Unlock the Power of eSignature Licitness for Startup Business Plan in Canada

How to eSign a document: eSignature licitness for Startup Business Plan in Canada

thank you for tuning in to the Canada startups video series if you follow the video series you will know that we have so far discussed the importance of business plans how writing a business plans is one of the more crucial components to small business success but not everyone feels the same way when it comes to starting a business in Canada thousands of small business owners just start and are successful sometimes it's all you need some businesses are simple some people are lucky and it's a great combination but not everyone can all for that matter should take the risk of just starting without planning in fact 78 of small business owners fail within the first year due to lack of planning or lack of a business plan you definitely don't want to be in that boat but let's take a look and see in the next few minutes together if you really need a business plan to start for your type of business or if you are going to be destined for failure before we get to discussing if you can do without a business plan when starting your business let's first go over a few key points as to why you need to have one it is important to know that writing a business plan is not mandatory it is optional but it truly an effective way to ensuring that you plan for your success think about it like this if you are taking a family trip do you just buy the plane tickets and go maybe if you're feeling a bit crazy but most people if they want to have a great fun-filled vacation we'll plan the trip the hotels where they will stay the activities that they will do book a few restaurant reservations in advance and simply be aware of what to expect the same goes for a business plan as you try to start your business planning is crucial it will help you prepare for the unexpected and ensure that you have all that you need to succeed there are plenty of reasons why you may need a business plan if you are just starting out the plan is like a road map it will take you through the process and it will get you thinking about all of the ins and outs of your business if you are looking for money from Banks investors or government agencies your plan is a must-have these lenders will always want to see your business plan before they consider you for any funding on the other hand you may also be planning to find a business partner it's always best to share a business plan that explains your business model in detail with a potential partner you want to be on the same page after all and the best way to explain your idea is via a business plan with so many small businesses failing within the first year of business due to lack of planning that should be a red flag for you take the time you need develop your plan and feel at ease knowing that you've taken the proper steps now not every business type may need a plan so let's review that it is often said that a business change is nearly 100 from your planning stage to when you actually launch your business this is very true as assumptions in planning a business are only assumptions based on the research you do as you prepare your idea for the real world the real world on the other hand is harder to prepare for but those with a business plan can often redirect and rework their idea in ance to the needed changes and adjustments to fit the real world those without a plan have to do the same but with no plan to go off of while it is recommended that everyone has a plan in place some business ideas May simply not need one you may think you don't need a plan especially if you have already started your business or are making money if that is the case and you are seeing success you are good to move forward but it is still a good idea to plan for the future if however you are running a test trying to determine your audience seeing if your website will work or trying to collect data you might not need a business plan just yet at least not until the test is over testing the waters or doing a trial and error run is a good way to collect crucial information to help you better understand the market prior to launching your business this in combination with a properly written plan thereafter can have wildly successful results for your business a lot of businesses are seasonal some are spontaneous and some of the best inventions or ideas happen this way and some business ideas are so short-term that a plan simply isn't needed let's say you have a special skill you want to turn into a business for three months planning for it and spending six months to put together a business plan may not be ideal but if you can just jump into it for the short term amount of time you have available and make some money it is a perfect example why a plan isn't needed that's not to say you shouldn't plan for it but perhaps a formal plan is not required not having time is also a factor why one might decide not to write a business plan nobody has unlimited time and when it comes to entrepreneurship there simply isn't enough time in a day that being said some businesses really do need to be planned but with some especially some of those quick sale ideas have to happen when you think about it think about the pandemic that just passed us many businesses started creating masks and protective gear within a matter of 30 days after being allowed the market needed it the demand was there no business plan was prepared in most cases as there wouldn't be enough time to get it all out there so a true trial and error test a common strategy that often sees a 50 50 result is to start the business first and plan later this works in some cases but not all the entire point of planning your business is so that you know what to expect but unfortunately not everyone has the time as mentioned or the know-how of what to put in a business plan after all how can you plan your business if you don't know what will happen in the real world well this is why research is a crucial step of the startup process research to help you determine who your audience is where your Market is how much you should price your products or Services how much things will cost and so on starting a business is a serious task shortcuts should not be taken as in the long run it does not end well now you may get lucky and all the little gimmicks the shortcuts and the lack of planning may work out for you but statistics speak for themselves and over 78 of small businesses fail in the first year due to the same problems if you truly must start first and plan later as per some of the scenarios we discussed previously it is important to at least try and pinpoint a few crucial points as soon as you can these points as shown here will be to determine your audience and Market no matter how Limited in time you are or if your business is short terms or not planning for your audience and Market is the very minimum you can do if you will spend money on promoting yourself you want to Target the Right audience as well as the right Market let's say you have a seasonal business and rely on heavy snow to teach people how to snowboard last thing you want to do is start advertising everywhere targeting everyone instead know your audience and determine who will be the right fit for that specific product or service you offer this will help you focus your ads get you better results and help you succeed the other thing to consider briefly is the costs don't just jump into a business and not know what to expect plan your costs the initial startup costs can you cover them the ongoing monthly costs thereafter will you have the funds prepare for the unexpected and have the capital in hand or have access to if you need it don't get stuck in a situation where you have no money and have to wait to get it by that time it may be too late lastly be sure to Define your risk scenario what are the risks with your business list them and briefly explain them this way if that risk does become true you will know how to overcome it planning a business no matter if you write a formal business plan or not should be done preferably before you start the business but if you can't at least cover the basics as we come to the end of the video I hope you've come to a realization that you really should write a business plan for your business but it's not mandatory A business plan is a tool that helps protect you and prepare you for the unexpected it is there to help to get you thinking more in depth about your business idea and plan for a better future some business types may not need one but it doesn't mean that you shouldn't take the time to carefully plan certain aspects of the idea anyways be sure to tune in to our next video in this series as we close off the business planning chapter and show you a few ways that you can get your business plan written with ease