Most entrepreneurs see writing a business plan as a gargantuan task – especially if they've never written one before. And if you need a business plan for a bank loan, getting this document right is absolutely essential.
How can you be sure you're not making a mistake?
You may want to explain why your location is important or detail how much space you have available. You can also cover your office space and any plans to move outside your house.
Any specialized software or equipment and tools should also be covered here.
An entrepreneur opening a new business venture or an existing small business owner wishing to expand his operation might seek financial assistance through a commercial loan.
Generally, commercial lenders require certain qualifiers from an applicant borrower, including a pro forma statement, a business plan, profit and loss statements, balance sheets, a personal and/or business resume, collateral and personal guarantee by the borrower.
How do their lives improve after you solve that “pain point” for them?
We recommend actually going out and chatting with your target audience first. This is crucial information for determining whether or not your business will succeed long–term.
To obtain a loan for a small business, there are preparatory steps to accomplish. Before writing a business plan, you must have all pertinent information organized.
Collect all financial statements, including profit and loss statements, balance sheets and at least three months of business bank statements.