If you don't know where you're going, how are you going to get there and, come to think of it, how are you going to know you're there if you arrive?
The business plan. Okay, okay. I can hear your sighs and groans already. But a business plan needn't be boring and dry. Gaining insights into your target market, learning about your competition and projecting income can be kind of exciting. Yes, I'm a bit of an "information freak" but you, too, can find many interesting details when researching for your plan.
Many of us just plain don't know where to start. It's no surprise - they sure didn't teach it to us in high school, which was a real disservice, if you ask me. Did you know that 99% of all businesses in Canada are small businesses (companies comprised of fewer than 100 employees)? It's beyond me why we don't better educate our young students in entrepreneurial activities, but then, I digress. Let's get back to your business plan.
A traditional business plan is made of up a number of topics such as, the executive summary, company fact sheet, company overview, market overview, target market, competitive research, a marketing plan, financial projections, break-even analysis, S.W.O.T. analysis (strengths, weaknesses, opportunities, and threats), and worst-case-scenario. Think of it as the roadmap guiding your business toward the goals you have defined in your plan.
How, exactly, does one go about preparing a business plan? Well, the best place to begin just may be your local library or your computer, to use the vast array of resources on the Internet. Research your target market and competitors. Utilize resources available through banks and trust companies to predict your income and expenses. Be creative!
I know it sounds a little daunting, but if you take it in bite-sized pieces, it can be accomplished in a few weeks. "A few weeks?!" you moan. Well Rome wasn't built in a day, was it? A pretty important piece of real estate – and your company is just as important to you. You don't really want to rush through the planning of something as critical as your business, your livelihood, your dream, do you? I didn't think so. So take the time, do your homework and celebrate your business' success!
Pam Ivey is founder and partner of Visual Persuasions Canada, a boutique agency which offers comprehensive marketing and design services tailored to Real Estate Professionals.
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