Writing an Outstanding Small Business Plan

New entrepreneurs often shy away from creating a business plan, but there’s no reason to be afraid of one. You’re just taking your ideas in your head and clarifying them on paper. Here are 10 tips for crafting a solid business plan, even if you’re just getting started:

Be logical

Think about what your reader (a lender or investor) would want to know. Write that.

Know who you’re writing for

You may want to rewrite your business plan when you’re addressing a banker or a venture capitalist.

Explain why your idea works

What will make you successful?

Describe your facilities and location

Consider at what point you’ll need to expand.

Explain why you’re different from the competition

Don’t disparage the competition, just tell what makes you better.

Back up your claims with proof and facts

If you think you’ll be a leader in your market, have information explaining how and why you think so.

Be realistic with your time and resources

When you’re running everything, you may not have as much time as you think you will.

Be conservative in financial projections

You may think you can capture 50 percent of the market, but it might be more credible to say 10 percent.

Get a strong management team

Include team members’ resumes in your business plan to back up your projections. Even if they don’t have industry-specific skills, they may have credentials and expertise that adds to your project.

Discuss investors roles and pay-out options

Investors want to know what you expect of them. They also want to know when they will get their money back.

Talk to Financial Specialists About Other Lending Options

Contact JNI Lending for financing opportunities that will keep your business moving forward. We can help you take the next steps to take your business to new heights.

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