Use our interactive checklist  for more ideas on determining demand and profit including ways to research, test marketing, and future trends.

Tools & Calculators

Download our business plan template.

Download our start-up costs template.

Figure out your income vs expenses.

Determine your monthly interest and payments.

Products and services to help get you started

Small business bank accounts.

Discover the benefits of a TD Small Business Bank Account to meet your business needs.

See our accounts

• Business Credit Cards

Choose the cash back, travel rewards, or low interest rate credit card that fits your business needs.

See all cards

Receiving & Making Payments

Keep your cash flow moving successfully and stay on top of things.

Articles on Starting Your Business

Four Steps to Find Out if Your New Idea Will Work

Research, validate, talk to industry insiders, and test your idea to ensure it has what it takes to succeed.

Selling Online and Other Ways to Expand Your Business

Marketplaces, subscription models, drop-shipping, and freemium offers are four ways to expand your business online.

Sources of Small Business Funding

Ways to fund your business include: self-financing, partnering with another business, angel investors, grants.

Breaking Barriers — A series on women entrepreneurs

Get inspired with our first article in a series highlighting successful women entrepreneurs who have overcome challenges to build successful businesses.

Breaking barriers — Spotlighting female entrepreneurs

Get inspired with our latest article in a series highlighting successful women entrepreneurs.

Celebrate Pride with Florence Gagnon

Her journey was so inspirational it was adapted to the silver screen, but it started with a focus on her local community.

Spotlighting Female Entrepreneurs — Gloria Kim, Gloryous Productions

A series of articles that highlight various successful women entrepreneurs who bank with TD Small Business Banking. Discover their success.

Get in touch

Contact an account manager.

Talk to an Account Manager Small Business (AMSB) to discuss your business needs.

Talk to a Small Business Specialist at our Small Business Advice Centre.

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Write up a business plan

You're about to make one of your biggest dreams a reality by starting or expanding your own business. A business plan will help you tackle your entrepreneurial project with confidence. Use it to plan your approach, put your ideas on paper and identify your options. Having a plan also makes it easier to find business partners, investors and lenders.

Drafting your business plan

We have created an interactive tool to show you how to put together your business plan. It's best to complete each section in order, but feel free to move sections around or add sections as needed afterwards. It's your business idea.

Throughout this process, you can:

• Think through your plans in greater detail
• Get clarification on concepts
• Get practical advice
• Access additional resources
• View tip sheets

Information that you enter in the interactive business plan remains your exclusive property. No information is sent to us.

Need help starting your business?

To help you create, finance and launch your business, we have plenty of tools and partnerships to get you started. Check them out to see how you can build up your business idea.

Once you've drawn up your business plan, you can get started on your financing request. Potential investors will need both these documents to assess your idea.

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• See all tools

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• Plan your start-up

• Business planning and strategy

Business plan writer

Our interactive Business plan writer is designed to simplify the business planning process by allowing you to customise your plan. We also provide tips & tricks, and plenty of examples to guide you as you write.

Business plan example

Gain valuable insights from Futurpreneur’s Entrepreneur-in-Residence, Dominik Loncar, to learn how to articulate your vision with clarity and impact. We understand that writing a business plan can feel daunting, there’s so many pieces it’s hard to know where to start. So, to help you get started we’ve created a business plan example that includes insights and rationale from Dominik Loncar. He’s our Entrepreneur-in-Residence and he’s reviewed 100s of business plans from entrepreneurs.

Business plan essentials

Never written a business plan before? Fear not! With this crash course, you’ll be provided with an overview of the different components that make up a solid business plan ensuring you’re launch-ready and poised for success.

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Writing a business plan for a Ontario based business

Small businesses form the backbone of the Ontario economy. However, running a small business comes with its own set of challenges, especially during the initial stages. Often, the most pressing issue is the availability of funding to grow the business, purchase equipment, or hire new employees. Fortunately, the Ontario government has multiple grants available to support small businesses. In this article, we will take a look at how to get a small business grant in Ontario.

Step 1: Determine eligibility criteria

Before applying for a small business grant in Ontario, the first step is to determine whether your business meets the eligibility criteria. Generally, eligibility criteria vary depending on the type of grant you are applying for. However, some of the common eligibility criteria for small business grants in Ontario include the following: – Be a registered business in Ontario – Have a specific number of employees, ranging from one to 500, depending on the grant – Have a specific type of business, such as manufacturing, agriculture, or environmental services

Step 2: Conduct research

Once you have determined that your business meets the eligibility criteria, the next step is to conduct research to find the grants that fit your business’s specific needs. By conducting thorough research, you can identify the appropriate grants and determine whether you qualify for them. Some of the reliable sources for searching and identifying small business grants in Ontario include government websites, industry associations, and special interest groups.

Step 3: Prepare a business plan

The next step is to prepare a comprehensive business plan for your small business. A business plan is a blueprint that outlines your business’s goals, strategies, and challenges. It provides a detailed overview of your business’s prospects, financial projections, and marketing strategies. A strong business plan is essential to securing a small business grant in Ontario since it showcases your business’s potential and demonstrates that you have a clear vision for growth.

Step 4: Apply for the grant

After identifying the appropriate grant and preparing a business plan, the next step is to apply for it. Applying for a small business grant in Ontario often requires completing an application form, submitting supporting documentation, and presenting your business plan to a panel of judges. While the application process may be challenging, it is crucial to submit a well-organized application that highlights your business’s potential and how the grant funds will be used.

Step 5: Follow up and comply with regulations

If your application for a small business grant in Ontario is successful, the next step is to follow up and comply with the regulations. Depending on the grant, you may be required to submit periodic reports, undergo an audit, or present your business’s progress to a panel of judges. It is essential to maintain good records and comply with all the requirements to avoid losing the grant.

In summary, getting a small business grant in Ontario requires determination, research, and preparation. The good news is that the Ontario government has numerous grants available to help small businesses grow and expand. By following the steps outlined above, you can increase your chances of securing a small business grant and take your business to the next level.

Recent Posts

• No Income? No Problem: A Detailed Guide to Secure Government Funding.
• Demystifying the Path to Financial Support for New Entrepreneurs
• 10 Tips to Master Grants in Ontario
• Secrets to Free Government Funding in Ontario: A Guide for Entrepreneurs
• Navigating Government Funding in Ontario: A Comprehensive Guide for Entrepreneurs Seeking Free Grants

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