Guidelines For A Business Plan

Guidelines For A Business Plan-46
It outlines how your business will generate enough profit to repay the loan or how you will earn a decent return for investors.Here, you’ll provide your business’s monthly or quarterly sales, expenses and profit estimates over at least a three-year period — with the future numbers assuming you’ve obtained a new loan.

It outlines how your business will generate enough profit to repay the loan or how you will earn a decent return for investors.Here, you’ll provide your business’s monthly or quarterly sales, expenses and profit estimates over at least a three-year period — with the future numbers assuming you’ve obtained a new loan.

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If you’re applying for a loan or looking for investors, a business plan shows you’re prepared and have fully vetted your business idea, says Craig Allen, a financial advisor who teaches business plan writing classes at Southern New Hampshire University. The key is to provide a clear explanation of the opportunity presented and how the loan or investment will grow your company.

“If you have no financial forecast, which is part of the business plan, it’s very difficult to show the bank how you are going to repay the loan,” Allen says. For example, if your business is launching a second product line, you might explain how the loan will help your company launch the new product and increase its sales by 50% over the next three years.

Focus on the key elements of your business plan and avoid getting too bogged down by the technical aspects of your business or using too much industry jargon.

You can always put supporting information or other important details in the appendix.

Accuracy is key, so carefully analyze your past financial statements before giving projections.

Your goals may be aggressive, but they should also be realistic.

“I always feel like if the person can’t even bother to proofread something that they wrote, how detail-oriented is this person in running their business? Use free resources: SCORE is a nonprofit association that offers a large network of volunteer business mentors and experts who can help you write or edit your business plan. Small Business Administration’s Small Business Development Centers, which provide free business consulting and help with business plan development, can also be a resource.

You can search for a mentor or find a local SCORE chapter for more guidance.

It should also include the percent ownership that each owner has and the extent of each owner’s involvement in the company.

You can also discuss current or pending trademarks and patents associated with your product or service.

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