You’ve got an idea for a great business venture. Outstanding! Now what?
Unfortunately, this is the scenario for far too many entrepreneurs who have the gumption and drive to succeed, but they don’t know the next steps to get the idea off the ground.
What is a Business Plan?
Your first step, a business plan is basically a document that outlines your idea, what you’d like to do with it and what steps you need to take to make it happen. Creating one not only provides you with a roadmap of what you’d like to do—including problems you may encounter along the way and how you plan to solve them—but it’s also an important document to have when presenting your idea to potential investors.
If your idea is simple, your business plan may actually be quite short. If it’s more complex idea and requires some explanation, or if you’re trying to raise a large sum of money, your plan may need to be a little more detailed to provide the level of detail that investors will need to be persuaded.
The first part should include your concept, including your business structure, your product or service and how you plan to make your business a success. The second part should identify your target market and how you plan to reach them. It should also include who your competition is and what you can do to make your product/service shine brighter. The third part should include the financials of your business including income and cash flow statements, balance sheets and a break-even analysis.
Once you’ve got your plan in order, come see us.
504 Capital Corporation was founded in 1983 with a mission of helping small businesses thrive and to promote economic prosperity in the communities we serve. Let us help you put your plan into action by providing the long-term loan you need to get moving forward.
