Celeste Lozano and Adrian Rudzikas, founders of Business Plans Canada.
Anatomy of a business plan in 10 parts
1. Executive summary: key points about your business and goals
2. Business overview: your business history, value, vision and mission, location and facilities
3. Products and services: detailed description of your products/services
4. Industry overview: describes the sector in which youll operate
5. Marketing strategy: outlines your pricing, promotional and distribution strategies
6. Operations: summarizes how your business will run
7. Contingency plan: possible risks, challenges, issues or barriers to your business
8. Implementation plan: schedule of all implementation activities/dates
9. Financial plan: your financing needs and profit potential
10. Appendices: supporting material referenced within your business plan
Best-laid plans
If you want to start a business in Canada, you need a professional business plan say immigrant couple
Thinking of starting a business in Canada? Nothing sets a better foundation than a solid business plan. Just ask Gerrard Connelly, who emigrated from Scotland to Banff, Alberta, in 2008.
I wanted a better lifestyle for myself, my then-fiancee, whos now my wife, and our future family, explains the Glasgow native. Canada was in need of a labour workforce, so I jumped at the opportunity. After about two weeks, we fell in love with the country.
Once settled, Connelly felt the time was right to start his own venture, offering chauffeuring services for weddings, shopping trips, picnic excursions and ski transfers. But to do it right, he needed help. I had unlimited passion and enthusiasm for my idea and over nine years experience in my chosen field, but zero business knowledge of how to do the basics or even write a business plan, he says. I needed experts to help me understand more about the business I was getting into.
Enter Celeste Lozano and Adrian Rudzikas, founders of Business Plans Canada based in Gibsons, B.C. Themselves immigrants from Argentina, the husband-and-wife team stumbled onto the concept for their company, which puts together winning business plans for clients, after entering Small Business BCs Business Plan Contest in 2009.
There wasnt much choice when it came to Latino food in B.C.s Lower Mainland, so we decided to try to start a business making empanadas, which are a big part of South American cuisine, explains Rudzikas. We spent a lot of time doing research, testing the market and creating a thorough business plan that complied with Canadian standards. We entered it in the competition as a way to raise capital and, out of hundreds of entries, we placed third.
Soon the couple was getting requests from friends who wanted help creating their business plans.
We realized not only was this something we were good at, but there was also a niche, a need, for this service, Lozano says. Its really nice to help people, including those going through something similar to what we went through as immigrants.
The Canadian market
According to the pair, many newcomers want to start the same type of business in Canada that they were running in their home country. This has perks and pitfalls. They want to do something that worked back home or isnt being offered in Canada, and they see huge potential, says Lozano. Our feedback is to do lots of research and analyze the market to confirm theres a need for your product or service here.
Talk to people, including competitors, and do surveys and product sampling to get a feel for the Canadian market, Rudzikas adds. Its also important to understand that the industry you want to enter in Canada could have different rules and regulations. Research the marketplace well to understand how business here is done.
The results of your research and market analysis should be included in your plan, along with a marketing strategy for your business. Your strategy could become expensive, especially if youre introducing a product no one in Canada understands, like a specialty food, warns Lozano. But it needs to be done properly in order to increase awareness about what youre doing.
Money behind your business
Both she and Rudzikas also stress the importance of the financial portion of your business plan.
The purpose of a business plan is to get the money you need to start your venture, says Rudzikas. Youll have to defend yourself in front of the bank, and by going through the process to create your plan, youll become an insider on your own business, able to answer any questions the bank has.
Financially speaking, theres a lot you need to take into consideration, from hydro and utilities to considering loan repayment, adds Lozano. Going through the process really opens your eyes. Things you probably never considered are brought to your attention.
Because there are so many additional components to creating a solid, professional business plan, she and Rudzikas suggest engaging an expert for help.
Statistics show those with a good plan in place are more likely to succeed in Canada, Rudzikas says. We strongly recommend any newcomer wanting to start a business to reach out to a professional.
Planning makes perfect
Connelly couldnt agree more. Business Plans Canada helped him create a plan that got him the money he needed to start his company, Highland Executive Chauffeur. Hes enjoyed much success.
The process was perfect for someone like me. I had all these fantastic ideas but no experience to formulate them into any kind of sense or structure, he says. The plan that the team put together for me was like a small autobiography accompanied with a financial outlook and plan for the future. It was incredible. Today, my business is on the cusp of really achieving a lot with what we have.
(http://www.canadianimmigrant.ca/moneybusiness/smallbusiness/article/8168)
Anatomy of a business plan in 10 parts
1. Executive summary: key points about your business and goals
2. Business overview: your business history, value, vision and mission, location and facilities
3. Products and services: detailed description of your products/services
4. Industry overview: describes the sector in which youll operate
5. Marketing strategy: outlines your pricing, promotional and distribution strategies
6. Operations: summarizes how your business will run
7. Contingency plan: possible risks, challenges, issues or barriers to your business
8. Implementation plan: schedule of all implementation activities/dates
9. Financial plan: your financing needs and profit potential
10. Appendices: supporting material referenced within your business plan
Best-laid plans
If you want to start a business in Canada, you need a professional business plan say immigrant couple
Thinking of starting a business in Canada? Nothing sets a better foundation than a solid business plan. Just ask Gerrard Connelly, who emigrated from Scotland to Banff, Alberta, in 2008.
I wanted a better lifestyle for myself, my then-fiancee, whos now my wife, and our future family, explains the Glasgow native. Canada was in need of a labour workforce, so I jumped at the opportunity. After about two weeks, we fell in love with the country.
Once settled, Connelly felt the time was right to start his own venture, offering chauffeuring services for weddings, shopping trips, picnic excursions and ski transfers. But to do it right, he needed help. I had unlimited passion and enthusiasm for my idea and over nine years experience in my chosen field, but zero business knowledge of how to do the basics or even write a business plan, he says. I needed experts to help me understand more about the business I was getting into.
Enter Celeste Lozano and Adrian Rudzikas, founders of Business Plans Canada based in Gibsons, B.C. Themselves immigrants from Argentina, the husband-and-wife team stumbled onto the concept for their company, which puts together winning business plans for clients, after entering Small Business BCs Business Plan Contest in 2009.
There wasnt much choice when it came to Latino food in B.C.s Lower Mainland, so we decided to try to start a business making empanadas, which are a big part of South American cuisine, explains Rudzikas. We spent a lot of time doing research, testing the market and creating a thorough business plan that complied with Canadian standards. We entered it in the competition as a way to raise capital and, out of hundreds of entries, we placed third.
Soon the couple was getting requests from friends who wanted help creating their business plans.
We realized not only was this something we were good at, but there was also a niche, a need, for this service, Lozano says. Its really nice to help people, including those going through something similar to what we went through as immigrants.
The Canadian market
According to the pair, many newcomers want to start the same type of business in Canada that they were running in their home country. This has perks and pitfalls. They want to do something that worked back home or isnt being offered in Canada, and they see huge potential, says Lozano. Our feedback is to do lots of research and analyze the market to confirm theres a need for your product or service here.
Talk to people, including competitors, and do surveys and product sampling to get a feel for the Canadian market, Rudzikas adds. Its also important to understand that the industry you want to enter in Canada could have different rules and regulations. Research the marketplace well to understand how business here is done.
The results of your research and market analysis should be included in your plan, along with a marketing strategy for your business. Your strategy could become expensive, especially if youre introducing a product no one in Canada understands, like a specialty food, warns Lozano. But it needs to be done properly in order to increase awareness about what youre doing.
Money behind your business
Both she and Rudzikas also stress the importance of the financial portion of your business plan.
The purpose of a business plan is to get the money you need to start your venture, says Rudzikas. Youll have to defend yourself in front of the bank, and by going through the process to create your plan, youll become an insider on your own business, able to answer any questions the bank has.
Financially speaking, theres a lot you need to take into consideration, from hydro and utilities to considering loan repayment, adds Lozano. Going through the process really opens your eyes. Things you probably never considered are brought to your attention.
Because there are so many additional components to creating a solid, professional business plan, she and Rudzikas suggest engaging an expert for help.
Statistics show those with a good plan in place are more likely to succeed in Canada, Rudzikas says. We strongly recommend any newcomer wanting to start a business to reach out to a professional.
Planning makes perfect
Connelly couldnt agree more. Business Plans Canada helped him create a plan that got him the money he needed to start his company, Highland Executive Chauffeur. Hes enjoyed much success.
The process was perfect for someone like me. I had all these fantastic ideas but no experience to formulate them into any kind of sense or structure, he says. The plan that the team put together for me was like a small autobiography accompanied with a financial outlook and plan for the future. It was incredible. Today, my business is on the cusp of really achieving a lot with what we have.
(http://www.canadianimmigrant.ca/moneybusiness/smallbusiness/article/8168)
