{"id":1605433,"date":"2026-03-26T10:32:34","date_gmt":"2026-03-26T09:32:34","guid":{"rendered":"https:\/\/lexpress-franchise.com\/en-ca\/articles\/creating-business-plan-steps-requirements\/"},"modified":"2026-03-25T11:58:37","modified_gmt":"2026-03-25T09:58:37","slug":"creating-business-plan-steps-requirements","status":"publish","type":"post","link":"https:\/\/lexpress-franchise.com\/en-ca\/articles\/creating-business-plan-steps-requirements\/","title":{"rendered":"Creating a Business Plan: Steps and Key Requirements"},"content":{"rendered":"\n

Starting a business requires more than just a good idea. A business plan is a comprehensive document detailing all aspects of your business. For Canadian entrepreneurs, a business plan is also a typical requirement for obtaining funding from banks, government programs and investors. <\/strong><\/p>\n\n\n\n

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What Is a Business Plan, and Why Does it Matter?<\/h2>\n\n\n\n

A business plan is a detailed roadmap spelling out all aspects of your business<\/strong>, from your strategy and operations to pricing models, market analysis, and positioning. <\/p>\n\n\n\n

A living document, a business plan is an important tool at all stages of your business<\/strong> (including all types of businesses, from a small franchise<\/a> to a larger corporation). In the earliest stages of launching a new company, your business plan will inform how you bring your organization to fruition<\/strong>, from your mission to your plan to attract clients or customers. Banks and investors will generally want to see your business plan <\/strong>before deciding to loan your business money or invest in your concept. And whether or not you need funding, numerous studies<\/a> have found that early-stage companies who take the time to formally document their plans are more likely to achieve viability. <\/p>\n\n\n\n

Business plans are important even for established organizations<\/strong> because they are a roadmap for ensuring that growth is aligned with your business objectives, and that you are prepared to navigate market changes and other factors that may affect your company.<\/p>\n\n\n\n

What makes a great business plan<\/h3>\n\n\n\n

While there is no standard business plan template<\/strong>, there are some basic things most business plans include. Also called the \u201clean startup format,\u201d a simple business plan can be as short as one page<\/strong>, consisting of the following details:<\/p>\n\n\n\n