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    5 Replies Latest reply on Jan 3, 2008 3:14 PM by businessplan

    Business Plans and Business Loan

    PPC-Pro Newbie
      Can anyone recommend a good Business Plan writer in the Raleigh NC area? Also, is a business plan necessary to get a business loan?
      I was told that Bank of America won't write business loans to companies less than 3 years old. Where can a thriving internet business get financing to expand their operation?
        • Re: Business Plans and Business Loan
          LUCKIEST Guide
          PPC, I am a SCORE Counselor and can help you write a good business plan.
          You can also go to "www.score.org "online and take a FREE online course "Developing a Business Plan"
          Good luck, LUCKIEST
          • Re: Business Plans and Business Loan
            CorpCons08 Ranger
            PPC, my firm works with SME (Small to Medium Enterprises) on obtaining commercial financing.
            We may be able to help you get a loan. I would be interested inspeaking to you further.
            You can reach me at d.skolnick@skolnick-associates.com.

            Warmest regards to you and yours this holiday season,

            CC08
            • Re: Business Plans and Business Loan
              moogrdotcom Wayfarer
              The easiest cash to leverage is to PG some business cards. I was able to get Chase, Amex, City Business cards and 50k in credit in my first 4 months of business. By year one i was able to apply for BLOC's with these companies because they had good experience with me. I guess my 2 cents is to get in the door first, build a good relationship, pay your bills ahead of time and leverage those relationships to build your business.

              A good business plan, a good understanding of the credit markets and a good understanding of leveraging your own equity is the best way to success. I would never recommend setting yourself up for failure because you feel you HAVE to have financing or you won't make it. There are plenty of ways to start small and grow consistently thant to blow up over night.
              • Re: Business Plans and Business Loan
                LUCKIEST Guide
                PPC Maybe this will help - LUCKIEST

                A well-executed business plan is a critical first step for every new business.

                 

                You think you’re ready. You know what sort of business you want to
                start. You’ve written down your idea, narrowed its focus, and done the
                basic research. Now, what’s the next step? Turn that idea and research
                into a formal business plan.

                Writing a detailed business plan is an essential step toward getting
                your business off the ground. Not only will the business plan help
                guide you through the challenges and complexities of launching your
                business, but it will also prove essential if you decide to apply for a
                loan to fund the business. Banks look for signs that you know what you
                are doing and that you are really committed to your business idea. They need to see that you’ve
                worked through the details of your idea in a systematic way and have
                given real thought to the problems you may face. The existence of a
                well thought-out, clearly written, well researched and realistic
                business plan will prove critical to demonstrating your seriousness and
                professionalism to any financial institution you decide to approach.

                 


                So what goes in the business plan? Business plans have a general
                layout. The plan should open with an executive summary that states in a
                few sentences, or a short paragraph, what the business will do and why
                you are the person—with the right experience, education, etc.—to make
                it happen.

                Research, Research
                After the executive summary you will want to lay out your market
                research and analysis, demonstrating that there exists an adequate pool
                of consumers willing to purchase your product or service. You can find
                precise data from government publications, industry publications, trade
                groups, and local chambers of commerce. You should also define the
                extent of the competition your business will face within the area it
                operates and how your business will stand apart from that competition. You need to be realistic when assessing how much competition your new
                business is likely to face.

                A Solid Structure
                Describe your new business’s structure. How will your business deliver
                its products or services? Who will do what? Where will your operations
                be located? It may make sense to create charts that lay out the
                company’s critical processes, and executive decision-making
                responsibilities. It’s a good idea to answer as many management
                questions as possible ahead of time. Be sure to define the company’s
                ownership—will you own it completely, or are there co-owners or
                partners in the business? If you already have a team of key personnel
                in place, include their resumes or biographies and descriptions of
                their roles in the business.

                Be Descriptive
                Be sure to describe your product or service as well as your marketing
                plans in detail. Don’t assume
                that a simple description like ‘coffee shop’ or ‘retail clothes store’
                is enough. Explain exactly what your business sells with as much
                specificity as possible and how your product or service distinguishes
                itself from the competition.

                The Bottom Line
                Finally, you need to explain the financial workings of your business.
                How much money will it cost to produce your product or service, rent a
                location, pay employees ,
                market the business, and purchase needed supplies. So you will have to
                project your likely expenses and revenues based on your research.This can be the trickiest part of all, because there’s
                a huge temptation to put everything in the best-possible-case-scenario
                kind of thinking. In any range of estimates, look at the less favorable ones. In short,
                be conservative—assume expenses will be higher and initial revenues
                lower. Calculate a break-even forecast that shows the sales figure you
                will need to achieve just to break even, and then make sure your market
                research backs up the idea that you will get at least that many
                customers.
                • Re: Business Plans and Business Loan
                  businessplan Newbie
                  Hello,
                  Double check the custom business plan solution from nextiq.com
                  Thanks
                  Mat