Start with a Great Business Plan
So, what is a business plan? And why do I need it?
Both Venture capitalists and Banks require a business plan, or the will not close a business loan, and that is indeed “the end before the beginning”.
So How do I create a great Business Plan?
Start by having superior understanding of the business you are starting and moonlight for a successful and similar business. With the knowledge and skill set you acquire, you will have a much better hand to play in the creation of the plan for your new business.
The First Expansion
Thomas leaned on some other carpenters he knew from other projects. He paid for bright colored orange bags, and convinced other carpenters to toss their scraps in those instead of the trash bins. After work, Thomas would travel to the other sites and pick up the orange bags. It saved the construction companies some disposal fees, so they were happy.
On the weekends, Thomas would bring the artists over to his garage to help sort through the scrap materials. The artists happily paid him for the scrap wood. Thomas really felt he was doing a great thing for the community. He wanted to expand his business, yet he needed more resources. Thomas started reading about ways to get a bank loan. Thats when he discovered he needed a business plan and his troubles started.
Looking at the requirements to get a business plan stopped Thomas in his tracks. He had to make a choice to continue as is or take the leaf of faith to get that bank loan for expansion.
To Plan or Not to Plan
Building a business requires a lot of hard work, time and resources. Many entrepreneurs find a particular passion, and before they realize it, their passion has turned into a business. At this point, a lot of business professionals will tell you that you need to create a business plan.
A Traditional Business Plan should include:
- Company Description
- Executive Summary
- Market Analysis Report
- Breakdown of your Organization and Management Structure
- Detailed Description of your Service and/or Product Line
- Your current Marketing and Sales Figures
- Legacy Data & Financial Projections
- Budget, Burn & Exit Strategy
So, where do I begin, you may ask ? Effective business plans are not time consuming. It is a statement of what you know about the business, what makes it unique, what makes your company valuable in the target market segment, and most of all, the projections of revenues.
Regardless, entrepreneurs can gain an edge, by making a business plan that investors can easlily understand. A person who has a personal investment in their plan is more likely to create a winning business plan.
Wehba Business Plan Software
C. Frederick Wehba has developed an application that breaks down the business, and provides a walk through. Clearly, every successful business begins with a winning business plan.
With Wehba’s Business Plan Creator, most entrepreneurs can save time and frustration by harnessing a proven structure. Software takes the sting out of the business plan creation process.
Fred Wehba is filled with the Holy Spirit and shares others from his life experience.