How do you structure a business plan?
When writing a business plan, it is smart to get an outline together first. Here is the common way that business plans are structured:
1) Executive Summary (a summary of your business plan, what’s going on in the market now, what you need and how you will succeed)
2) Your Overall Vision (what you envision this business idea becoming)
3) Market Analysis (write about the market you want to reach)
4) Competitive Analysis (all about your competitors)
5) Strategy (how do you plan to overcome the competition?)
6) Description of Your Product or Service (self explanatory)
7) Marketing and Sales Plan (how you plan to advertise your business, who is your market, etc.)
8) Operational Team and Structure of Your Company (all about you, anyone who will be working with you, and the operational structure of your intended business)
9) Financials (charts, graphs and sheets demonstrating your financial projections)
What do I need in order to open a small business account?
The rules for what is considered acceptable proof of a business’ existence varies from bank to bank, but generally, a bank will need to see some type of official government paperwork stating the existence of your small business to open a business account for you. That includes a business license and a fictitious business name form certified and stamped by the state.
Do I need a business license to operate as a business?
Technically, you do not have to have a business license in order to operate a business, but it does make your life as a small business owner easier. For one, you are able to open business checking and savings accounts with a business license, and whenever someone asks you to verify your business all you need to do is show them your business license. A business license is basically just a way for the state to record information about your business and acknowledge its existence.
What do you need to apply for an SBA loan?
Many small business owners look to the Small Business Administration to apply for business loans. When applying for an SBA loan, you need to have the following ready:
– Business plan complete with financial projections
– Decent credit
– Collateral (not always a requirement)
– Owner’s personal resume (they want to know you have good character and management capability)
– Past financial information if you are an already existing business
If approved for an SBA loan, the government doesn’t provide the actual loan, they just back it (up to 85%), which makes it more likely that a local bank will fund the loan since they know they will get most if not all of their money back in any circumstance. Find out more at http://www.sba.gov .
How much money do you need to start a franchise?
Franchise fees vary depending on the operation, but usually you will need to pay the franchiser a minimum of about $10,000 up to $100,000 or more. The average franchise fee is about $25,000. You also have to have a certain amount of cash on hand to show the franchiser that you are financial capable of running a business, as well as the initial investment to get operations started (rent, inventory, equipment, etc.). (Source: Allbusiness.com )