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The article's content is entirely at the discretion of the reporter and editor.You will notice, however, that sometimes we include links to these products and services in the articles.A business plan helps you to: You’ll need a business plan if you want to secure investment or a loan from a bank.
It is calculated after you have finished conducting market research; described your products, services and marketing strategy; and set your organization's operating principles in place.
Even if you don't need financing, you should compile a financial forecast in order to simply be successful in steering your business."This is what will tell you whether the business will be viable or whether you are wasting your time and/or money," says Linda Pinson, author of (Out of Your Mind 2008), who runs a publishing and software business Out of Your Mind and Into the Marketplace.
"In many instances, it will tell you that you should not be going into this business."The following will cover what the financial section of a business plan is, what it should include, and how you should use it to not only win financing but to better manage your business.
Estimate your start-up costs if you are starting a new business.
If you are investing in equipment to run the business, the current market value will become a part of your assets listed on your balance sheet.