Business plans are the ‘who, what, why, where, when and how’ of your business. It explains your business, who you compete with, how you plan to make money to repay your loan and who is going to manage it. For startup businesses, business plans are a necessity in order to obtain a loan. Businesses that plan significant changes, such as moving to a new and bigger location, rebranding a motel or gas station, adding a new line of business, or changing ownership, need to put together a complete plan that the lender can understand and evaluate.
For more information about business plans, please click here.
Projections are the numbers behind the changes to be made. For example, if a business moves to a better location, how many more customers can they serve versus the costs of the new location and advertising to bring them in the door. We have provided a template and some ideas on how to explain the assumptions behind the numbers.
To download the template please click here.