It's Time to Write Your Business Plan - RBC Royal Bank_It's Time to Write Your Business Plan - RBC Royal Bank_It's Time to Write Your Business Plan - RBC Royal Bank_
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It’s Time to Write Your Business Plan
By Jim Mulligan
If you’re looking to start a business, the thought of developing a business plan might
seem daunting. Some even question the value of spending time on a business plan—
especially when an accountant can determine what your business requires to be
financially viable. The truth is, a business plan can be a straightforward document to
prepare, and by going beyond the basic financial information, it can be your blueprint for
franchise success.

What is a business plan?
One of the purposes of a business plan is to get your new franchise financed; however, it
does much more. Your first step in developing a business plan is to answer basic
questions that isolate your true goals. These include: ‘why am I interested in owning my
own business?’ ‘what are my personal objectives?’ and ‘what motivates me?’ You might
also ask ‘what level of risk am I prepared to take?’ If you can answer these questions
objectively, your business plan will erase do