Using a business plan template for small business planning is a good way to start without having to spend a fortune hiring a professional to do it for you. If you’ve decided to start a small business in Canada, a business plan is one of the first things you should consider completing.
As the Canadian economy fluctuates, starting a small business can become expensive—and as a business owner, you want to save every dollar. Because of this, many entrepreneurs are shifting into the DIY (do-it-yourself) phase to lower their costs.
While writing a business plan on your own can be hard, boring, confusing, and simply painful, there are always options out there that you can take advantage of.
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Before we discuss these options, let’s get into the basics of business planning and creating a business plan for your small business using a business plan template.
What is a Business Plan Template?
A business plan—often referred to as a business startup proposal or outline—is a document entrepreneurs create to outline the goals of the business, the marketing strategies they will use to grow, the financial projections, and the operational structure. Many small business owners opt to use a business plan template early on to reduce their initial startup costs.
Having a well-prepared business plan, with or without a template, helps build a stronger company. With predetermined goals and strategies, it becomes much easier to guide the business toward the desired outcome and success.
If you need more information on writing a business plan for your own business, read Creating the Perfect Startup Business Plan.
Using a Business Plan Template
There are a ton of business plan templates available online. A simple search on Google will provide great options for those looking to start up and create their own business plan.
You can find business plan templates for many types of businesses, including:
- Retail Business Plan Templates
- Farming and Agriculture Business Plans
- Construction Business Plans
- Professional Services Business Plans
- Manufacturing Business Plan Templates
- Food and Accommodation Business Plans
- Finance and Insurance Business Plans
- Real Estate Business Plans
- Wholesale Trade Business Plans
- Information Technology Business Plans
- Arts, Entertainment, and Recreation Business Plan Templates
- And many more…
Here’s the important part: not all business plan templates are right for your specific situation.
Certain templates focus on finding partners, funding, or investors, while others may be designed for training purposes, internal planning, or preparing a business for sale.
With that in mind, it’s important to find the perfect business plan template that fits your goals.
The Business Plan Builder Tool available through Canada Startups is an excellent template-based tool that allows business owners to build their business plan step by step, with guidance and quality score tracking as you fill in the blanks.
Take a moment to learn more about this tool and see whether it can help you build your own business plan.
Filling Out a Business Plan Template
Every business plan template is different. Some may require more detail, others less. This is why choosing the right template is important.
Because templates are designed to fit most general needs, some sections may not apply to your business. However, the following components are typically essential:
- Explaining your industry
- Discussing the company structure and legal formation
- Explaining the management structure
- Showcasing your marketing strategy
- Discussing your SWOT (strengths, weaknesses, opportunities, threats)
- Providing detailed operational information
- Outlining staffing requirements and key team members
- Financials (current situation, funding needs, forecasts)
While it may feel difficult to pull all this information together as a startup, these sections are necessary for a strong and complete business plan.
Reach out to our experts to get help with writing your small business plan.
Should You Use a Business Plan Template?
Yes—using a business plan template is a great idea.
If you plan on starting a business in Canada, you will need a business plan. Your options include:
- Writing one from scratch
- Hiring a professional (costing $1,500 to $5,000)
- Using business planning tools and templates for a fraction of the cost
If you’re developing a new business, product, or service, you need a business plan.
If you’re incorporating, applying for funding (bank, private, or government), looking for a partner, or evaluating a new business idea—you need a business plan.
In other words, if any of the above apply to you, you will benefit from using a business plan template.