Seeking funding for your new business can be a real challenge. Meeting with potential investors or banks is daunting, but having a sturdy business plan to back you up should help boost your confidence and your chances of gaining finance.
It is essential that you provide the right type of information to enable your would-be lender or investor to make an informed decision with ease. If you give the preparation of your business plan careful thought and follow a few simple guidelines you are much more likely to succeed. Here are some top tips from SmallBusiness.co.uk:
Good Growth
Avoid assumptions – Don’t presume your bank manager or investor will know everything about the specific kind of business you’re in. There are thousands of types of business, so they can’t possibly have a detailed knowledge and understanding of them all. Remember they’re a generalist and it’s your job to be the specialist or expert.
Describe what your business does and how it will make a profit. Use straightforward language as much as possible. Tell them who your customers will be and how you will sell to them – for example online or from a shop. Identify your competitors and give reliable information about your market.
