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Home > Getting Started > Starting a Business
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.
- Personal analysis (financial & psychological)
- Use this monthly personal cost of living worksheet (PDF) to evaluate your financial ability to handle a small business
- Outline the business idea (goal, product/service, market, customers & competitive advantage)
- Pinpoint the compelling need for your business
- Identify a team for the planning process
- Conduct market research on:
- industry
- target market
- location
- competition
- pricing
- distribution
- communication
- Outline the business':
- in-house/outsourced
- equipment needs
- capacity
- labor
- Develop a budget to operate the business including your personal financial needs
- Create a marketing plan with a budget
- Combine operating and marketing plans/budgets for total plan and budget
- Determine feasibility. BE OBJECTIVE
- Have an objective team member review the feasibility analysis
- Modify plan and determine feasibility
- Assemble completed business plan
THEN
- Obtain the necessary financing
- Identify space and sign leases
- Make purchases:
- Obtain licenses
THEN
Conduct business. |
