Document your project and develop a business plan

As the architect of your business, it's up to you to draw up the plans. Writing up a business plan is an objective way to see if all the elements are there to ensure the success of your project.

Being in business means also being part of a team. You'll need the support of lenders, partners, government workers and suppliers. Your business plan will allow you to give each one a precise idea of how you see it all coming together.

Before meeting your Desjardins advisor, be sure to document your project and write up your business plan. You'll also need to learn about rules and regulations for new businesses.

Produce your financial statements

Your business plan will include your new company's projected financial statements. These must reflect the plans you have for your business.

You'll need to prepare the following documents:

  • Your personal balance sheet
  • Your resume
  • Project costs and financing
  • Opening balance sheet
  • Two-year projected cash flow budget
  • Projected profit and loss statements for 3 years according to various scenarios
  • Three-year forecasted balance sheet
  • Break-even analysis

Canada Business has a guide for Business Planning Success. It includes several business models and explains financial terms and techniques.