Don’t get me wrong – I’m not saying that getting your startup company up and running is an easy mission by any stretch.
It will take hard work, dedication, money, some sleepless nights, and even some before you succeed.71% of businesses fail within 10 years.
Let’s circle back to our business plan for a minute. This plan usually includes: fail due to cash-flow problems.
You’ll use these financial statements to determine how much funding you need to raise in order to get started.
You’ll need adequate capital to get yourself off the ground.
There’s no magic number that applies to all businesses.
Let’s say you discover that your startup needs 0,000 to get off the ground. The vast majority of business loans are for large companies that are already established. Banks are less likely to give large amounts of money to new companies with no income or assets to default on.
That’s why bank funding was second to last on the funding sources graphic that we referenced and discussed earlier.
You need to have your financial numbers memorized forwards and backward. Make sure it’s presentable so you can give them a copy, but you also need to know how to successfully verbalize your startup strategy.
It’s imperative that your business plan has a proper executive summary.