Importance of a Business Plan Recap

This past week we had a Lunch N Learn on the purpose of a business plan and why it’s important. We were able to have a brief walk through on what is necessary in creating one but also discuss with others their individual needs for their business. Here is an overview on our lunch n learn:

 

  • A business plan is a plan of action that is start to finish. There are short term goals and long term goals that must be attainable.
  • Why are you going into business? There must always be a purpose to your start; Whether it is wanting to be your own boss or make a dramatic change.
  • Know the growth you want to see. Do you want to run a one man show? Do you see yourself having a number of employees? These are some questions you need to ask to prepare yourself for your startup.
  • Document everything! This will help ensure you don’t lose sight of your plans. Your business plan isn’t something you should complete and toss into your file cabinet. It needs to be looked at and discussed so you can keep your business on track.
  • Ensure you have a realistic budget. Research what is may cost to get your business going. How long can you go without breaking even or not having a paycheck? How much is your equipment going to cost?
  • Lastly know your competition. Is the market flooded with your specific business? What is the going rate in your area for your type of business?

 

Join us May 14th at the Stony Plain Chamber of Commerce where we talk about the importance of policy. Doors open at 7:30am with the program starting at 8:00am.

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