A business plan that will get you a loan
Avi Toor is drawing up a business plan for his new company. How detailed was your business plan?
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DiggIn reponse to FSB ‘a business plan that will get you a loan.’
A well detailed business plan is critical to your success because you need to research your business; however, I have never had a deal financed because of one, having written several dozens and secured financing many many times. What gets financed is the face-time and rappoire with the lender. My biggest deal was a one page summary of an 80 page business plan that the lender with whom I had met with for only 10 minutes never even opened (I saw it on his desk in the sealed envelope I gave him some months after concluding the initial $500,000 financing.)
We thoroughly disagree with the content of this article, especially about the length of the business plan.
At the beginning, my business plan was poorly detailed.
I started my business as a way to venture into a new field and at the same time, to complement our income.
After I lost my day to day job, due to company bankrupt, the business plan became more elaborated for obvious reasons.
Now, I needed to find a reliable way to support myself and my family while avoiding employment again, and that required a real business plan that would allow me to achieve those goals.
The business plan wasn’t nothing fancy, rather simple step by step list of what’s needed to accomplish in order to reach the final objective. workonline
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Having done many business plans for startup companies, I find that the hardest part is estimating revenue stream. This is where good market research is valuable. If you have high levels of confidence in the revenue projections most everything else can be figured.