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Business Plan PreparationTip! To obtain funding. If you are planning on getting any sort of loan, you will definitely need a business plan in order for a bank to consider you. Business plan preparation is not as complex as it may seem to the new entrepreneurs. Begin by asking yourself a few core questions. • Which product or service are you going to make available? (Name the needs they will fulfill.) • Who all form your customer base? Why will they be willing to purchase your good or service? • What are the means to reach this identified customer base?
• From where will you get the initial funding for the business? • What other resources will be required to accomplish the stated goals? Business plan preparation calls for a settlement of these issues in an honest and realistic manner. Besides these central questions, you will also need the answer to some short-term questions. • What kind of customer base are you looking for: wide or steady? Tip! Financial data should be referenced in the Business Plan or as handout; not as a slide. • What are the methods employed by your competitors? • Does advertising have a big role to play in your business? Will it greatly affect your profit margins? • If yes, which form of advertising suits your business? Which media will you employ for the publicity of your product or service? Tip! Myth: My business plan is in my head—that's good enough. Use of the appropriate information and a detailed analysis will help in systematic business plan preparation. After organizing your thoughts and concerns, pen down the answers to the raised questions. If available, make good use of relevant financial data. Record your income and expenditures in the plan; this will serve as a benchmark when you review your performance at a later date. Tip! Myth: I don't need a loan—so I don't need a business plan. Maintain a fluid mindset that allows you to accommodate the changes as it is not wise to commit yourself totally in the beginning. Aggressive revisions dictated by the changing circumstances, and an increase in the knowledge and experience make the plan a living document. A dynamic plan lends great momentum to the business. Since its inception, Growthink Business Plan Development has developed over 350 business plans. Growthink clients have collectively raised over $750 million in financing, launched numerous new product and service lines and gained competitive advantage and market share. Growthink has become the firm of choice for venture capital firms, angel investors, corporations and entrepreneurs in the know. Tip! A Business Plan will help convince both you and the Bank of the project's feasibility and viability. For more information on this topic please visit http://www.growthink.com/businessplan/ or visit our venture capital placement site at Growthink Venture Capital.
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