Why is writing a business plan important for a new business in Ontario?

A business plan helps clarify your business goals, target market, financial projections, and strategy. It increases your chances of success, helps secure funding, and guides decision-making.

What are the key components of a successful business plan?

A successful business plan includes an executive summary, business description, market analysis, marketing strategy, operational plan, management structure, and detailed financial projections.

How do I write a business plan that will actually get results?

Focus on clarity, realistic goals, actionable steps, and measurable milestones. Tailor your plan to your audience, whether investors, lenders, or your internal team, and update it regularly as your business grows.

Do I need a business plan to start a small business in Ontario?

While not legally required, having a business plan is highly recommended. It helps organize your ideas, ensures you understand your market, and provides a roadmap for growth and funding.

How long should a business plan be?

A business plan should be long enough to cover all essential details but concise enough to be clear and actionable. Typically, 10–20 pages is a practical range for most small businesses.

What mistakes should I avoid when writing a business plan?

Avoid unrealistic financial projections, vague goals, ignoring market research, overcomplicating your plan, or failing to update it as your business evolves.

Can a business plan help me secure funding in Ontario?

Yes. Lenders, investors, and grant programs often require a detailed business plan to evaluate your business model, financial projections, and growth strategy before providing funding.

How do I conduct market research for my business plan?

Market research includes analyzing competitors, understanding customer needs, assessing market trends, and identifying your target audience. Use surveys, online tools, and industry reports for accurate insights.

What financial details should I include in my business plan?

Include startup costs, projected income statements, cash flow forecasts, break-even analysis, and funding requirements. Accurate financials help guide decisions and attract investors or lenders.

Do I need to update my business plan regularly?

Yes. Updating your business plan regularly ensures your strategy, financial projections, and market analysis stay current, helping your business adapt and grow effectively.

Can a simple business plan work for a small startup?

Absolutely. For small startups, a concise plan focusing on goals, target market, finances, and action steps is often sufficient. The key is clarity and usability rather than length.

Should I include a marketing strategy in my business plan?

Yes. A marketing strategy outlines how you will reach your target customers, your pricing, promotion channels, and sales tactics, helping demonstrate your plan to grow revenue.

What is the easiest way to create a business plan without getting overwhelmed?

Use a structured template or guided service that walks you step-by-step through each section. This approach simplifies the process, keeps your plan organized, and ensures nothing important is missed.

How to Write a Business Plan (That Actually Works)

Natalie Paquette
Sep 1
4 min read

a mock up of a business plan on paper with highlighters and a phone from aerial view

Thinking of starting a business? Or maybe you're looking to grow the one you already have?

Either way, one thing's for sure: you need a business plan.

Now, before your eyes glaze over — this isn't just about making a 30-page document for investors. A business plan is your roadmap. It helps you get clear on your vision, make smarter decisions, and keep moving forward when things get messy (which, let's be real, they will).

Whether you're building an empire or launching a side hustle, here's everything you need to know about writing a business plan that actually works.

What Is a Business Plan, Really?

A business plan is a written document that outlines:

What your business does
Who your customers are
How you'll make money
What you need to succeed
How you'll grow

It doesn't need to be fancy. It just needs to be real, clear, and actionable.

Why You Need a Business Plan

Clarity: Know what you're building and why.
Focus: Stay on track with your goals and priorities.
Funding: Most banks, investors, or grant programs will want to see a solid plan.
Growth: A plan gives you measurable targets and a way to track progress.

Even if no one else reads it, a business plan helps you understand your business better.

Key Sections to Include in Your Business Plan

Here's a simple, no-fluff structure that works for most businesses:

1. Executive Summary

A high-level overview of your business. Think of it like a quick elevator pitch:

What do you do?
Who do you help?
What's your mission?
Where are you headed?

Tip: Write this last, after everything else is done.

2. Business Description

Your business name, location, and structure (sole prop, corp, etc.)
The products/services you offer
Your unique value proposition — what makes you different?

3. Market Research

Show that you understand your space:

Who is your target market?
What are their needs, challenges, habits?
Who are your competitors, and how do you stand out?

Use real data, not guesses. Google, StatCan, and customer surveys are great places to start.

4. Marketing & Sales Strategy

How will you attract and retain customers?

Branding and messaging
Marketing channels (social media, ads, word of mouth, etc.)
Sales funnel — how do people find you, buy, and come back?

5. Operations Plan

This is the "how" of your business:

Day-to-day workflow
Team structure (or plans to hire)
Suppliers, tech tools, physical locations, etc.

6. Financial Plan

Numbers matter. This section includes:

Startup costs
Revenue projections
Expenses
Break-even analysis
Funding needs (if any)

Be realistic. If you're not sure where to start, a simple spreadsheet with estimates is a great place to start.

7. Appendices (Optional)

Add any supporting documents like:

Market research reports
Product photos
Legal agreements
Licenses or permits

Tools & Templates

Don't want to start from scratch? There are tons of free templates out there (including from the BDC and Government of Canada), and we've even included one for you down below.

Just make sure you adapt the one you use to reflect your business and voice.

One-Page Business Plan Template

Business Name:

Your business name goes here

Business Overview:

What do you do? Who do you help? What problem are you solving?

Mission Statement:

Your big "why" — the purpose behind your business

Products/Services:

List your main offerings

Target Market:

Who are your ideal customers? (demographics, needs, pain points)

Unique Value Proposition (UVP):

What makes your business different or better than competitors?

Marketing & Sales Strategy:

How will people find out about you, and how will you convert them into paying customers?

(e.g. social media, email, partnerships, ads, SEO, referrals)

Revenue Model:

How does your business make money? (product sales, subscriptions, services, etc.)

Startup & Ongoing Costs:

A basic breakdown of what you need to launch and keep it running

Financial Goals (12 months):

Revenue target: $________
Monthly expenses: $________
Profit goal: $________

Operations Plan:

Who's involved? What tools, systems, or suppliers will you use?

Key Milestones:

What are your primary goals for the next 3, 6, and 12 months?

Business Plan Writing Checklist

✅ I've defined what my business does in one clear sentence

✅ I know exactly who my ideal customer is

✅ I understand my industry and main competitors

✅ I can explain what makes me different

✅ I have a basic marketing plan (how I'll attract customers)

✅ I've listed what I'm selling and how I'll make money

✅ I've estimated my startup and monthly costs

✅ I've set revenue and profit goals for the year

✅ I know what tools, systems, and people I need to operate

✅ I've set at least 3 milestones to hit in the next 12 months

✅ I feel confident pitching my idea in 60 seconds or less

Final Thoughts

A business plan doesn't have to be perfect. It's a living, breathing document that evolves as you do. The real power lies in thinking through your business — not just writing it down.

So, whether you're pitching to investors or just trying to get out of the idea stage, take the time to plan it out. Your future self (and your bank account) will thank you.