HELP...I Need Cash! (AKA Creating a Business Plan to Acquire Funding) ; Another reason to create a business plan is to acquire funding. In today's struggling economy, having access to cash as a small business is vital. In developing plans for this reason, a much more specific approach is taken. Here, the plan is created with a specific reader in mind: the lender. Whether seeking funds from a bank, an angel investor, or so forth, knowing your audience is vital.
Finally, a business plan should be error - free. This is important because your business plan defines who you are as a business person. If it turned out sloppy, then that does not speak too highly of you.
Outline any competitive advantages that you may have. Do you have any catering business qualifications or skills? Have you have experience in the hospitality industry? Do you have existing relationships with suppliers or prospective clients?
Always start with the overall summary of the business plan. Having the executive summary at the start of the business plan allows the reader to know what you want from the very beginning. This will help the reader to understand your points and methods as they read on in the document. Far too often, some business plans include the summary much later on in the document. It is best to clearly state what your business direction and desires are.
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