Getting Started

Every day, bankers see people who want a business loan for the “opportunity of a lifetime”. These want-to-be entrepreneurs usually attempt to explain their notion orally, and have done little, if any, research on the feasibility of the idea. In order to be taken seriously about your business loan, it is imperative to write a formal business plan.

  1. Brief outline of company’s mission statement and vision, purpose and goals so you articulate what you’re trying to createDescription of your company and product or service
  2. Description of how your product or service is different
  3. Market analysis that discusses the market you’re trying to enter, competitors, where you fit, and what type of market share you believe you can secure
  4. Description of your management team, including the experience of key team members and previous successes if any
  5. How you plan to market and sell the product or service
  6. Analysis of your company’s strengths, weaknesses, opportunities, and threat (SWOT), which will show that you’re realistic and have considered opportunities and challenges
  7. Develop a cash flow statement so you understand what your needs are now and will be in the future
  8. Financial/Revenue projections
  9. Executive Summary/conclusion that wraps everything together

THEN

  1. Obtain the necessary financing
  2. Identify space and sign leases
  3. Make purchases: equipment, insurance, etc.
  4. Obtain licenses

THEN


Conduct business.

Virginia Business One Stop: Maintained by the state’s Department of SmallBusiness and Supplier Diversity, this site serves as a central information portal for individuals who are looking to start a business in the Commonwealth.

To contribute to the growth and development of the economy by providing management, technical and other assistance and information to the region’s small business community.

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Contact Us

  • SBDC of Hampton Roads, Inc., World Trade Center
  • 101 W. Main Street, Suite 800, Norfolk, VA 23570
  • (757) 664-2595
  • Find Your Location
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