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How To Get Funding For Business
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Writing a business plan outlines how you will turn an idea into a profitable venture, detailing each step along the way. A business plan provides a detailed description of every aspect and process of your business, from financing to marketing – and you revisit it as your business develops and grows.
Most business plan formats follow a similar framework. Templates are available from online sources such as the Small Business Administration, SCORE, LivePlan, and Bplans.
To begin your business plan, describe your company, including your product or service, a mission statement, and basic information about your leadership team, location, and employees. Also provide an overview of financial information and growth plans, which you will detail in later chapters.
Give us details about your business, such as the problems you hope to solve with the company and the specific types of customers you intend to serve. A business description is where strengths and advantages are highlighted, such as a preferred location.
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Present your market research, including industry insights and what your competitors are doing. Describe any trends or topics in the market and how you plan to stay ahead of the competition.
Name your business entity and who manages or currently manages the business. You should reference the job descriptions and resumes of those already on the team. The more team experience you can demonstrate, the better your company will look to investors. Here you can also discuss the sourcing and distribution of your product. You can show your strategy for fulfilling orders and delivering products to customers.
Describe in more detail the product or service you are selling, how it will benefit the customer, and the product life cycle. Include any plans to file for a patent or copyright, as well as any research and development you are conducting. In this section, you’ll also include pricing information and metrics to measure performance, such as profit margin.
Your marketing strategy should be complete, reflecting your branding, sales and promotion strategy. Clearly define your target market and where those customers are. Marketing also extends to digital marketing such as social media accounts. Create website and official ads in addition to social media campaigns such as print or TV ads.
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If you expect to pitch your business plan to investors or commercial lenders, please explain the type of funding you are seeking. This is your chance to determine how much money you need, the time it will take to pay the money back, and how you will use the financing. Also indicate the terms you want to apply to the loan, such as loan repayment.
Provide a company’s financial outlook for up to five years. Include projected income statements, balance sheets, cash flow statements, and budgets. If you’re in your first year, you can make monthly or quarterly forecasts because you won’t have a full year’s worth of data yet. Established business owners should include past annual income statements, balance sheets, and cash flow statements to demonstrate the company’s financial health.
Womack said business owners should be conservative in their financial projections. Financial experts reading the document will be able to tell if you’ve overstated or set unattainable goals.
Include any additional documents that you didn’t see a place for in other sections, such as credit history, reference letters, permits, or legal documents.
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New entrepreneurs should write their business plans before taking any formal steps, such as creating a legal entity, to ensure a viable idea. After you finalize your business idea, conduct extensive research to see how your concept will impact the marketplace. Then incorporate all this research into your business plan.
Analyzing your competition helps you make business decisions, such as determining your pricing and product line. It also helps you shape your business model to stand out from the crowd.
The legal structure of your business will determine your personal liability, how much you will pay in taxes and what documentation you will need.
New business owners often underestimate the amount of financing they will need to get started. Carefully review all areas of your business to make sure you’re asking for enough funding in your business plan.
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SWOT stands for Strengths, Weaknesses, Opportunities and Threats. Knowing them in your company helps you organize the information you need in your plan.
When it’s time to put together a business plan, there are a few steps you can take to make sure the process goes smoothly.
Using a template ensures that you don’t risk leaving out important material. If you’re not sure what should be in a business plan, a detailed template can help you gather the right information. From here, you just need to fill in the blanks under each section heading, simplifying the process.
A business plan can be anywhere from 10 to 30 pages, depending on the level of detail. If you are preparing one for your own use or to obtain financing, nine to 12 pages devoted to financial information should be sufficient.
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You may need to adapt your business plan for certain audiences or goals. For example, a lean business plan is a condensed version of a traditional business plan. A lean business plan includes small, actionable steps to achieve a series of goals. This type of planning can be most useful for startups or companies with limited resources.
When you start a business, all of your financing is based on your personal credit before you build business credit. Business owners may not realize how much of a role their financial history plays in raising funds for their business.
Before you present your business plan to potential investors or lenders, make sure your credit is in good standing. You can improve your current debt and pay your bills on time.
Writing a business plan can take several weeks, and questions may arise during the process. Surprises aside, it’s important to take the time to develop a quality business plan that will benefit you as your business grows.
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After you’ve made your initial projections in your business plan and opened your operations, review the business periodically to see if you need more capital than you originally thought.
A business plan is a guide to starting and running your business that outlines how you will manage the key areas of the business. A business plan will allow you to communicate your business ideas to others, such as potential partners. You will need to create one for certain business loans or when recruiting investors. In this case, the money-related elements of your plan will be the most important.
A business plan should describe all aspects of your business, including a description of your products or services, marketing strategy, and financial projections. If you pitch your business plan to investors or lenders, it should also include the amount of funding you need and how you expect to spend that money.
Your local Small Business Development Center can help you write a business plan for free. The SBDC operates nationwide in partnership with the US. Small business administration, free business consulting and paid training on various business topics.
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A recession-proof business is one that can thrive in both good economic conditions and tough times.
Looking for start-up business loans that don’t require collateral? Unsecured business loans are a viable option for startups. Banks have become the default lending option for most businesses for financing and borrowing. But thanks to factors including access to technology, changing business mindsets and the need for immediate cash flow, alternative business finance companies have taken over the finance industry.
In this quick guide, we’ll help you understand the different alternative financing options so you can choose the one that suits your business needs.
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When a borrower takes out a loan from a non-bank lender, it is considered a form of alternative financing.
Non-bank or non-traditional lenders offer different types of loans that give borrowers access to capital when they need it. Often, SMEs turn to alternative lenders for financing when they are short on cash and need to inject capital into their business immediately.
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