business plan experts toronto

business plan experts toronto

The Ultimate Guide to Becoming a Successful Business Plan Expert in Toronto

1. Introduction to Business Plan Consulting

Traditionally, business planning has been something that business owners have often done by themselves, pouring over the financials, developing a business plan on the back of a napkin, or perhaps working long hours with an accountant, only to have a ‘plan’ arrive a few months down the road, without any kind of real context and one that is effectively ‘quickly outdated’. You are going to help them take all those hurdles and push them through it in a more efficient and disciplined project management manner, bringing in the talent and expertise that they probably wouldn’t have by themselves. Consulting on business plans can be lucrative and if you can maintain repeat business from your business clients, you are effectively becoming a trusted advisor and business partner to those SMBs: relationships that can last for years and years.

Mid to large-sized businesses seem to endure this relationship with senior accounting-level staff acting essentially as a ‘Controller’ or ‘CFO’, but for small businesses, they don’t often have access to this ‘higher power’ resource. Nor do they challenge themselves to run their business without one, performing ad hoc financial planning and analysis based on varied sources of financial and management information that they may be unsure of. Owners of business have too much at stake to ‘fly by the seat of their pants’ or run their business like a ‘typical’ employee. They need a business plan and the professional expertise that comes with it to keep their business running smoothly. Business plan consulting is always a fragmented market, and while businesses are always going to be in need of this service, it is not so easy to ‘point your arrow’ in the right direction and say, ‘This is my customer’.

2. Key Skills and Qualifications for Success

Taking the opportunity to continually improve your professional skills and qualifications is another pathway that leads you toward becoming a successful business plan expert. This expert status is validated not just by your qualifications, but by the number of businesses whose plans are successful as a result of your services. Here are some skills and qualifications that you can add to your toolkit to increase your effectiveness as a business plan consultant.

While there are no required formal qualifications for becoming a business plan consultant, a background in business is a valuable asset that can help you bridge existing knowledge gaps and ensure your business plans include all the necessary financial and relevant factual details. A degree in business administration, or an MBA, provides the fundamental knowledge necessary for business plan writing at a high level. Additional specific courses can be taken once you have set up your business and your business plan services have begun to generate revenue. Whatever courses you choose, these qualifications will supplement the experience you gain through managing your own business or previous roles in sales or management.

3. Building a Strong Client Base in the Toronto Market

Building a strong client base in the Toronto market is perhaps the single most important aspect to successfully running a business planning consultancy in the city. This is a very competitive market, with many consultants and entrepreneurs in a variety of industries. Experience helps, but so does offering lower-end business plan services at a lower cost. The more relationships that can be established in the Toronto market, the more clients that will be gained. There are several ways to gain a strong client base that ranges from marketing the business, obtaining a business plan writing seminar with a large group and gaining referrals when networking at different business organizations or through the help of a good PR campaign.

Marketing the business is first and foremost one of the various ways to gain a strong client base in Toronto. Certain industries like new media, biotechnology, and telecommunications are all growing at an alarming rate. When different clients request industry data, it is easy to acquire this data from CBBE. Some of the software used will include IBIS, Plexus, and Business Advantage. It is also a good idea to sign up and become an associate with the local Board of Trade. This organization has events where many business members are present, and this presents a perfect opportunity for potential clients. The most successful method of marketing a business planning consultancy in Toronto is joining different business clubs and organizations.

4. Marketing and Branding Strategies for Business Plan Experts

Marketing your business is important; without marketing, you will not be able to attract enough clients. Thus, you should consider having good marketing and branding strategies included in your plan to help you in reaching your audiences. There are different target audiences, e.g., current business owners, startups, or anyone who is working on bringing their venture to life. Additionally, keep in mind that marketing can take time to develop and some trial and error will be needed to determine what’s working and what isn’t. Hence, keep polishing your approach, measure your results, and make necessary changes to your strategy for continuous improvements.

Here are some effective marketing and branding strategies to consider: – Create a professional logo – Create a business plan expert website – Start blogging – Start a podcast (or vlogging channel) – Launch social media campaigns – Join LinkedIn and other networking platforms – Develop an elevator pitch – Attend business plan workshops, e.g., Expo 2020 – Listen to the feedback and keep making adjustments

5. Navigating Legal and Regulatory Considerations

Entering the business of creating business plans will require you to make some legal considerations. As of the start of this guide’s research in 2019, there is no specific governing body that oversees the practice of business planning itself. However, you should definitely ensure that you are not providing unauthorized financial advice to clients as doing so may cause you to cross paths with regulators such as the Ontario Securities Commission. In practice, this means that you will need to navigate the legal and regulatory frameworks which govern the delivery of financial advice and securities trade as a consultant.

Providing financial advice for compensation in Ontario is regulated. Specifically, if your primary role is to provide financial advice, you may be regulated as an investment fund manager or securities advisor. In general, registration with the Ontario Securities Commission (the “OSC”) is also required for businesses or persons in the business of trading securities or derivatives. The OSC provides a framework for registration of both business entities and individuals in the trade of securities. This includes firms which conduct market-making activities for debt or equity instruments or which facilitate the trading of securities.