Many factors will contribute to the success of a new business, but two things are absolutely critical.
First, a sound business plan will give your company a strong foundation today and carry it into the future. Second, a dedicated mentor will guide you through the start-up process, provide advice and help you and your business succeed.
Map out your goals
A business plan is an integral part of launching and sustaining your new business. Not only does it act as the “resume” for your business when reaching out to potential investors and strategic partners, your plan is a channel for communicating your vision and the steps you will take to accomplish your goals.
When writing your business plan, it is important to illustrate what you are trying to accomplish, how you will do this, the impact of your actions and contingency plans in case things do not go the way you anticipate.
Your plan must demonstrate that you have a solid understanding of all aspects of the business and a firm grasp on reality.
Take advantage of expert advice
A knowledgeable, experienced and dedicated mentor is the other crucial element for you as a new business owner. A mentor can provide guidance and advice, act as the critical voice, refer you to customers and strategic partners and give you feedback on new ideas.
A mentor differs from other business contacts you have because he or she has a personal interest in your future and that of your business.
A mentor is willing to make a long-term commitment to you and he or she should have invaluable experience that can benefi t your business.
Most importantly, you and your mentor both benefit from the relationship and you share mutual respect for each other.
At the Canadian Youth Business Foundation (CYBF), we help young entrepreneurs between 18 and 34 develop sound business plans and connect them with experienced mentors. We also provide other services to support young entrepreneurs such as financing, learning resources, specialized programs and more.
To contact the Canadian Youth Business Foundation and learn more about our services, please visit www.cybf.ca orcall 1-800-464-2923.