The Value of Planning Ahead
by Scott Messenger
“In any type of industry, there is the chance of success,” says Kevin Ramnarine, a business officer at the Business Link’s Edmonton offices. “The main question is, How much work are you willing to put into it?”
He’s not talking about the hours and the elbow grease required for day-to-day operations, either. More work than most would-be entrepreneurs know goes into developing the business plan that will help new owners understand the market and its fluctuations, anticipate startup costs and carry out basic competitive analysis. In fact, without this foundation of knowledge and research, a business idea may not reach startup at all.
“Right now any lender – any type of investor – they’re going to want a business plan. They want to see… where [their money] is going and the likelihood of payback. But even if an entrepreneur has all the finances ready to go, I would still suggest creating a business plan because it will help as a road map for the future. They’ll be able to tell, a year from now, what worked and what didn’t.”
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