Are you trying to get a loan or some other type of investment for your business? Have you realized that you need a business plan to increase your chances of getting this funding? Have you decided that you can do this yourself? A do-it-yourself (DIY) plan can be a great idea - if you know your market; know what lenders are looking for and can present your project in a way that they want to see it!In fact, we encourage a draft plan by the owner.
• It is a great way to get their ideas down on paper; • To shake out some of the cobwebs; • To get some order to the swirl going on in their minds and • To ensure that their vision has a voice! Going through the steps to create a plan will highlight the strengths and weaknesses that an owner is bringing to a business.
And a plan is not only about numbers and projections.
It is about strengths and weaknesses; vision; sustainability; marketing advantage; customer advantage and many other factors.
A SBA (Small Business Administration) study recently estimated that it takes an owner 400 hours to complete a business plan.
That is a huge investment in time and learning.
It is also a good investment, but as the business planning exercise illustrates, business planning is about allocating resources - if you are the type that is comfortable in doing your own website; doing your own bookkeeping and business tax returns; writing your own legal agreements; doing your own marketing - from concept to implementation - then a DIY plan may be a snap for you.
But when do you get the time to run your company and service your clients? A plan often has these elements: • An executive summary • Product/service description • Market analysis • Financials While these elements or sections are the standard parts of a plan and amongst the most important.
They help to establish that there is need for your service; that you have the ability to service that need and therein lays the opportunity.
You also need to explain why your past experiences and/or those of your team have helped prepare you to deliver that service.
That you have a vision to deliver that service and that you will have the resources to sustain yourself while growing your company to profitability.
Things that can help your plan stand out include: • Vision statements • Consumer Benefit analysis • Images (Yes, pictures are allowed in a business plan) • Graphic representations of the numbers (Yes, bankers are looking for you to make their jobs easier) With these tips in mind, you'll now be ready to get started.
Good luck!
• It is a great way to get their ideas down on paper; • To shake out some of the cobwebs; • To get some order to the swirl going on in their minds and • To ensure that their vision has a voice! Going through the steps to create a plan will highlight the strengths and weaknesses that an owner is bringing to a business.
And a plan is not only about numbers and projections.
It is about strengths and weaknesses; vision; sustainability; marketing advantage; customer advantage and many other factors.
A SBA (Small Business Administration) study recently estimated that it takes an owner 400 hours to complete a business plan.
That is a huge investment in time and learning.
It is also a good investment, but as the business planning exercise illustrates, business planning is about allocating resources - if you are the type that is comfortable in doing your own website; doing your own bookkeeping and business tax returns; writing your own legal agreements; doing your own marketing - from concept to implementation - then a DIY plan may be a snap for you.
But when do you get the time to run your company and service your clients? A plan often has these elements: • An executive summary • Product/service description • Market analysis • Financials While these elements or sections are the standard parts of a plan and amongst the most important.
They help to establish that there is need for your service; that you have the ability to service that need and therein lays the opportunity.
You also need to explain why your past experiences and/or those of your team have helped prepare you to deliver that service.
That you have a vision to deliver that service and that you will have the resources to sustain yourself while growing your company to profitability.
Things that can help your plan stand out include: • Vision statements • Consumer Benefit analysis • Images (Yes, pictures are allowed in a business plan) • Graphic representations of the numbers (Yes, bankers are looking for you to make their jobs easier) With these tips in mind, you'll now be ready to get started.
Good luck!
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