How will you know if you are achieving your business goals if you have not articulated those goals?
A good business plan guides you through each stage of starting and managing your business. You’ll use your plan like a GPS for how to structure, run, and grow your new business. It’s a way to think through and detail all the key elements of how your business will run.
It doesn’t have to cost you anything! Typically a business plan can be put together by yourself and as you continue to read through this article, we will walk you through the steps of what to include. However, if you have no business training, you might want to get help from someone who has previous experience. It will help you understand your business better and allow you to plan and prepare with better data and more accuracy.
The following is not a complete list for every business, but it will help you be better prepared for what can, and cannot, be predicted. When we provide financing to start-up businesses, we ask the owners to tell us about themselves and their business in point form:
What is your experience in your industry?
Your practical experience in the same, or a similar industry, not only gives you perspective but also promotes confidence from your investors and lenders.
What is your experience running a business?
How much of your own money are you investing in the business?
How much debt and equity are you planning to raise from other people?
What products and/or services are you selling?
What differentiates your business?
Are you doing something different, such as offering a new product or delivering it in a new and unique way?
What is the market for your product/service?
Who are you selling to?
Who is your competition and what makes you different?
Where will you get your customers/clients?
A business owner must understand how their business will acquire customers/clients and what it will cost to acquire them.
A high-level Income Statement and Cash Flow Projection
When you are ready, share your plan with trusted people and allow them critique and provide input. Make changes as you learn more about the industry and your business.
While putting together a plan can be done on your own – explore hiring professionals if necessary. A lawyer, accountant, or expert in your market. They are the most likely to spot conditions, requirements, or other obstacles you may have missed. They can also guide you on setting up your company structure and books and introduce you to others who can help you with specific details.
Healthcare financing is our passion, and we are just as passionate about helping you to grow your business. Contact us to share your plans, or to learn more about how an equipment financing program can help you to preserve your working capital, overcome multiple sales hurdles, and extend (or expand) your customer relationships.
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