We’ve talked before about the benefits of having a business plan for every business, but the truth is, most companies don’t put one together until they want to apply for funding, whether from a bank or investor. Sometimes, even if you don’t need a full business plan when applying for a loan, you will be asked for a funding request. You can also follow the guidelines below to prepare a stand-alone proposal to present to a potential lender with your application.
As we’ve said before about writing a business plan, it’s important to https://americashpaydayloan.com/title-loans-ok/ keep your audience in mind. You can certainly prepare different versions of your funding request depending on whether you’re applying for a loan or approaching an investor. The terms of each would be different, and you might be looking for different amounts of money or types of funding, especially if you’re approaching several potential partners.
Be clear about whom you’re directing the request to, and think about the questions they might have and what they would want to see. Make sure you’ve done your homework regarding the costs involved with your plans. This is where the financial section of your plan will work hand in hand with this one. Be consistent with your numbers, and ask for enough to cover your needs fully so you don’t fall short and remain unable to complete your goals. At the same time, don’t ask for more than you need.
1. A summary of the business
If the request is part of your business plan, you will have already put together all the information found in a business summary. If you’re creating a funding request as a stand-alone document, explain what the company is, where you’re located, what you sell or what services you offer, and who your customers are. Read More