Stage One of the Business Credit Success Guide
How to Build Small Business Credit with No Personal Guarantee
Step 4 ~ Develop a Business Plan
One of the most critical steps a small business overlooks is developing a sound business plan. A thorough and well thought-out business plan will provide a clear picture of what’s ahead for your business and what resources you will need to get to that point. In terms of business financing, this becomes critical when approaching banks for unsecured business lines of credit. As yourself, if you were lending someone $250,000 with no personal guarantee wouldn’t you want to see a plan of how the money was going to be used and what their timeframe is for repayment. By spending the time upfront you will give your business a road map to success.
What is included in a business plan? See a sample business plan…
Note: The above is provided for informational purposes only and is NOT to be relied upon as legal advice.
We understand that the life of a small business owner is hectic and time is limited so we have detailed the options available to help in the development of your new business plan.
- Business Plan in a Day ~ An easy-to-use, easy-to-understand resource that offers solid advice from a recognized leader in the field.
- Business Plan Pro ~ Over 500 samples from different industries, take pieces from each and form a unique plan to fit your business goals and objectives. Purchase through the latest upgraded version from the Software Vendor new or buy a used version from Amazon.
- Consulting Services ~ Depending on your budget and need for large capital financing it might be beneficial to consult with an expert to develop a solid business plan. Expect to pay anywhere from $5,000-$20,000 to enlist their professional services but it is well worth the money if you have high hopes of growing your small business into a world-wide mega giant.
Now that you have a path for your business to follow you can now lay the ground-work necessary to obtain financing for your business.