The Purpose of Preparing a Business Plan to Apply for a Small Business Loan
Writing your Business Plan Provides a clear picture and purpose of your business. It tells the lender the story of your business. It provides facts, market study, potential outcome, and forecast, information of your products or services. It is your first impression and only golden opportunity to present you’re your project for that potential loan. The following are key areas that you must take into consideration when drafting and preparing your business plan:
- Executive Summary – This is an introduction on the business goals and products
- Ownership Structure and Percentage of participation. (Background) (Resume)
- Market Study – This section includes information on your business industry, competition, feasibility, reliability and target.
- Organizational Structure – This section includes information on how the business is structured based on the positions within the company (chain of command)
- Service or Product Line – A description of what you sell and how it benefits the customers.
- Marketing & Sales – Details and summary of your sales and marketing strategy.
- Request for Funding – This section outlines the amount of your funding request and how it will be used to build the business.
- Financial Projections – This section summarizes your projected sales and revenue.
- Use of Funds – Prepare a chart of the how are you going to use these funds.
- Appendix – This section includes supporting documentation like permits, licenses, insurance, endorsements, office leases, tax returns, etc.
Get Recommendations for Writing Your Business Plan
Executive Solutions All In One, LLC specializes in helping small business owners obtain unsecured and secured business lines of credit which may work well for you if you don’t have time to write a business plan. We can guide and assist you on how to prepare your business plan. Executive Solutions All In One, LLC Advisors will help you determine what type of financing you most likely qualify for your business need. We offer many types of Commercial Business Lending Alternatives.