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.

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
Description of how your product or service is different
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
Description of your management team, including the experience of key team members and previous successes if any
How you plan to market and sell the product or service
Analysis of your company’s strengths, weaknesses, opportunities, and threat (SWOT), which will show that you’re realistic and have considered opportunities and challenges
Develop a cash flow statement so you understand what your needs are now and will be in the future
Financial/Revenue projections
Executive Summary/conclusion that wraps everything together

THEN

Obtain the necessary financing
Identify space and sign leases
Make purchases: equipment, insurance, etc.
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.

Sign in to Techstartup

Hello, Friend!

Ask a question

Getting Started