April 2008
First step: Draw up a business plan
No matter what financing option you choose, you’ll need to show prospective lenders a comprehensive business plan for your
new venture. Without it, most lenders will balk at a request for financial assistance, no matter how modest.
Business plans vary somewhat, but a solid plan generally includes:
If drawing up a business plan is new to you, there are resources and tools to help. Software such as Business Plan Pro walks you through each step involved in creating a business plan. The Small Business Administration also has an online tutorial.
Business plans vary somewhat, but a solid plan generally includes:
- A summary of business objectives.
- A comprehensive analysis of the market and the competition.
- A full description of the company, including organization and management, and biographies of the principals.
- An outline of the service or product you will provide.
- Three-year financial projections, including cash flow, profit and loss, and a balance sheet.
- Financial information, including assets you have already secured and additional funding you need.
- An overview of marketing plans.
