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Thread: Should I start my business plan so I can get a loan from banks and etc.

  1. #11
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    I think you should always write a business plan whether you need funding or not.
    Business plans solidify what you want from your business, how you are going to operate and manage it, how you are going to promote and market it.

    When a plan is in your head, it can change unintentionally and you deviate. If it is written down, you have a solid structure of what you are doing and why.
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  2. #12
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    If you have decent personal credit there are many small business resources that will provide you with business credit up to about $40,000. Do you have a personal credit score of 720 or higher?

  3. #13

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    There are startup line of credit programs out there for those with high FICO and responsible credit history, and do not have minimum revenue requirements.
    Last edited by 5DayFunder; 12-18-2015 at 02:39 AM.

  4. #14

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    If you need to know what a business plan should consist of, here are some helpful tips:

    It's well worth investing time and effort in a good business plan.

    Here's what we normally like to include in a business plan:

    Executive Summary: Brief description of product or services; Opportunity to be exploited; Details of management team and ownership structure; Financial projections; Funding requirements (if any)

    Explanation of Business Concept: Detailed description of products or services; Explanation of competitive differentiation; Overview of how management team's skills and experience are relevant to concept

    Competitor research: Overview of key corporate competitors; Overview of niche / subsegment competitors; Overview of competitive products / services

    Customer research: Customer segmentation by profile, requirements and value; Explanation of buying preferences / requirements by customer segment

    Market growth: By subsegment over time; Discussion on drivers of growth

    Sales and Marketing Plan: Method of identifying and targetting potential customers; Positioning / pitch to potential customers

    Operational plan: Key roles and responsibilities; Infrastructure requirements; Timeline for implementation

    Financial Projections: Profit and Loss: upside, base case, downside case; Cash flow; Balance sheet; Investment requirements

    Good luck!

  5. #15
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    Don't know how much business you are doing but maybe you don't need an LLC yet. If you can't afford an LLC you may not need one. Do business as a sole proprietor or DBA until an LLC is more appropriate.

    As for a business plan to raise $ 250 don't bother. It will cost more for the plan than the money. If you are really going to go to a bank just bring your business records showing your ability to repay.A business plan for yourself or for larger money is a different story.

    But again, unless you are fearful of some real liabilities and $ 250 is a stress on your finances then stick with a cheaper simpler form of business. Being incorporated is not a requirement to conduct business.

  6. #16
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    What area of NY is your business located? Have you already published your articles of incorporation? The reason I ask is because I know most of NY has a rather expensive, crony publishing policy for startup businesses. In many areas of NY, simply publishing your articles in local papers is a hefty expense in itself, well over $250 x 5... Even in the most raunchiest of ghettos. Not to mention, they insist you publish your articles multiple times... Good God, I hate starting up businesses in NY.
    Last edited by BizAdvisor; 02-15-2016 at 08:49 PM.
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