The best way to show bankers,
that you are worthy of financial support is to show them a great
Financing: Key Documents To Be Prepared
Make sure that your plan is
clear, focused and realistic. Then show them that you have the tools,
talent and team to make it happen. Your business plan is like your
calling card, it will get you in the door where you'll have to convince
investors and loan officers that you can put your plan into action.
Once you have raised the money to
start or expand your business, your plan will serve as a road map for your
business. It is not a static document that you write once and put away. You will
reference it often, making sure you stay focused and on track, and meet
milestones. It will
change and develop
as your business evolves.
Do I need a
Not everyone who starts and runs a
business begins with a business plan, but it certainly helps to have one. If you
are seeking funding from a venture capitalist, you will certainly need a
comprehensive business plan that is well thought out and contains sound business
If you are approaching a banker for a
loan for a start-up business, your loan officer may suggest a Small Business
Administration (SBA) loan, which will require a business plan. If you have an
existing business and are
approaching a bank for capital to expand the business, they often will not
require a business plan, but they may look more favorably on your application if
you have one.
How do you write a
Sitting down looking at a blank
computer screen as you prepare to start your business plan can be daunting. You
may want to look at some alternatives that will make the process a bit easier.
Hire a Professional
A professional consultant will create the business plan for you, but you still
have to be prepared to think through your business and understand the underlying
concepts in your business idea. You will have to work closely with the
consultant to ensure that he or she develops a good plan that accurately
represents your business or business idea.
Buy a Book
There are many good books on the market that will help you to understand what
needs to go into a good business plan. You can read Timothy Berry's "Hurdle: the
Book on Business Planning".
Use Business Planning Software
A good business planning software
package will provide you with an outline for a well-developed,
objective-based and professional business plan. Software packages will
remove the problem of starting from scratch by structuring your plan for
you. The software should ask you the right questions that will pull out the
most important underlying concepts within your business idea.
Find out more about the
leading software package on the market, Business Plan Pro.