Have you found a franchise business opportunity that makes sense for you to invest in?
Are you almost ready to apply for a small business loan?
Congratulations! You're really close, now....
You just need to put together a good business plan.
Doing that will arm you with what you need to get a small business loan approved.
Walking into a bank without a business plan in our current economic climate would be foolish.
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According to a recently reissued study, business plans can make the difference between getting a loan and not getting a loan. So, why would you want to approach a lender without a strong business plan for your franchise?
You wouldn't believe how many prospective franchise business owners walk into their local banks without a formal business plan in hand.
Get your plan started, today!
Now, I don't want to take the wind out of your franchise sails, but the current credit situation may hurt your chances of getting a small business loan approved for your new endeavor. Banks are looking for ways to say no to loan requests, for reasons that aren't in your control. There is however, one way to increase the odds in your favor;
- Prepare and present an amazing business plan. A plan that's so good, a lender wouldn't have the courage to turn you down.
Of course, there is no guarantee that walking into a bank with a stellar business plan will help you secure a small business loan. But, you've gone this far. Right?
You do want to be your own boss, right?
Being a franchise industry veteran and insider, I help a lot of people get into franchise-type businesses of their own. I also work with a lot of banks. Banks see things in black and white.
They read your personal credit reports. They read your formal loan application. When you go apply for your business loan, you can either go in prepared, or unprepared. Your choice. But, do you know what they really like to read?
A rock-solid business plan.
Here are 7 things to include in your plan:
- Executive Summary--features the highlights of your plan and sells your idea in two pages or less.
- Company Summary--a factual description of your company, ownership, and history.
- Products (or Services or both)--describes your products and/or services and how they stand out from competitive products and services.
- Market Analysis-provides a summary of your typical customers, competitive landscape, market size, and expected market growth.
- Strategy and Implementation-describes how you will sell your product, how you will put your plan into action, and establishes milestones.
- Management Summary-provides background on the management team, their experiences, and key accomplishments.
- Financial Plan-contains key financial info including sales, cash flow, and profits.
Bankers love reading business plans, because the good ones always tell a story. Do you know how to tell your story?
When you go apply for your business loan, you can either go in prepared, or unprepared. Your choice.
"I made my first presentation to Fleet Bank with my Business Plan Pro business plan on Friday. The bank official said it was one of the most professional presentations he has ever seen. He said that he has loan requests for $5 million that aren't as detailed and well presented. Thanks again."
- Howard Lefkowitz
The Athlete's Foot
"We tell our students and entrepreneurs both not to reinvent the wheel, use Business Plan Pro so they can concentrate on the content of their plan and not worry about the mechanics."
- Jeffrey Bernel
Program Director
Gigot Center
University of Notre Dame
"I cannot think of any other software product on the market that is as useful and beneficial to new business owners as Business Plan Pro."
- Carolyn Cole
Vice President
Pacific Continental Bank
You should do everything in your power to present your new business to a banker in a positive light. Doing it without a business plan decreases your odds of obtaining that loan.
Presenting your dream to a banker is a lot easier, with a comprehensive business plan.
