RISING WOMEN EXPERTS...

I am anxious to get started on developing a business. Do I need a business plan?
    By Diane Colton of Mobility Tax

A business plan...the thought makes many of our toes curl! You might be thinking that you just want to earn some extra money to buy those little extras or pay down some nagging debt, or you have a great concept and know it will fly, or you are looking at replacing your current employment income and throwing off the yolk of being an employee. There could be a hundred different scenarios but they all lead to the same place...“Do I need a business plan?”

I know you have already guessed that the answer is a resounding “YES!” Even the smallest business needs to know some of the following:

- How much money do I want to have net of expenses?

- Who do I want to sell my product and services to?

- What are the costs that need to be factored in or out to give me the money I want/need?

- How big do I want to become and how long is it going to take me to get there?

- How do I sell/promote my product/service?

- Where will I be offering this service?

- Do I need licensing, special training or certification?

- Will I need to borrow funds or invite a partner or investor into the business?

- What are the tax implications or benefits?

- Should I be a proprietor, or incorporate; what are the upsides and downsides?

What is a business plan anyways? Think of a business plan like a roadmap; you have your starting point (you and your business) and you have where you want to go (the business down the road in 1 year, 5 years, 10 years, etc.) The plan is a guideline and map to get you to where you want to go. It is a written document that helps you to focus and set time lines and objectives as well as make adjustments for future issues that become apparent during your planning stage. The business plan helps to put on paper what is stored so well inside that wondrous mind of yours.

A business plan also allows others to see your vision clearly. Banks want them, investors want them, potential partners want them as they need to know what they are buying into.

The biggest reason for a business plan is to guide you to the highest level of success you want and can achieve. The Business Development Bank of Canada has some great tools to work with. Visit www.bdc.ca

For more advice on starting your business, contact Diane Colton of Mobility Tax at 403.475.3312. To learn about her Small Business Boot Camps, visit www.mobilitytax.ca