Writing a business plan can be one of the most tedious steps in the process of getting your business up and running. Many business owners either put it off for as long as they can or simply don't have one. Having a good business plan makes all the difference in getting capital for your business. C&C Capital Lending can create a great business plan that will help your business all the way and also help you get SBA approval for SBA loans.
Basic Ingredients of a Business Plan
An executive summary. This is the section that will introduce your business, briefly outline goals/objectives and will summarize your overall plan. Lenders pay a lot of attention to this paragraph in determining if they will loan your business money.
A brief account of how the company began. Explain how the idea for your business came into fruition. Write about what made you decide to start this business.
Your company's goals. Make sure to write about your short and long term goals. Include:
How fast you think your business will grow.
Who you plan to target as your primary customer.
Background of Management Team. This section should include a list of the managers and/or owners as well as their relevant experience.
The service or product you plan to offer. Describe the product or service that you are offering and explain how it differs from what is currently offered in the market.
The market potential for your service or product. In this section, you must convince the readers of your plan that the market you are after is large and growing. This is the section you must do plenty of quality research for. Evaluating local, national or global demand is vital to indicate what type of revenue potential there is. You can be cost effective by researching the web and your local public library; you'd be surprised by the vast amount of resources they have to help you.
A marketing strategy. Describe how you want to market your business. How will everyone know when you are open for business? Will you use the internet, word of mouth, television, radio or print? Disclose your marketing budget in this section.
A three- to five-year financial projection. In this section you must prepare the following:
Profit & Loss statement (P&L)
Balance Sheet
Statement of Cash Flow
You should include formulas on how you obtained the numbers. This is also the section to tell potential lenders how much capital you need to cover your startup costs. This financial section can make or break the effect your business plan has on potential lenders and investors. Seeking professional assistance on this section may be a good idea.
An exit strategy. Many businesses forget to include an exit strategy into their business plan. In this section you will write about what point you plan to end the business or sell it to someone else etc. The strategy could be based on a dollar figure, revenue growth, the market's reception to your idea, or a consensus among top officers.
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GET YOUR BUSINESS PLAN NOW
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