Step 5: The Business Plan

A. You are ready to create your business plan!

Put your research to use

The business plan, also called the corporate plan, is the result of the planning that you have done in order to carry out your business project. The plan is meant to give an overview of your project to financial partners (and others) to convince them that yours is an interesting, viable, and profitable business opportunity.

There are several business plan models. Whichever model you choose, you should include the results of each of the first four steps in the Road to Entrepreneurship guide (The Idea, The Entrepreneur, The Market Research, and The Planning). It is important to include details about the following points:

  • Summary:
    • Project outline
  • Project:
    • Present the business
    • Mission or mandate
    • Short-term, medium-term, and long-term goals
    • Products or services offered
  • For Promoters:
    • Curriculum vitae or resume
    • Personal assessment
    • Organizational structure
    • Legal form
  • Business Market:
    • Identify the target clientele
    • Qualitative and quantitative evaluation of the potential market
    • Evaluate the competition
    • Price strategy
    • Advertising and promotional strategy
    • Release and marketing strategy
  • Operations:
    • Production
    • Supplies (potential suppliers)
    • Development
    • Labour needs
  • Financial Forecast:
    • Financial needs (project and start-up costs)
    • Sources of financing
    • Projected financial statements
Many business plans samples and templates are available online.
Keep informed. Some consultants offer services to help you do research and create your business plan.