For some companies a documented business plan is step one when starting out. For others the need is escalated when applying for financing, government grants, or to plan more strategically for growth.
Business plans can follow different formats but they share common components. The purpose is to help a brand owner analyze: competitive landscape, target market, product benefits (value proposition), business goals (vision, mission), financial goals (short and long term) and resources needed ($, people, knowledge, equipment, research, expertise). The completed business plan guides the brand owner as they prioritize day to day work.
Tips to help you get started:
Use an online downloadable template, review a few options to see what works best for you.
In the beginning, don't get stuck trying to make it overly comprehensive. It can evolve over time.
Small business support organizations and template examples:
Ontario Small Business Centre Support Centres: https://www.sbcontario.ca/
Business Development Bank Canada: https://www.bdc.ca/en/articles-tools/entrepreneur-toolkit/templates-business-guides/business-plan-template
Futurepreneur: https://www.futurpreneur.ca/en/