View Full Version : Do you have a business plan?

02-08-2014, 11:52 AM
I am sure a lot of you have heard the old saying - if you fail to plan, you plan to fail.

Do you have a business plan? I have tried to do one, but struggle in this area. So, what I have mainly done is set goals and create a business motto.

Could you help me with my business plan? How do I start?

02-13-2014, 12:33 PM
I always start by making a raw overview of the business: scope, things I need, ways of financing, logistics. Simple brainstorm really, no self critique, just write it all down. Next, if I'm not familiar with the field I'm going into I start learning about it, I study the market, my potential clients and target audience. By this point I have a pretty good idea of how/where to start and I'm able to go out, seek contacts, discuss business logistics and run after financing.

There's a ton of resources regarding this topic and you should read as much as you can. Browse the smallbusinessforum here, interact, read some blogs and with time your ideas will crystallize and you'll be able to take the first steps towards starting your own firm.

P.S - love that saying! :D

02-13-2014, 04:57 PM
The first thing that comes to my mind is profitability. How much time will I invest, what are the expenses and how much do I profit? You should start from there. You can continue with adding attracting customers to your model as well. Those things should be the basics!

02-14-2014, 09:20 AM
I don't have a business plan yet. I'm trying to get the ideas right. After that we'll see where it gets me. Whenever I'm ready, I will write a business plan of course.

02-14-2014, 05:43 PM
I think a business plan is a MUST. If you don't have one, you could end loosing lots of money. Your business plan should firstly include your budget, and having that, you'll need to determine your market and your general strategy. The most detailed and real your business plan is, the more chances your business will be successful.

Good luck!

03-31-2014, 09:12 AM
I don't, and I've managed to launch and sustain my online store without one, but I can definitely see myself making one for future projects especially if they are of a bigger scale. I think the best way to start with it is to state your goals first. It is structured that way for good reasons, and you mostly state your visions and plans first because you can then just break them apart into smaller and more manageable obstacles after that.

03-31-2014, 12:27 PM
When I first opened my small business (which I run with a friend so we're both never out of ideas and we help each other out whenever we're in a fix), I religiously studied every marketing handbook I could get my hands on. I didn't finish college and I don't have much of a marketing background; the only thing that's keeping my going is my interest in making money, so reading from marketing "gurus" was how I gained some marketing know-how.

However, along the way, I realized that no business plan stays fixed throughout the implementation process and having a business plan does not protect you from failure. You will fail, whether you like it or not, you just need to know how to recover quickly and fluidly. Like with most ventures, knowing the fundamentals is enough to get you by. In business, you only need to know your market-- who are they? What interests them? What can you offer them? What can you offer them that others don't have?-- and you're good to go. The rest, such as finding a source for your products and how to distribute it, will follow.

Don't be afraid to experiment with other business models. Like I said, nothing stays fixed, you need to be fluid. If you prefer something structured though, I've used http://www.businessmodelgeneration.com/canvas (large companies use them too, from Intel to NASA) and highly recommend it. It's a one-page, simple business plan. If you're starting out, it might be a good blueprint for you to use (and it's free, I like free stuff).

Terry Hopper
11-14-2014, 12:49 AM
Thanks for this post. I have seen all comment it is a good ides to make business. But I want to say if you want to know your business plain and idea, then you have to go my signature for proper solution good luck.:D

Monica Sharma
06-03-2016, 10:22 AM
I am also looking for business plan also, i got one video and that video solve my some problems and doubts.


I wish to share with you all - https://youtu.be/z4kznvONMMY

Also, if any one have information about tax documentation for employer legal rights for company. Share some details about it.

04-22-2018, 02:00 PM
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04-22-2018, 11:54 PM

There are many business plans, but the question is which field you would like to choose for your business because without interest you could not put your full efforts in your business, which can return you the perfect results.

04-22-2018, 11:54 PM

There are many business plans, but the question is which field you would like to choose for your business because without interest you could not put your full efforts in your business, which can return you the perfect results.

06-30-2020, 09:44 PM
Business plan is important for the success or failure of the company

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02-19-2021, 06:10 PM
Yes, you should always do a business plan and business plans should be revised every year. A business plan is a way for defining your goals and the steps needed to reach them. It also allows you to forecast the capital you may need/will get that year.

For startups, a business plan helps them determine the feasibility of their venture. There are many consultants that can help you write a business plan (https://www.iotaconsultants.ca/). They will help you do the due diligence to look at feasibility and the costs it will take to run/start your business.

02-19-2021, 09:47 PM
Yes, you should have business plan. A business plan is basically a road map of your business. These details usually include its products or services, how it earns (or will earn) money, and its operations model. If you do not have a business plan, it's akin to driving to a destination without a map - many might get lost and give up going to their final destination and some might get there after several detours. But having a map will allow you to get there in the most efficient and effective way possible. Bottom line, it is worth the time to write a business plan. There are many people that can help you create one. Feel free to reach out at iotaconsultants.ca (https://www.iotaconsultants.ca/). We have developed business plans (https://www.iotaconsultants.ca/) for many organizations. Happy to help!