Many small businesses fail in the first 5 years. There are many reasons for them to fail and most of those reasons should have been thought out before the business even started.

I ask people starting a business all the time do you have a business plan. I get a quick “yeah of course I do” and when I ask to read it they say they don’t have it on paper but it is in their head.

If you do not have your own written business plan then you should stop today and write one.

This plan will help you with building your business and act as a reference point for you to look back on quarterly. A large majority of business that are in business today that have been successful because they have a business plan.

If you are worried that it will cost you a lot of money to make a business plan or you need to hire someone then set those worries aside. The Canadian Government has a great Interactive Business Planner that is free to use.

If you would like to share your business plan then feel free to post a link to your final copy in the comments.