Where can I find sample business plans for free?

Most financial institutions and BDC will provide online sample business plans or downloadable templates. I personally like the templates and samples of RBC Small Business site. You can click here on the hyperlink and it will take you to the RBC Small business page. 

A great downloadable template is on the BDC site. You can download the word format and then fill in the gaps. Although I have to say the finished product at the end does not look nice with that template and it also does not have a comprehensive financial projection section in that plan. You have to download a excel file and it can get real complicated.

 

You can get good help from Enterprise Toronto if you are residing in Toronto. They let you access their library for free and you can access all resources at their centres for free as well. They have three locations. The functional ones are just two, one at the City Hall and the other at North York Civic centre. 

If you are willing to spend some money, there are accountants and lawyers who will assist you with business plan for a professional fee.

Business Plan - Is it necessary?

What is a business plan?

A business plan is your portfolio of documents that will give you the picture of your business,its operation and financial projections in a nutshell. It will summarize the objectives of the business and the plan to achieve those objectives.

Writing a business plan should be one of the first thing that you must do once you decide to start a business. The business plan must contain detailed financial projections, forecasts about your business's performance, and a marketing plan. The business Plan is your important tool to your success.

Why You Need To Write A Business Plan?

The business plan is the blueprint for your business. You need the blueprint to know where would you build your pillars and where to put the roof etc. Hence if you do not write a business plan, you will not have an idea on what to do next.

Here are five main reasons why you should write a business plan:

1. To test if the business idea is feasible.
2. Detailed budget and market plan to succeed in the business.
3. To make business effective and manageable.
4. To attract investors. 
   
5. To apply for a business loan from a financial institution.