This last chapter of the section dealing with Startup Business Plans will be dedicated to providing you more detailed information and valuable insights into things we’d already mentioned. This additional information should prepare you for the important decision making, and generally put you on the right course.
Question: What are the usual timeframes to produce a business plan, and what do they depend on?
Answer: Having been involved in many different projects since our launch in early 2006, we have seen business plans that took long to compose and others that took only a few days. The complexity of the business that’s being proposed is the main variable that dictates the span of time that it will take to plan it.
There are two main categories of businesses that we identify. One is a small/medium entrepreneurship, and the other is a custom business that takes some innovative and elaborate planning, as well as extensive research to set up. Producing a business plan for the first category can take approximately between 5 and 8 business days. The custom business plan can take a while longer, typically varying between 10 and 20 business days, depending on the scale of the planned operation.
Question: Do I need a fully formed business idea to start working on a business plan?
Answer: Not at all. You can approach us on any stage of your business development. It can be a business that is already running and needs more funding, or a revision of its mechanisms. Or it can be a completely raw idea that needs to be developed further before a business plan can be written. We will brainstorm, identify the key points that need to be researched and developed, and take it from wherever you left off. We help you address the current needs whichever they may be at the moment.
Question: What are the main uses of a business plan?
Answer: The business plans we compose can be put to use in the following 5 principal ways:
- Any application for a bank loan will require that you present a convincing business plan. The bank will want to know that you will be able to pay the debt off later.
- A business plan will need to be showcased to an immigration officer if you are applying for immigration to Canada via the business entrepreneurship or the investors program.
- Government funding applications will also require that you present a business plan. Even though there are no considerations of return on investment in this case, the government will still want to know that the funds are going to be used wisely and to the benefit of the community.
- When you are looking for investment funding for an idea, project or patent, the investor(s) will definitely need to see a business plan. Moreover, in this case it is even more important than in the case of a bank loan application, as they will want to see a reasonable prediction of real revenues. In addition to a business plan, a clear presentation will be necessary to convince them that the idea is lucrative and profitable.
- Lastly, a business plan is a great way to guide your business to success. It is like a shopping list. It keeps you on a straight course, avoiding distractions and gaining speed in your way towards your goals.
The bottom line is, no matter what stage you are at and what your current needs are, a solid, well researched business plan is a real asset to your business. For more information, contact BPL Experts Inc. by phone or email and we will be glad to assist. Good luck!