Should I Write My Own Business Plan
If you're launching or expanding a small business in Canada, one of the first questions you're likely to ask is: should I write my own business plan? On the surface, it might seem like a cost-saving, manageable task. But once you start, you may quickly realize it involves more than just writing—it requires financial modelling, strategic thinking, and funding alignment.
This article breaks down what it really takes to write a strong business plan and why entrepreneurs often reconsider doing it alone—especially when banks or investors are involved.
Can I Write My Own Business Plan?
Yes, it is entirely possible to write your own business plan. In fact, many business owners start this way. There are dozens of free templates and business plan examples available online. However, writing a professional business plan that secures funding is not the same as filling in a document.
You’ll need to demonstrate:
Deep understanding of your business model and value proposition
Precise cost breakdowns and startup budgets
Detailed market and industry analysis based on credible sources
Competitive positioning that resonates with lenders or investors
A full set of financial projections, including income statements, cash flow forecasts, and balance sheets
A clearly reasoned loan repayment strategy (if applying for financing)
If you’re unfamiliar with financial statements or market analysis, this process can become time-consuming and stressful—especially when you realize how high the stakes are. Your business plan isn’t just for you. It’s for banks, grant agencies, immigration officials, or investors—each with specific expectations and standards.
What Skills Do You Need to Write a Business Plan?
If you’re asking, “what do I need to write a business plan?”, the answer includes far more than basic writing ability. You’ll need:
Financial literacy: to build realistic forecasts and justify your revenue model
Strategic planning: to define your market entry, pricing, and growth approach
Competitive research: to analyze your industry and prove you can stand out
Project management: to understand startup timelines and resource allocation
Clarity and formatting: to organize the plan in a way that makes sense to lenders
A poorly written or overly generic plan can actually hurt your chances of getting approved—especially with banks that use internal scoring systems to assess viability.
What Do Banks and Lenders Want to See in a Business Plan?
Yes. If you're applying for a business loan in Canada, you’ll almost always need a business plan—especially for government-backed programs like the CSBFL or when applying through BDC, credit unions, or private lenders.
Lenders look for:
A detailed Use of Funds section
Repayment capacity based on projected cash flow
Owner background and management ability
Realistic financial assumptions and clear breakeven timeline
Compliance with lending program rules (e.g., CSBFL loan usage restrictions)
If your business plan doesn’t meet their internal standards, you could face rejection—even if your business idea is strong, making it risky to write your own plan.
Should You Hire Someone to Write Your Business Plan?
If your goal is to secure funding, save time, or ensure your plan is aligned with the expectations on the other end, then yes—it is often worth hiring a professional.
A professional business plan writer:
Has an understanding of exactly what your lender wants to see
Builds custom financials with validated assumptions
Ensures your plan is structured for lenders, immigration officers, or whoever the end receiver of your plan is
Researches and formats your market analysis properly
Aligns your document with grant or loan program guidelines
Eliminates inconsistencies and errors that raise red flags
MM Business Plans’ Bonus: connections with lenders and banks + can get you pre-approved
Most importantly, business plan writers save you from the trial-and-error of figuring it all out yourself while under pressure to deliver.
Do You Need a Business Plan Fast?
If you're applying for a business loan, submitting a grant application, or preparing for an immigration pathway, time is often limited—and the quality of your business plan can directly impact your outcome. Writing one from scratch while under pressure is rarely ideal, especially when lender expectations are specific and unforgiving.
At MM Business Plans, we prepare funding-ready business plans in days tailored to the needs of Canadian banks, credit unions, and government financing programs. Our process includes a detailed intake and, where needed, we can support you in getting pre-approved for your loan before we begin writing the plan itself. That way, you're not guessing what the lender wants to see—we align your documentation to it from the start.
If you're looking for accuracy, credibility, and speed, we can help.
Book a consultation now and let’s help you move forward with clarity and confidence.
