In June’s edition of EL Palo magazine, I begin discussing a high-level overview of the loan process and why being loan-ready is important for new business owners. This month, I’ll cover one of the most important steps when starting a business — your business plan.
Entrepreneurs and motivated individuals have a vision to create an opportunity for themselves and capitalize on their specific skill. Keep in mind, without thoroughly researching your business plan to present to investors or bank lenders; your business will undergo a much slower process than someone who has.
Do not be discouraged, trying to display what you see in your own mind on paper can be a difficult process. The planning process includes several sections that will benefit not only the banks and investors, but it will assist you to see your business more clearly and make it a much smoother process.
The first step in planning your business should be relatively easy — an executive summary. This is your chance to explain your vision and what your mission statement is going to be. It’s ideal to keep these statements relatively short and sweet.
Next, you’ll get into the description of your business. Break down in detail what you’re trying to do and give some history about your company. It’s good to explain any experience or background you have with your vision.
Slowly you’ll start getting into your market analysis research. This is an important area that will explain your target market, the demographics, the industry you are looking at, and your S.W.O.T analysis explaining that the strengths, weaknesses, opportunities, and the threats to your business.
If you are thinking of starting your own business, you must be willing to put a serious effort into your business plan. Start by completing the first few steps in your plan and follow up with me next month to continue explaining the other sections of your business plan and being loan ready.
By Jobany Bedoya – Small Business Director
Greater Reading Chamber Alliance
