Vancouver is a city widely known for being one of the most livable cities and having the highest quality of life in the world. Despite being ranked as the most expensive city to live in, it arguably has the lowest costs of doing business among major cities worldwide. This has positioned Vancouver as a major high-tech and innovation hub in North America and the world. Considered one of Canada’s largest industrial centers, the city hosts many businesses specializing in different industries including forestry, mining, software development, film, aerospace, and biotechnology. These businesses have contributed generously towards Vancouver’s thriving economy. Endless possibilities exist for entrepreneurs to take advantage of in starting a business in Vancouver.
Business Plans Writing Services for Vancouver Entrepreneurs
One of the reasons entrepreneurs delay the business planning process is because of how overwhelming it is to prepare one. We will work with you to tailor your business plan to your target audience. Most importantly, our comprehensive plan will enable you to secure that all-important funding. The plan will incorporate the elements needed to convince investors and banks to see the viability of your business idea.
Why should you work with us you ask? We are a team of professional business plan writers with experience in writing funding-ready business plans for different industries. Hiring a business plan writer brings a wealth of business writing skills to the table. Business plan writers have knowledge of the ins and outs of writing business plans for different industries. Our business plan experts will collaborate with you to deliver a detailed plan that covers all aspects of your business and will give you a different perspective on running your business.
We have steadily built a reputation for business writing services. At Vaisus, we will take care of all your business plan needs. We deliver customized business plans and pitch decks for Vancouver entrepreneurs designed to impress investors and banks. All this is done in a quick turnaround time with precision and accuracy in compiling investor-ready business plans.
Tailoring Your Business Plan for Your Target Audience
When developing a business plan you should have the interests of the audience in mind. You may have different versions of your plan depending on the audience. The three main elements that tend to vary are the plan formality & format, length of the plan, and emphasis on significant sections of your business plan. You should ensure that the details in your plan don’t change. How the information is presented and the items you emphasize will be the differentiating factors in customizing your plan to various users.
The three main audiences you should consider when drawing your business plan are you (Entrepreneur), external funders, and external partners.
You (Entrepreneur)
When drawing a business plan for yourself, the goal is to have proof of a viable business idea. In other words, incorporate all the critical elements of the planning process into the plan to see the big picture.
External Partners
As for external partners, they will require a business plan as evidence of the feasibility of your business idea. They will be mainly concerned with returns made by the business. Therefore, financial projections will be the focus of your partners in estimating their potential return and how it is realized. They will also pay attention to the company’s organizational structure to determine their roles and what is expected of them.
External Funders
This group consists of investors and banks. Investors could either be angel investors, venture capital, or private equity companies. Investors are often actively investing in start-up businesses. As a result, they come across hundreds of business plans daily. For your business plan to stand out from the rest, it’s recommended to have a pitch deck complement your plan. A pitch deck is a presentation that provides a brief but informative overview of your business. The main areas that your pitch deck should cover about your business plan are:
- Products and/or services provided by your business
- Financial projections
- Funding needs
The pitch deck should be a stand-alone document from your business plan. Its primary use is to give the story of your business. You should have completed writing your business plan before creating a pitch deck. As much as the business plan is detailed, ensure you add some personality to keep investors interested. The business plan and the pitch deck should shine a light on the business’s high growth potential. You may want to highlight characteristics of your management team to show the high growth potential of your business. An example could be management team individuals’ history with growing other high-growth businesses.
On the other hand, banks care about the stability of your business in monetary terms. Their focus is on the financial projections that show business growth and profitability in a sustainable manner. They are more concerned with you being able to pay back the debt and less on high business growth. With a solid business plan, they will pay attention to your personal financial position. This is because many banks will require business owners to guarantee business loans in the event business operations ceases.
Getting Funding For Your Business
One of the main reasons why entrepreneurs require business plans for their businesses is obtaining funding for operations. Be it start-up business operations or expansion activities for established businesses. Most entrepreneurs resort to external funding from investors and banks to finance their business operations. To get access to these funds from investors and banks, a business plan is required.
However, it is hard enough to have only a business plan to secure funding for your business. The plan has to meet certain requirements for it to be considered worthy of business funding. As such, certain elements need to feature in your business plan for your business to obtain funding from external stakeholders. These elements are what investors and banks look for when considering your funding application. They are:
Return on Investment (ROI)
Any investor or bank knows that ideas cannot hold theirs on their own. They have to assess the viability of your business through the quality of the business plan. In doing so, they look at specific qualities that show the business is worth investing in. One of those qualities is ROI. Remember the main objective of investors and banks is wealth maximization. Therefore, they need to see that the business is able to generate a return on their investment. Chances of getting that much-needed funding decrease if your business plan does not clearly show how your business will give returns to investors and banks.
To show that your business has ROI, clearly indicate the cash flows and other financial elements. Show the returns investors and banks can expect and when to expect them. Investors and banks go over this area a lot more seriously and spend quite some time on it. Be very careful when putting plans relating to ROI.
Market Knowledge
Having a thorough knowledge of your market is important in securing financing for your young business. Clearly show investors and banks the market potential of the target market that you intend to serve. Extensive market research will be required to provide insight regarding your market.
Your market research should include:
- Market size
- Market segmentation
- Niche product selection in the industry
- Available market growth prospects
- Market trends
- Technological trends
- Potential barriers to entry
Make it clear that you have understood opportunities existing in the market. Additionally, ensure that the risks and barriers are well understood by making it in your business plan. Also, show how you plan to address the barriers and risks you will face.
Business Interaction
Generally, banks and some investors prefer to be hands-off by not interfering with the business operations. Banks will only interfere if the loans are not repaid on time and in full. Other investors tend to actively participate in company operations. More often than not, such investors are overly passionate about the business and have previous experiences with similar businesses. Your company could benefit highly from it as advice given could impact the business growth.
Options are available to entrepreneurs on whether to include the level of involvement expected from investors in the business plan. This purpose investors to understand their roles and expectations as much as everybody else.
To Sum up
All entrepreneurs need to ensure that their business plans are targeted towards the intended audience. Your intended audience could be yourself, external partners, or external funders. Tailoring the business plan to your audience increases your chances of getting funding. To stand out from others seeking business funding, a pitch deck is what you need to convince investors. A pitch deck provides an overview of your business to investors. It also highlights the high growth potential of your business which keeps investors interested. Our consultants prepare comprehensive business plans and pitch decks for Vancouver entrepreneurs. Call us today!
Photo by Glenn Carstens-Peters on Unsplash
