Effective Business Plan

Effective Business Plan-25
What solution have you come up to solve the problem?What is the value proposition you are delivering to the customer? Use cases generally help understand the solution better. What features and functionality will you be delivering?A properly formulated plan can help you gain the confidence of lenders, investors and other stakeholders.

What solution have you come up to solve the problem?What is the value proposition you are delivering to the customer? Use cases generally help understand the solution better. What features and functionality will you be delivering?A properly formulated plan can help you gain the confidence of lenders, investors and other stakeholders.

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Secondary sources will consist of statistics and trends about your market and your customers.

The websites of Statistics Canada and Innovation, Science and Economic Development Canada are good places to obtain this data.

Explore and narrow down to the one that compliments your strengths and looks most lucrative. We’ve built a ‘Startup Business Model Template‘ for entrepreneurs to use.

You’re fooling yourself if you think nobody else in the world is doing what you are doing.

BDC's article "How to write an effective business plan" provides a brief outline of the key elements of a plan.

You can also read our article on common mistakes to avoid when building your business plan.Your business plan has to be backed by facts and research to hold up to scrutiny.You should gather this information using both secondary and primary sources.To elicit their interest, you need to be able to pitch potential investors, lenders, partners and customers on your business in the time it takes for an elevator to go up a building.To be successful, your pitch needs to be clear and concise, stand out from the crowd and be tailored to your audience.Industry publications, associations, think tanks and university research are also good sources of information.Also consider contacting a Canada Business Network centre to see if they could help you find what you’re looking for.Make sure to survey more than your personal network of friends and family when conducting your research.Like the rest of your business plan, your market research should be periodically reviewed and revisited anytime you need to make major business decisions.You’ve probably already conducted informal market research on your own.But you’ll need more than anecdotes to convince investors and lenders to support your business.

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