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2. Prepare business plan

A business plan explains your business idea, short and long-term business goals and what resources are available to start and operate your business. 

A business plan explains your business idea, short and long-term business goals and what resources are available to start and operate your business. If you need help writing a business plan:

  • contact your local Small Business Enterprise Centre or, if you are a technology or innovation company, a Regional Innovation Centre
  • check available online resources, such as BDC , Futurpreneur , or BPlans for sample business plans talk to your local bank to see what tools they have to help you start your business
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  • Need a business plan?

Invest in the future of your business by taking the time to create or update your business plan using our free template .

business plan template ontario

The importance of your business plan

Perhaps the most important document for any new business is a business plan. Yet too many business owners fail to sit down and prepare or update one.

A business without a plan is adrift. Decisions are made reactively based on the owner’s emotions, rather than prudent research. Employees, vendors, investors and other stakeholders (as well as the owner) are unclear about the direction of the company. That lack of focus results in wasted dollars, energies and resources as the company zigzags along instead of following a well-planned straight line to its goals.

Writing a business plan can seem a daunting task. Many entrepreneurs simply don’t have the time, inclination or the proper tools.

Business planning template

We have developed a template that makes creating your Business Plan easy. And it’s free!

This template guides you through all of the steps required to complete a proper business plan. It has explanations of the terms and definitions. It lets you add your own thoughts and comments.

Once you’ve completed the steps, you’ll have a business plan complete with cover page, contact information, financial tables, product descriptions and marketing details. You can save and print the plan, or send it electronically to anyone.

Use your plan to move your business forward with confidence, to motive your team, or to present to investors or lenders.

Depending on how much research and preparation you’ve already completed, creating your plan won’t consume much time at all. While it’s very easy, don’t worry if you get stuck because help is available throughout the process.

Take your plan to the bank

Once you’ve completed your business plan, you may take it to a Scotiabank  Small Business Advisor . The advisor can review your plan, supply feedback, and, if requested, help you to explore your financing options.

Get feedback on your plan

Asking people to review your plan will make it stronger because you’ll receive valuable feedback. Share it with your accountant, lawyer, financial advisor and trusted businesspeople so they can offer their suggestions to improve your plan. If you are really worried about someone reading your secrets, consider attaching a Non-Disclosure Agreement (NDA) to the plan. An NDA is a legal document that prevents others from sharing your information with unauthorized parties.

Before you take action on any of the information above, we recommend consulting with a qualified business advisor that understands your unique needs and situation for your specific business and/or personal plans.

Photo by  Annie Spratt  on  Unsplash

W r iting your business plan just got easier.

Our Interactive Business Plan Builder will provide you with guidance and support when it comes to putting together a compelling business plan. Th is free interactive tool is for anyone—from aspiring entrepreneurs with a new business idea , to existing business owners looking to pivot their current business model or secure new funding.

business plan template ontario

What is it?

We know writing a business plan alone can seem like a big undertaking. Our free Business Plan Builder makes writing your business plan simple —t he tool walk s you through the business planning process from start to finish and includes tips, examples, and 1:1 support along the way from our Business Strategists.

The tool breaks down your plan into easy-to-manage steps and sections and allows you to save your work as you go so that you can complete it whenever it works for you. When you’re finished putting everything together, you can submit your business plan for review and our Business Strategists will provide one-on-one coaching and support.

Who is it for?

  • Entrepreneurs & aspiring entrepreneurs in Alberta with a new business idea
  • Existing business owners looking at pivoting their current business model
  • Business owners or entrepreneurs that never really had the time needed to develop a comprehensive business plan
  • Business owners or entrepreneurs looking to secure funding

Whether you are just getting started or an experienced business owner, this tool can help you with your business plan. Still feel lost? Our Small Business Basics video series and Small Business Guides can provide the clarity you need to get started. We can also review your business plan when you are done with your plan.

What’s so great about it?

Detailed descriptions, examples, and tips to help you complete your business plan with ease

Our Business Strategists are available to help yo u as you work through each section

Submit your business plan for personalized feedback from our team of Business Strategists

Download your plan as a Microsoft Word doc or PDF file, or add it to your Google Drive to add final touches

Check out our Interactive Business Plan Builder!

Don’t have a business plan yet? Get started with our free Interactive Business Plan Builder. The tool will walk you through the business planning process with details on what to include in each section, helpful tips, and examples.

Have your business plan reviewed

Our small business strategists can review your business plan and provide you with feedback and coaching to get it to where it needs to be – whether you’re looking for financing, or just need to work out the details of your business idea.

Don’t have a business plan yet? Get started with our free interactive Business Plan Builder . The tool will walk you through the business planning process with details on what to include in each section, helpful tips, and examples. When you’re done, export your plan and submit it for review!

business plan template ontario

Cash Flow Templates

Do you plan on asking for funding for your small business? Access the cash flow template you need to go with your funding request.

Is there a time limit to complete my business plan?

No. Take your time to do the necessary research needed to complete your business plan. Don’t forget to contact us for help if you need it!

Should I complete all the sections in order?

The business plan is designed to guide you through the process; however, you can work on the sections in any order you like.

Can I duplicate my business plan?

Yes. Go to “My Business Plans” and find the business plan you want to duplicate. Click on the “Duplicate” button and rename your business plan.

Can I collaborate with my business partner(s) (another user) on creating the business plan?

Unfortunately, this tool doesn’t currently offer this functionality. However, you can export your plan and collaborate with others outside of the tool if needed.

If I need some help while writing my business plan, where can I go?

At Business Link, we’ve got a number of different resources and supports that can assist you in creating a compelling business plan, depending on what type of assistance you need. Here are some resources to get you started:

1. In each business plan section, we provide tips and examples to point you in the right direction.

2. On the right-hand side navigation bar, you’ll find more resources to help you work through your business plan. You can also download our Cashflow Template here .

3. Have specific questions and want one-on-one help? We understand that writing a business plan can feel like a daunting task. Many of our business strategists are or have been entrepreneurs themselves, so they know the struggle. Contact us for personalized support.

Can I further customize my business plan, for example, by adding a business logo?

Definitely! Simply export the business plan as a Word Doc or Google Doc and you can begin further customization from there.

Will my business plan be shared with anyone?

Your business plan is your intellectual property (IP), and we take confidentiality seriously. We will never share your data or your business plan with anyone unless we get explicit permission to do so. If you submit your plan for review by a business strategist, only that strategist will have access to your plan.

Now my business plan is completed! What’s next?

Feel free to submit your business plan to us for review ; one of our business strategists will provide feedback and help you with one-on-one support.

I completed my business plan using a template found online, can I still submit it for review?

Yes! Just connect with one of our business strategists through our contact us form before submitting a copy for review.

Doing market research  is an important part of a business plan and I know you offer that service. Is there any way to bundle these services together?  

We have teams that are experts in different areas, so it’s tough to create a package of different services right now.  However, if you access our secondary market research services, we’ll send you a promo code that will give you a discount when you submit your business plan for review.  

Frequently Asked Questions:

  • In each business plan section, we provide tips and examples to point you in the right direction.
  • On the right-hand side navigation bar, you’ll find more resources to help you work through your business plan. You can also download our Cashflow Template here .
  • Have specific questions and want one-on-one help? We understand that writing a business plan can feel like a daunting task. Many of our business strategists are or have been entrepreneurs themselves, so they know the struggle. Contact us for personalized support.

Feel free to submit your business plan to us for review; one of our business strategists will provide feedback and help you with one-on-one support.

Doing market research is an important part of a business plan and I know you offer that service. Is there any way to bundle these services together?

We have teams that are experts in different areas, so it’s tough to create a package of different services right now. However, if you access our secondary market research services, we’ll send you a promo code that will give you a discount when you submit your business plan for review.

Did you have a business plan in the old business plan builder? Unfortunately, after September 30th you can no longer access your Business Link user account to export your business plans, as the account function has been removed. To receive a copy of any plans you had in the original builder, please contact us today and we will be happy to help you.

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  • Business plan guide

What is a business plan and why do I need one?

A business plan is a written document that describes your business, its objectives and strategies, the market you are targeting and your financial forecast. It is important to have a business plan because it helps you set realistic goals, secure external funding, measure your success, clarify operational requirements and establish reasonable financial forecasts. Preparing your plan will also help you focus on how to operate your new business and give it the best chance for success.

Securing financial assistance to start your new business will be directly related to the strength of your business plan. To be considered a viable candidate to receive funds from a financial institution or investors, you must demonstrate that you understand every aspect of your business and its ability to generate profit.

A business plan is more than just something to show lenders and investors, it is also necessary to help you plan for the growth and progress of your business. Your business’s success can depend on your plans for the future.

Listed below are examples of questions to ask yourself when writing your business plan:

  • How will I generate a profit?
  • How will I run the business if sales are low or if profits are down?
  • Who is my competition, and how will we coexist?
  • Who is my target market?

What should be included in a business plan?

Although business plans can vary in length and scope, all successful business plans contain common elements. The following points should be included in any business plan:

  • Executive summary (business description)

Identifying your business opportunity

Marketing and sales strategy of a business plan, financial forecasts of a business plan, other useful documentation, the executive summary (business description).

The executive summary is an overview of the main points in your business plan and is often considered the most important section. It is positioned at the front of the plan and is usually the first section that a potential investor or lender will read. The summary should:

  • Include the main points from each of the other sections to explain the basics of your business
  • Be sufficiently interesting to motivate the reader to continue reading the rest of your business plan
  • Be brief and concise – no more than two pages long

Although the executive summary is the first section of the plan, it is a good idea to write it last – after the other parts of the plan have been finalized.

In this section of your business plan, you will describe what your business is about – its products and/or services – and your plans for the business. This section usually includes:

  • Who you are
  • What you do
  • What you have to offer
  • What market you want to target

Remember that the person reading the plan may not understand your business and its products and services as well as you do, so try to avoid using complicated terms. It is also a good idea to get someone who is not involved in the business to read this section of your plan to make sure that anyone can understand it.

Some of the things you should explain in your plan include:

  • Whether it is a new business venture, a purchase of an existing business or the expansion of an existing business
  • The industry sector your business is in
  • The uniqueness of your product or service
  • The advantages that your business has over your competition
  • The main objectives of your business
  • Your legal business structure (sole proprietorship, partnership, corporation)

You can also include the date the business was registered/incorporated, the name of the business, its address and all contact information.

A strong business plan will include a section that describes specific activities that you will use to promote and sell your products or services. A strong sales and marketing section demonstrates that you have a clear idea of how you will get your product or service into market and can answer the following questions for the reader:

  • Who are your customers? Do some research and include details of the types of customers who have shown an interest in your product or service. You can describe how you are going to promote yourself to potential customers.  
  • How are you going to reach your customers? You should know your customers and the best methods to reach them. Research will help you identify the most effective way to connect with your selected audience, whether it is through the Internet, over the telephone or by in-person contact.  
  • Who is your competition? Once you understand this, you need to research their strengths and weaknesses and use this information to assess potential opportunities and threats to your business.  
  • How are you going to position your product or service? Describe what makes your product or service unique to the market you are trying to target.  
  • How are you going to price your product or service? This information will outline your pricing strategy, including incentives, bulk pricing and/or group sales.

Don't underestimate the importance of this part of your plan. Investors need to know that you and your staff have the necessary balance of skills, motivation and experience to succeed. This section describes the people working in your business and how you plan to manage your activities. Information in this section can include:

  • A brief organizational layout or chart of the business
  • Biographies of the managers (including yourself)
  • Who does what, with a brief job description of each position
  • The needed skills of each position
  • Any other relevant information related to personnel

It is also a good idea to outline any recruitment or training plans, including the cost and the amount of time required.

The operations section of your business plan will outline your daily operational requirements, facility requirements, management information systems, information technology requirements and any improvements you may have planned. This section usually includes information like:

  • Daily operations – descriptions of hours of operation, seasonality of business, suppliers and their credit terms, etc.  
  • Facility requirements – this includes things like size and location, information on lease agreements, supplier quotations and any licensing documentation    
  • Management information systems – inventory control, management of accounts, quality control and customer tracking  
  • Information technology (IT) requirements – your IT systems, any consultants or support service and an outline of any planned IT developments

Your financial forecast turns your plan into numbers. As part of any good business plan, you need to include financial projections for the business that provide a forecast for the next three to five years. The first 12 months of forecasts will have the most details about costs and revenues, so investors can understand your strategy.

Your financial forecasts should include:

  • Cash flow statements – cash balance and the cash flow pattern for the first 12-18 months, including working capital, salaries and sales
  • Profit and loss forecast – projected level of profit based on your projected sales, the costs of providing goods and services and your overhead costs
  • Sales forecast – the money you expect to make from sales of your product or service

Some other things to consider include:

  • How much capital do you need (if you are seeking external funding)?
  • What security can you offer to lenders?
  • How do you plan to repay your debts?
  • What are your sources of revenue and income?
  • Forecasts should be covering a range of scenarios
  • Reviewing risks and developing contingency plans to offset the risks
  • Reviewing industry benchmarks/averages for your type of business

It is important to do your research to find out how your business compares to other small businesses in your industry.

The following sections are not always required, but can enhance any business plan:

  • Implementation plan – this section lists estimated dates of completion for different aspects of your business plan, targets for your business and accomplishments. Appendices – these should include supporting material, such as licences and permits, agreements, contracts and other documentation that support your business plan.

Who should write my business plan?

Your business plan should be prepared by you, the entrepreneur. It is your business and your plan, but do not hesitate to ask for help from your management team, consultants, accountants, bookkeepers, copy editors or other experienced people.  

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Related Topics

  • Business planning success
  • Sample business plans and templates

Top business essentials

  • Business regulations guide
  • Employment regulations: Hiring
  • Financing a business guide
  • Marketing plan outline
  • Starting a business
  • Taxation guide

Multilingual documents

  • Developing a company brochure
  • Consulting a lawyer for your business
  • Setting up a pay system
  • Managing a family-owned business
  • Determining your profit
  • Business structure: Which one is right for you?
  • Naming your business
  • Understanding your business lease
  • Home-based business
  • Choosing and setting up a location
  • Franchising
  • Buying a business
  • Buy a business or start your own
  • Developing your ideas
  • Introduction to market research

Create Your Business Plan

Your business plan is a document that should grow with your business. It should undergo constant revisions as your business evolves and expands.

Navigation:

  • What Your Business Plan Will Do For You
  • Sample Business Plans
  • General Business Planning Help

What Your Business Plan Will Do For You  

  • Be a reality check! It will force you to identify your business strengths and weaknesses.
  • Help you figure out your budget.
  • Provide a clear direction, which can keep you focused and help eliminate stress.
  • Be your timetable for operations
  • Help you coordinate all the diverse activities that go into running your business.
  • Serve as a resume when you seek lenders, suppliers, investors or partners.
  • Ensure you evaluate the market for your product or services and size up the competition.
  • Provide a clear starting point for future business planning.

Sample Business Plans  

Bplans.com This site offers a selection of free sample business plans, as well as articles on business planning. Bplans.com also sells business planning software.

Business Plans Handbook, Gale Publishing This is a database of actual business plans written by North American entrepreneurs seeking financing for their businesses. Includes examples of many start-up business ideas. Access is available through many BC public libraries, made possible by a generous donation from the Sutherland Foundation. Affiliates of UBC can start here .

Center for Business Planning The MOOT CORP® Competition simulated the experience of entrepreneurs pitching investors for funding. Although the competition is no longer held, the business plans presented by MBAs from the best business schools in the world can still be found on the Internet Archive's Wayback Machine.

Templates  

Futurpreneur - Business Plan Writer An interactive, online, tool that allows you to customize your business plan. Includes tips & tricks and can be downloaded to a word, excel or PDF file.

Business Development Canada (BDC) - Business Plan Template This is one of the best downloadable business plan templates. The business plan contains 2 sections, with a glossary and user guide.

Canada Business Site An excellent source for financing, permit, and business planning information. Includes a complete list of useful templates.

SCORE SCORE is a non profit association helping small businesses. Their library includes templates for business plans, SWOT analysis, financial projections and more.

General Business Planning Help  

Small Business BC (SBBC) SBBC is a great place to start for information on BC specific regulations and guidelines, for whatever stage you are in your business development. This is a great post  on the topic.

GoForthInstitute An excellent collection of free resources for entrepreneurs on diverse subjects. Of particular interest are the How-To Guides, templates and samples, and business calculators. They also offer low-cost video training.

Small Business Planner, the US Small Business Administration (SBA) This website includes information and resources that will help you at any stage of the business lifecycle. Watch their series of business planning videos here .

Need information on business research as you write your business plan? Check out our Beginner's Guide to Business Research , or go to our collection of 100+ Industry  Guides for industry-specific research help.

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Planning for success: your guide to preparing a business and marketing plan

This guide is designed to help you put together a comprehensive, strategic and effective blueprint for your business — a foundation for your success!

Your business plan is one of your most important tools in planning for the future of your business. It outlines your vision, what you want to achieve and how you plan to get there. The process of putting this plan together helps you set the course for your business — preparing for obstacles, allocating resources and planning for opportunities. It’s also a living document that should be updated as your business evolves over time.

A good business plan, which includes an effective marketing plan, also presents your business case to the outside world. It is a key factor in attracting and retaining investors and is often the first document lending organizations ask to see. 

So, how do you develop an effective business and marketing plan?

You begin the process by focusing on a few key elements — first, establish your basic business goals. Then, based on sound research, determine what challenges and opportunities your business may face. Next, clearly identify your target markets and competition. And finally, consider and plan all the operational and financial requirements you need to achieve your goals.

Effective business and marketing plans are very thorough, anticipating and answering readers’ questions before they are asked. That’s why developing a good plan can help you better define your goals, ideas and plans in your own mind before you “put pen to paper.” 

There are many steps and details involved in fleshing out a comprehensive and compelling business and marketing plan, so here are some general guidelines to think about as you get started:

  • Involve all of your management team in the process, as well as any legal, accounting, financial or special advisors;
  • Engage the best writer from your management team and stay directly involved yourself in preparing the plan;
  • Emphasize your extensive market research, your vigorous financial analysis, and your management team’s strengths;
  • Keep in mind that you are writing your plan for two audiences: financial partners who will use it as a guide to investing in your business, and you, who will use the plan as a blueprint to launch / grow your business; 
  • Be comprehensive, but concise, in describing your business and its potential — the plan should ideally be between 10 to 40 pages in length; and
  • Use the third person (not ”I”) when writing your business plan.

There are 9 key sections in a standard business plan:

  •  Cover Page
  •  Table of Contents
  •  Executive Summary
  •  Industry Description
  •  Business Description
  •  Opportunities
  •  Production Plan
  •  Marketing Plan
  •  Financials

1. Cover Page

Your cover page introduces your company and your business idea. It should include the following:

  •  The legal name of your business;
  •  Your business and marketing plan title, e.g. “Business and Marketing plan for Smith and Smith, Inc.”;
  •  The date your plan was prepared or modified;
  •  Contact information of the person who prepared the plan — name, address, phone number, fax number and e-mail address;
  •  Any necessary notices, e.g. advising that the plan is confidential, as well as a copy number of the business plan to control distribution;
  •  Your business official trademark or logo; and
  •  Your business website address.

2. Table of Contents

Your business and marketing plan should be clearly laid out and easy to use, so it’s a good idea to include a full table of contents listing all key sections, and number all document pages. That makes it fast and easy for readers to access the sections they want.

3. Executive Summary

While the Executive Summary is the first part of any business and marketing plan a reader sees, you may want to write it last. Leaving it until the end will allow you to better focus, refine and polish your key messages after you’ve finished the bulk of the work.

The Summary is ideally just one page long — two pages maximum — as it is only intended to provide an overview. While concise, it should also pique the reader’s interest enough to read the rest of the plan with an even keener eye. If your Executive Summary has done its job, the reader will continue reading and get the full story of your business idea.

Here are some areas that should be addressed in your Executive Summary:

  • Introduce your business — what it is, what it does, how it does it, who manages it, location, its markets and competition.
  • Provide a mission statement and vision statement which outline what your goals are and where you want to be in five years.
  • State if the business is a sole proprietorship, partnership, or corporation;
  • Indicate the business opportunity, expected growth rate and potential for good return on investment (details will be in the main document);
  • Declare the total financial requirements of the business, funding sources and indicate repayment schedules (again, details in the main document); and
  • Give brief outlines of your operational and marketing plans.

It’s a good idea to use strong, positive language, ending with a declarative sentence that answers the question, “Why should I invest in this business?”

4. Industry Description

This is where your in-depth research and understanding of your industry will be showcased. Within the detailed description of what your industry looks like right now, you should include the following:

  •  The size of your industry and how many sectors it includes;
  •  Key information on industry markets, demographics and niche areas;
  •  Who the major players are in your industry — your competition;
  •  The suppliers and/or distributors in your industry, if applicable;
  •  Key industry and economic trends affecting your industry;
  •  Any social, cultural, environmental or geographical factors that impact your industry;
  •  What certifications (e.g. ISO), insurance and industry regulations are required;
  •  An outline of government regulations affecting your industry; and
  •  The overall growth potential of your industry.

Now you can demonstrate that you’ve analyzed the risks and know where your business fits in this industry. Points to include here should include:

  • What sector of the industry you plan to enter or expand into;
  • What will distinguish you from any competition in this area, i.e. what’s your competitive edge;
  • Who your direct and indirect competitors are and their anticipated reactions to your new enterprise; and
  • A detailed analysis of any other potential obstacles/risks.

You may also want to identify weak links and/or difficult issues, and include any appropriate contingency plans in your industry description.

5. Business Description

In this section of your business and marketing plan, you describe your business and explain why investors and lenders should be interested in getting involved in your business idea. Here are some suggestions:

  •  Your products and/or services;
  •  Your facilities and assets;
  •  The history of why and how your business came to be, including any milestones;
  •  Your success factors (what you do really well) and your niche in the industry;
  •  Your sales volume (existing and projected); and
  •  Any innovative products, services, processes and/or ideas being developed.
  •  Owners and managers: who they are and what strengths they bring to the business in terms of experience and expertise; 
  •  Staff: how many, what skill sets and experience they possess;
  •  The positions and responsibilities of each of the above;
  •  Plans for training and expanding staff as your business grows;
  •  Your professional advisors: lawyers, accountants, bankers, consultants, mentors; and
  •  Your Board of Directors or Advisory Board (if applicable) and what business experience they offer.

You may add an organizational chart to illustrate how your staff is, or will be, organized, as this sample shows:

business plan template ontario

Description of graphic

6. Opportunities

This is the part of your business and marketing plan where you promote your business concept, your vision for the future and why your enterprise will succeed. 

In a clear, concise and positive manner, base your statements on facts and address areas of interest to potential investors, such as:

  • Why the market will buy your product and/or service;
  • How large the market is and how much you expect to capture; and
  • What the future prospects are for your product and/or service.

When addressing these issues, do not hesitate to use as much research and data as possible to describe and promote your product or service, including:

  • Why your targeted market wants or needs your product and/or service;
  • What innovative features and compelling value your product and/or service offers;
  • How your offering is better than that of your competition;
  • If you are selling something new, whether it is protected by patent, copyright, or other legal means;
  • How your product and/or service will have longevity in the marketplace (will it soon become obsolete); and
  • What your plans are for modifying or updating it in the future.

7. Production Plan

Regardless of which industry you are in, it is essential that you demonstrate a thorough grasp of how to manage business operations in a cost-effective manner. You are offering a product / service to a target market and it takes careful planning to deliver quality on time and on budget.

This part of your business and marketing plan should include information about:

  • The location and size of your facility, including floor plans;
  • Your facility’s capacity for materials and equipment, percentage being used and how long that will last;
  • Whether you lease or own the facility and equipment;
  • Your proximity to suppliers, if applicable;
  • The quality of your machinery and equipment (is it the best available technology and does it meet industry standards);
  • Your access to transportation;
  • Any future considerations for expansion or moving; and
  • Any renovation considerations and associated costs.
  • The number and reliability of your suppliers;
  • Whether you have adequate storage facilities for materials;
  • Any regulations or permits for supplies / materials; and
  • Any risks associated with materials and supplies, i.e. customs regulations, transportation concerns, environmental issues.
  • Your number of employees, including past, present and future projections;
  • An organizational chart showing how your staff is organized;
  • The skills, training and experience required of your employees, including the cost of training; and
  • What compensation and benefits you provide each position, including all salaries, wages, overtime, and/or fringe benefits.
  • The industry standards for production, e.g. ISO requirements, environmental, health and safety standards, etc.;
  • Any relevant government regulations, e.g. environmental safety, hazardous material handling, insurance etc.; and
  • If you are starting a new business, how long it will take to acquire facilities, equipment and personnel before setting up your operations and completing your first production run.

8. Marketing Plan

Your marketing plan is a crucial component of the larger business plan. Here you describe your product and/or service in detail, emphasizing its unique or innovative features. Then you outline your strategic plan for selling your offering within your target market.

Here is a list of elements you should look to cover in this section:

  • Describe your potential market and your target customers.
  • With all forecasts, remember to include assumptions (interest rates, economic trends, inflation, etc.) that support your estimates.
  • Estimate your total potential market (i.e. your number of potential customers and your immediate target market), supporting these estimates with factual data.
  • Define your competitive advantage and how your offering satisfies the needs of this market.
  • Estimate the growth potential of your immediate market and possible future markets, including national and international markets.
  • Include your estimated market share (see sample chart, page 9).

Competition

  •  Identify your major competitors: who they are, where they are located and their market share.
  •  Identify any indirect competition.
  •  Compare your product and/or service with that of your major competitors, e.g. brand name, quality, image, price, etc.
  •  Compare your company to major competitors, e.g. reputation, size, distribution channels, locations, etc.
  •  Assess the degree of difficulty for your competition to enter your target market.
  •  Describe what you have learned from watching your competition.
  •  Determine whether competitors’ sales are increasing, decreasing or remaining steady, and why.
  •  Describe how technology impacts your product and/or service.
  •  Consider how new and emerging technologies will impact your product and/or service, and when investment in new technology may be required.
  •  Describe how your company can adapt quickly to change.

Socio-political environment

  • Describe changing attitudes and trends.
  • Assess how flexible and responsive your firm can be.
  • Consider laws and regulations that may affect your business, and what the financial impact might be.
  • Include other situational factors that will affect your marketing plan, such as regulatory changes, access to venture capital, trade barriers, world economic issues.

You should also:

  • Identify problems or potential problems, as well as opportunities, that affect your business idea, and state what you will do about them.
  • Outline your business objectives in precise, measurable terms. Make sure you can quantify your targets.
  • Outline how you will reach your objectives – steps you will take in planning, production and marketing to meet your targets.
  • Ensure that you have taken into account the previously-mentioned problems and opportunities, and have considered potential reactions of your competitors.

Your action plan

Here is where you address the four “P”s of marketing: product, price, promotion and placement (distribution). Be prepared to explain:

  • Your product or services — describe the quality, branding, packaging, modification, servicing of your product and the location of your service;
  • Your prices — describe how you will price your product or service so that it will be competitive, yet profitable;
  • Your promotion plans — describe how, where, when you will advertise and promote your offerings; and
  • Your placement/distribution methods — describe where people will buy your product or have access to your service. Outline your selling methods and sales force: personal selling, mail-order, online. Include the number of salespersons and training required, etc.

Sales projections for the next five years (including optimistic, pessimistic and realistic projections, as well as assumptions) should also be included.

9. Financials

Considerations.

The financial section of your business and marketing plan is all about the numbers. Investors are looking for accurate and understandable information that will clearly show them the bottom line.

With this in mind, you want to present your business idea as an attractive investment opportunity, so the following are some suggestions for items that should be listed in this section: 

  •  The total amount of required funding for your business;
  •  Your use of funds, e.g. equipment, renovations, inventory, working capital;
  •  Your sources of funds, e.g. owner’s investment, mortgage and/or term loans;
  •  The projected date when lenders can expect repayment;
  •  Any liability limits and insurance coverage necessary to handle environmental and other risks;
  •  Your projected return on investment;
  •  Economic assumptions (inflation, economic trends, interest rates) that affect your estimates and forecasts; and
  •  An approximate timeline for return on investment.

This section is where you present the dollar details of your business via standard financial statements and charts. Include financial information in statement, chart or table format, as illustrated in the following samples.

Market Share 

Market share is determined by dividing a firm’s sales by total annual market sales.

Sales of ABC Company ($50,000) account for approximately 17% of total market sales ($295,000).

To determine the sales volume of each firm, you should contact suppliers, retailers, trade associations or others who may be in a position to help you form an estimate. Other sources of information include:

  • annual reports for each company;
  • government reports on industry, market trends, etc.;
  • trade publications or journals; and
  • www.strategis.ic.gc.ca , an on-line business and consumer information service.

You may find it useful to display market share values in a pie chart like this: 

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Description of Graphic

Breakeven Analysis

The breakeven analysis determines at which sales volume your firm will start making money. The Breakeven Formula is: fixed costs (costs that must be paid whether or not any units are produced) divided by variable costs (costs that vary directly with the number of products produced, e.g. materials, labour used to produce units, percentage of overhead).

A breakeven analysis is most clearly illustrated in a chart such as the one shown below. You may use the breakeven analysis to determine how changes in price and sales level, or cost increases or decreases will affect profitability.

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Return on Investment

Return on investment (ROI) indicates the efficient use of the firm’s assets. It also allows comparison of businesses with different capital structures. The following formula is used to calculate ROI: 

ROI = Net Income + Interest (to remove the effect of borrowed funds) divided by equity.

Cash flow reveals whether a company will have enough money to meet its needs on a monthly basis.

If you are proposing the expansion of an existing business, a cash flow statement will detail the actual cash flow for a specified past period (normally a year), so you will include the receipts or disbursements that are appropriate for your business, as well as cash receipts for each month. 

A cash flow forecast, on the other hand, will detail anticipated monthly inflows and outflows of cash for a future period of time. New start-ups would provide a cash flow forecast only. Some things to keep in mind when preparing your cash flow forecast or statement:

Recording sales  — some sales will be made in cash while others may be made on credit. Because sales made on credit will not result in the receipt of cash until a later date, they must not be recorded until the month in which the cash will actually be received. Therefore, the percentage of sales to be made in cash and the percentage to be made on credit must be estimated. The percentage of credit sales should be further broken down according to the business’s different collection periods (30 days, 60 days, etc.).

Loan proceeds  — when a deficit appears on the final line, the amount of the deficit will need to be borrowed. Record the amount appearing on the deficit line on the loan proceeds line; then change the deficit to zero. This shows investors when you will have a cash shortage that will require you to borrow additional funds.

Accounts Payable —  accounts payable must be broken down according to your supplier’s terms of payment. For example, items purchased in January may have to be paid in 30 days or 60 days — meaning that the actual cash disbursement would not occur until March and April respectively. Accounts Payable amounts are recorded in the month they will actually be paid.

Here is a sample cash flow forecast for a six month period:

The Income Statement

The income statement is a financial statement that reveals whether a business has earned a profit or has suffered a loss after a specified period. An income statement may also be referred to as a “profit and loss statement” or an “operating statement”. A “Pro Forma Income Statement” is used to show how things will be under given conditions rather than how they are at present. An income statement usually includes the following:

  •  The  legal name  of your business;
  •  The  end date  of the period covered;
  •  Your business  revenue  (i.e. proceeds from your sales of goods and services, after deducting returns, allowances and discounts);
  •  The  cost of goods  sold (i.e. the cost of materials and labour actually used to manufacture your product or to provide your service, including subcontracting or cost of goods purchased for sale);
  •  Your  gross profit  (i.e. your revenue minus cost of goods sold);
  •  Your  expenses  including all selling, administrative and financial expenses, such as sales personnel, salaries and commissions, promotion, advertising, rent expense, telephone, clerical staff, management, accounting, utilities, office supplies, depreciation on assets, interest payment, insurance, professional fees, vehicle and travel expenses, etc.;
  •  Your  net income before taxes  (i.e. your gross profit minus expenses);
  •   Less: Income taxes  (i.e. your tax rate multiplied by net income before taxes); and
  •  Your  net income  (loss) (i.e. your net income before taxes minus income taxes).

 Here is a sample income statement:

Balance Sheet

The balance sheet is a “snapshot” of what you own and what you owe. A “pro forma balance sheet” shows how things will be under given conditions rather than how they are. A balance sheet follows a standard format, including the legal name of your business, relevant dates, assets, liabilities and owner equity; however, it may contain additional items depending on circumstances relating to the business for which it is prepared.

Here is a sample balance sheet:

If you still need help preparing your business plan, call 1-888-576-4444 to contact the Business Information Services centre of the Atlantic Canada Opportunities Agency.

ACOA's Business Information Services also offers a series of business plan templates.

Click here to view adresses and contact information for the ACOA office nearest you .

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business plan template ontario

Business Plan Tools for Producers

A business plan is like a road map. It helps you define your ag operation’s core objectives and build a detailed plan for how to achieve them. 

We want to help make writing your business plan easier. The FCC business plan bundle was designed specifically for farm operations and anyone involved in Canadian agriculture.

business plan template ontario

The bundle includes:

Business plan guide with instructions and resources

Blank business plan template

Sample business plan

There's a lot involved in writing a business plan, but it’s a worthwhile investment. It can help secure financing from a lender, attract investment or act as an internal guide, keeping your management team focused on the same goals.

Analyzing cash flow drivers

Assessing your liquidity

Assessing your management ability

Building and sensitizing financial projections

Creating an organizational chart/job description

Financial Asset Analysis

Foundational financial ratios

Net worth template

FCC Knowledge Newsletter

Bringing our best business management content to your inbox.

Get a clear picture of your finances.

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Appendix 4 - Developing a Law Firm Business Plan

Developing a law firm business plan.

The following worksheet leads you through each of the categories of a basic law practice business plan. Although the practice of law is a profession… law practice is a business. Careful planning increases the opportunity for a successful practice without the unanticipated surprises that cause practices to fail.

  • Description of the Law Firm [brief summary paragraph]
  • Firm Goals and Strategy [brief statement]  
  • Partners and Key Staff [brief statement]  
  • Practice Areas and Specialties [brief statement]  
  • Unique Characteristics of the Firm [brief statement]  
  • Types of Clients to be Served [brief statement]
  • Firm Economics and Profitability [brief statement]  
  • Financing Requirements [brief statement]  
  • The local Economy and the Need for Legal Services [detailed analysis – may be additional pages]  
  • The Firm’s Marketing Plan [detailed analysis – may be additional pages]  
  • The Firm’s Practice Areas [detailed analysis – may be additional pages]  
  • The Firm’s Start-Up and Growth Strategy [detailed analysis – may be additional pages]  
  • Current and Potential Clients [detailed analysis – may be additional pages]  
  • Market Size and Trends [detailed analysis – may be additional pages]  
  • Competition – Other law firms [detailed analysis – may be additional pages]  
  • Future Practice Areas [detailed analysis – may be additional pages]  
  • Overall Marketing Strategy [detailed analysis – may be additional pages]
  • Billing Rates and Alternative Billing Policies [detailed analysis – may be additional pages]
  • Client Service Initiatives [detailed analysis – may be additional pages]
  • Advertising and Solicitation Plan [detailed analysis – may be additional pages]

[detailed analysis – insert chart or spreadsheet]

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Ontario Creates is a Crown Agency of the Province of Ontario, established under the Development Corporations Act. As a classified agency, reporting to the Minister of Tourism, Culture and Sport, Ontario Creates files annual Business Plans with the Ministry detailing program goals, strategies and financial plans for the fiscal year. The Business Plan is an internal document which, once approved by the Minister, is posted on Ontario Creates’s website as part of Ontario’s Open Government initiative.

  • 2023-24 Business Plan (opens new window)  
  • 2022-23 Business Plan (opens new window)  
  • 2021-22 Business Plan (opens new window)  
  • 2020-21 Business Plan Addendum (opens new window)  
  • 2020-21 Business Plan (opens new window)  
  • 2019-20 Business Plan (opens new window)  
  • 2017-18 Business Plan (opens new window)  
  • 2016-17 Business Plan (opens new window)  
  • 2015-16 Business Plan (opens new window)  
  • 2014-15 Business Plan (opens new window)  

Information about Ontario Creates programs and services, including Annual Reports, can be found in the applicable sections of this website.

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    Free business plan template Prepare a professional business plan that will guide your business and increase your chances of getting financing. Download A solid business plan can be an essential tool for companies at all stages from start-ups to mature firms. Chad Fryling Entrepreneur-in-Residence, Futurpreneur Canada

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    Cash Flow Templates Do you plan on asking for funding for your small business? Access the cash flow template you need to go with your funding request. Download Templates Frequently Asked Questions: Is there a time limit to complete my business plan? Should I complete all the sections in order? Can I duplicate my business plan?

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    It is important to have a business plan because it helps you set realistic goals, secure external funding, measure your success, clarify operational requirements and establish reasonable financial forecasts. Preparing your plan will also help you focus on how to operate your new business and give it the best chance for success.

  12. Create Your Business Plan

    An interactive, online, tool that allows you to customize your business plan. Includes tips & tricks and can be downloaded to a word, excel or PDF file. Business Development Canada (BDC) - Business Plan Template This is one of the best downloadable business plan templates. The business plan contains 2 sections, with a glossary and user guide.

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    2.1 Community Profile (environment that the business will operate in - could be physical territory attributes) 2.2 Personal Resume (re-enforcing skill set required to make the business work) 2.3

  14. Planning for success: your guide to preparing a business and marketing plan

    If you still need help preparing your business plan, call 1-888-576-4444 to contact the Business Information Services centre of the Atlantic Canada Opportunities Agency. ACOA's Business Information Services also offers a series of business plan templates. Click here to view adresses and contact information for the ACOA office nearest you.

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    Ownr Blog > > Best Small Business Plan Template For 2024 in Canada By Ownr Team • Read Time: 4 minutes Updated on: Feb 7, 2024 Looking to start a small business in Canada - in 2023 or beyond? Or maybe you're more of a startup founder. In either case, the best way to begin is with our free business plan template. Here's how to get going.

  16. PDF A practical guide to help you develop a business plan

    Need assistance call 1-888-303-2232 CBDC Business Plan I 1 Contents Table of Contents • Getting Started 2 • Studying the Market 3 • Planning a Business 4 • The Business Plan 5 - Introduction 6 - Ownership and Management 7 - Financial 8 - Market Summary 10 - Personnel Requirements 12 ...

  17. Free downloadable business plan template

    Sample business plan. Download bundle now. Bundle includes: Word documents and pdfs. By accessing, downloading, and using the FCC Business Tool Template, you acknowledge and agree that any use of the materials and their contents is entirely at your own risk. It does not replace independent financial, business, or legal advice.

  18. Simple Business Plan Template (2024)

    Our simple business plan template covers everything you need to consider when launching a side gig, solo operation or small business. By following this step-by-step process, you might even...

  19. Developing a Law Firm Business Plan

    Developing a Law Firm Business Plan. The following worksheet leads you through each of the categories of a basic law practice business plan. Although the practice of law is a profession… law practice is a business. Careful planning increases the opportunity for a successful practice without the unanticipated surprises that cause practices to ...

  20. PDF Annual Business Plan 2022-23

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  21. Summer Company Business Plan Template

    The form is a business plan template, for Summer Company, a program of the Government of Ontario which provides mentoring and awards of up to $3000 to enterprising students between the ages of 15 and 29 years. All applicants must complete the business plan template as part of their application to the program. Need help downloading or filling forms?

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    2022-23 Business Plan 2021-22 Business Plan 2020-21 Business Plan Addendum 2020-21 Business Plan 2019-20 Business Plan 2017-18 Business Plan 2016-17 Business Plan 2015-16 Business Plan 2014-15 Business Plan Information about Ontario Creates programs and services, including Annual Reports, can be found in the applicable sections of this website.