Do you need a fantastic business plan? If you want to submit for angel investment or hope to attract the attention of a venture capitalist, you bet you do. But it's a little known fact that in today's tight lending market, no matter what you hear to the contrary, you'll need a fantastic business plan simply to have a shot at a bank loan. The Small Business Administration is as active as every trying to generate economic growth through small business development, but your plan needs to be far more than a hastily completed template to pass muster at the bank. You'll need collateral, a good credit score, and work experience, all to go along with a solid plan that clearly shows all of the following:
• Your service suite or products in detail
• The market opportunity you're going after
• The state of the industry currently
• Projected risks and rewards and relevant market trends
• A competitive analysis
• The background of your executive team
The competitive piece will need to show that you know not only who you're going up against but also their relative strengths and weaknesses and at least an estimate of their current market share. With a subscription to Dun & Bradstreet you can learn their sales and staffing levels, and even glean some data that you can use to fill your own financial projections. Showing a revenue forecast, use of funds, break-even, cash flow, profit and loss, and balance sheet is essential, and the SBA will also want to see Year One by month. Need help making this fantastic? Then you need MasterPlans. Since 2002 we have been working to get fantastic plans into the hands of aspiring entrepreneurs. Call (877) 453-2011 now.
