Creating Business Plan To Win Lender's Approval
Okay, so you want to start your own small business
. But what's next? Venturing into business is more than just investing your money, putting your ideas to work, and hoping for success. Many people have aspired to become entrepreneurs in the past. Some of them have been successful while others have failed.No doubt, all them have started with a brilliant business idea and an enthusiastic spirit but what could've made the difference between failure and success? How would you make the first move to actually put up your business? What is the first step in setting up your business?
Creating Your Business Plan - A Crucial Step
Whether you're starting a small business or a home based business, creating an effective business plan is important. Some entrepreneurs tend overlook this step thinking that is unnecessary. When applying for a business loan, lenders would require you to submit this important document. Creating a business plan and putting it into writing is still recommended even if you are not applying for a business loans right now.
Why is a business plan so important? In creating a business plan, you set a definite goal for your business. All the other steps involved with the preparation and management of your business would revolve around your business plan. Without a business plan, you will not have a focus and without focus, you could be committing mistakes or making the wrong decisions for your business.
What should be included in your business plan? Your business plan should focus more on realistic short term goals rather than long term projections. First of all, you need to create your vision and mission statement. These two statements should summarize your business's purpose and goals. Next, business profile must be clearly defined. What kind of business do you intend to put up? Would it be a Partnership or a Solo Entrepreneurship? What kind of products or services would you sell?
In a business plan, you should include your personal information and your employees information. Take note of specific skills, training, knowledge, and work attitude. Such an outline enables you to see both the strengths and weakness of your people. This will also help you see whether you need to take up more trainings or need to hire more workers for your business.
You should also include other information in your business plan, these are the economic assessment and financial assessment of your business. Who is your target market? What is your marketing plan? What is your estimated capital requirement for a whole year? Do you have the funds available? How do you plan to find additional funding if necessary?
When creating your business plan, remember to keep the details as specific as possible. A business plan need not be very lengthy as long as it is complete and concise. Before plunging into business, take the time to create and document your business plan. It should be your first step in setting up for business.
Copyright (c) 2009 Irish Taylor
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