The Importance Of A
Business Plan S
imone Vanessa is a self-titled brand
based in Toronto. The brand that takes pride in finding ways to share and preserve stories through creation. Learning to sew at the age of 7 sparked my drive to continue exploring the industry. After establishing my business in 2013, I went on to graduate from George Brown College’s ‘Fashion Designs & Technique’ program in 2017. After graduating, I then took multiple entrepreneurship courses in Toronto, inciting a passion for entrepreneurship and teaching within the community.
When I was first introduced to a business plan, I found it overwhelming, confusing and intimidating. Once I was able to break down sections and understand elements, I uncovered its value. I am writing this article for folks who have felt the same way or feel the need for motivation to incorporate one into their business. As entrepreneurs, it is easy to become sidetracked when cultivating new ventures. Business planning reminds us of our ‘why.’ Our ‘why’ is what keeps us pushing; the sole reason the business was started; the heart and lungs of the business. Business planning allows you to have a complete in-detail overview of your business. It is a document that states all internal and external goals alongside strategies on how to accomplish them. Business plans are not set in stone and can be changed or adapted at any time. With that being said, please do not feel pressured to make it perfect the first time you write it. Before jumping into a business plan, consider starting with a Business Model Canvas (BMC). A Business Model Canvas is a one-page document that goes over the fundamentals of a potential business or product. It is a simple, straightforward, structured document that helps give a clear overview of your concept. Business models cover cost structure, customer relations, revenue streams and key resources (Free templates can be found on google). As entrepreneurs, we know there is always room for improvement. Having a clear, detailed overview allows us to make amendments based on social, economic, or personal changes. Think of it as a working guide to your business.
Setting milestones is essential. A milestone could be reaching a defined sales level, obtaining a marketing team, or owning a storefront. When curating milestones, consider a 3-5-year SMART
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