Improving Success with Business Planning

We all want success – the quicker, the better. Yet, success rarely comes to those without a plan. Instead, success favours those who understand and evaluate the factors which can affect their chances of success. This is especially true for establishing and running a successful business. But that isn’t always the case.

Whether it’s investing in stocks or hiring a new employee, the world of business is filled with gut feelings and intuitive decision-making. Making decisions this way is commonly preferred because it is quick and easy. The quicker, the better, right? Well, not quite. Relying solely on intuition lowers the chances of success as important considerations can be easily missed or overlooked.

The intuitive way of starting a new business is to jump and try to figure it out along the way. The better, more informed way to start a business involves writing a business plan.

Business Immigration Strategy Meeting Graphic

When starting a new business venture, whether it is a completely new business or expanding an existing one, it is recommended to prepare a business plan. In short, the business plan explains how the business will make money and operate. Whether you write it out yourself or work with someone, the value of a business plan is not so much the final plan but rather the exercise of evaluating all crucial elements of your business, present and future.

It’s like cooking. Before you make that family meal, you want to make sure you have all the ingredients and equipment before you start. Writing a business plan is like reading a recipe before cooking – it won’t guarantee you won’t burn the chicken (nothing will), but at least you have a general idea of what you are about to do, thereby increasing your chances of success.

Like recipes, business plans can vary depending on the underlying business idea; however, there are parts of a business plan that most entrepreneurs need to consider. Some (but not all) of those include:

  • Target Market: Determining who the business will be primarily trying to sell to will help guide business decisions. A common mistake is having this be too general, such as saying the business will sell to both men and women, young and old (that is everyone!).
  • Location: It is important to detail where the business will be located and why. A typical rationale for a specific location is to be accessible to target customers and/or reduce costs through lower land prices or closer to key supply chain operators.
  • Competition: There will always be another business vying for customers’ dollars. Even if there don’t seem to be any competitors, it is important to understand the difference between competitors and substitutes. For example, a substitute for an Asian restaurant can be a grocery store, where potential customers could buy and cook food for themselves. A competitor would be another restaurant. If there are many competitors, it may be better to evaluate direct competitors – those with similar offerings (i.e., Asian restaurants nearby).
  • Staffing: If the business doesn’t hire anyone, then the owner is self-employed. If it were to become a business (at least for immigration purposes), it will need to hire employees. It’s important to think about who these employees are, what they will do, how they will be recruited, and when they will be needed.
  • Value Proposition: Saving the best and most important for last, the value proposition explains what value it brings to customers. If a business cannot fill a customer’s need or help relieve a pain point for them, then it is not a good business. For example, neither selling ice cream in the artic nor having a tanning salon in a desert address any customers’ needs and thus are not advisable businesses to pursue. Those are two extreme examples, but there are many businesses that are theoretically possible but not likely to succeed without clearly identifying their value proposition beforehand.

This process may take more time than the intuitive approach but engaging in business planning can increase your chance of success. In his book, Profit First, Mike Michalowicz discusses how many entrepreneurs avoid evaluating their expenses, resulting in their businesses failing to profit. Similarly, a survey from the African Development Bank found that 82% of respondents who wrote a business plan claimed that their venture was profitable, compared with only 71% of those who did not write a business plan. By forcing yourself to evaluate all elements of your business, you are improving your chances that no critical components are being overlooked. It also helps develop the skill to evaluate your business strategy in the future.

For those entrepreneurs looking to expand into Canada, having a business plan is not only recommended but often required for immigration applications. At Sobirovs, we not only have in-house lawyers to guide you through your immigration journey but also dedicated writers (like myself) who can help you write your business plan – helping you uncover factors to consider in the future to improve the chances of a successful business immigration venture. To discuss your business immigration options, including the business plan, you can speak with a member of our team during a 60-minute, personalized strategy meeting. Schedule your consultation today!

Business Immigration Strategy Meeting Graphic

Bringing You, Your Tech Talent & Your Business To Canada

Get started and make your first step towards Canada. Book your 1-hour strategy meeting with a licensed Canadian immigration lawyer.

Immigration to Canada can be very complicated for businesses, business owners, and foreign employees. Hiring business immigration lawyers with the skill, experience, and patience is often crucial to successfully navigating this complex process. The experienced professionals at Sobirovs Law Firm offer tailored legal services in all business and corporate immigration matters. Contact us for more information on how we can help you meet your immigration needs.

We have worked with & represented clients from all walks of life. Always just one call – or click – away, weʼre happy to help you begin your & your familyʼs journey to Canada.

Book 1-Hour Strategy Meeting

tried and tested

Our Clients Say…

Yemi Okunbor
Yemi Okunbor
From the initial consultation to the successful acquisition of my permanent resident card, the entire process was seamless and stress free.A big thank you to the entire Sobirovs team, especially Yulia, and Farouk. They demonstrated exceptional expertise and professionalism throughout, guiding me with precision and clarity. Their commitment to providing personalized and thorough assistance made a significant impact on my overall experience. Thank you, Sobirovs law firm for your exceptional service and for making my journey to permanent residency a smooth and gratifying experience.
Kenneth Leong
Kenneth Leong
I must say that SOBIROVS has an excellent team to guide us to getting our work permits approved. I want to personally thank Feruza, Judy, Owen and Medina in getting us "pass the gates". Not to mention the entire team that is behind the scene. My family and I are deeply grateful for their excellent work and professional advice. A special thanks to Ms Judy for her untiring dedication to making this opportunity a reality for my family and I. We have full confidence in Feruza and her team and I will continue to use their services for the next step of our application for PR status later on.
Siarhei Vasilyeu
Siarhei Vasilyeu
My family (5) have chosen Sobirovs for our ICT visa application, and now we confidently recommend them! Right from the start you will be assigned a special team within their firm who will be busy with your plans, needs and documents. The process is organized very efficiently, what is crucial when you run your own business on your side. Once the documents submitted to IRCC, the pre-submission team entrust your case to post-submission group, who monitor the progress and keep you constantly updated what's going on with the case. As a result, our ICT application was approved in just several weeks from submission, just wooow. Thank you and thumbs up for Monique, Mariam, Owen, Madina, and Ms. Feruza who was our lead lawyer. Sobirovs is your smart choice, they know how to do the rest.
Muzammil Habib
Muzammil Habib
I would like to thanks Sobirovs Law Firm team especially Monique, Mariiam Jamal, Owen and Ms. Feroza. They done a great job and help me to get ICT work permit. Their team work was excllent and they worked professionally. Here I would like to present my special thanks for Monique who communicated with me nicely. She respond me quickly whatever I have questions in my mind. She is so nice I like her working style. In the end I can say that all of them are really professional. Thanks for all this. Hope to see you soon.
Rahul C
Rahul C
Exceptional service of the utmost quality and professionalism. I extend my heartfelt gratitude to the entire team, with special acknowledgments to Nity, Judy, Feruza, Owen, and Medina, for their invaluable assistance in securing the approval of my application. I am sincerely appreciative of the outstanding service and unwavering support provided. This is by far the best immigration law firms in Canada who work with complete transparency.
Ulugbek Holmatov
Ulugbek Holmatov
Great job 👏👏👏👏 Great leader, Rakhmad Sobirov for his leadership skills and great managers: Feruza, Monique, Mariam, Owen, Madina for their respective professionalism 👌👌👌 Well organized and professional law team for Canadian immigration. I really enjoyed with my Canadian business visa process. I really appreciate Sobirovs Law firm for their great service and experience. P.S.: This law firm was selected by Our company among top 5 law firms for Canadian business immigration process Great successes🎉
Thomas Bulmer
Thomas Bulmer
Mariam, Monique and the team have been great to work with. Sobirov's has helped a number of our team members identify, apply for and get granted the necessary visas for us to set up our Canadian enterprise. Recommend.
Jason Tsarouhas
Jason Tsarouhas
Mariam and her team have helped us migrate our entire workforce from Australia to Canada. We couldn't have been more prepared by the time we made it to the border. The team were accessible, informative and detail orientated which is exactly what you want when you have stresses of moving your company and life to the other side of the world! A HUGE thank you to the team for their efforts so far and future work we'll be doing together! Jason, Learning Online!
Victor Arakaki
Victor Arakaki
We're incredibly grateful for the fantastic work done by the entire Sobirovs team!. While our work permit application had its share of challenges, Feruza, an outstanding lawyer with extensive expertise in business immigration, played a pivotal role. Her leadership and guidance were so important in getting our Work Permits approval. We must also acknowledge the exceptional contributions of Judy Lee, Nitty, Monique, Rachel and the rest of the team who supported us on this journey. It's clear that we'll continue to entrust Feruza and her team with any of our future legal needs. We have full confidence in Feruza and her team and highly recommend their services.
Hardik Vyas
Hardik Vyas
Rating: ⭐⭐⭐⭐⭐ I cannot express enough how impressed and satisfied I am with Sobirovs Law Firm's immigration services. Their professionalism and extensive knowledge in the field of immigration are truly outstanding. We recently applied for an ICT (Intra-Company Transfer) application, and to our amazement, we received a decision within just two months from the date of application. This prompt and efficient service reflects the exceptional quality of Sobirovs' work. I would like to extend my heartfelt gratitude to Feruza, Mariam, Monique, Owen, and the entire post-submission team who guided us through every step of the application process. Their dedication, expertise, and willingness to assist were invaluable throughout the entire journey. We are now filled with excitement as we embark on our new journey, thanks to Sobirovs Law Firm's assistance. Without a doubt, we will be relying on their services for all our future matters related to permanent residency or immigration services. I wholeheartedly recommend Sobirovs Law Firm to anyone seeking top-notch immigration assistance. Their commitment to their clients and their ability to deliver results is truly commendable. Thank you, Sobirovs, for making our dreams a reality!

insights

Our Lastest Insights

We publish helpful tips about Canadian immigration programs and are happy to share our knowledge with you.
Best Cities in Canada for Business, Startups and Entrepreneurs in 2024 Cover Photo February 25, 2024

Best Cities in Canada for Business, Startups and Entrepreneurs in 2024

In the ever-evolving tapestry of global business, Canada emerges as a centre of entrepreneurial spirit and innovation. As we will soon embrace 2024, the country’s...
Success Story of an Indian Business Owner Permanent Residence in Only 4 Months Cover Photo February 22, 2024

Success Story of an Indian Business Owner: Permanent Residence in Only 4 Months

If you are a foreign entrepreneur in Canada, you could qualify for permanent residency with just 12 months of self-employed experience. Discover the inspiring journey...
February 10, 2024

Case Study: Approved Permanent Residence for C11-Entrepreneur from Pakistan

If you are currently working in Canada as a self-employed business owner, you may be eligible to apply for permanent residence after accumulating 12 months...