The key to securing financing is a business plan. A good plan will outline the idea itself, detail any supporting market research, describe operational and marketing activities, and give financial predictions. The plan should also outline a strategy for long-term growth and identify contingencies (alternative ideas or markets) if things do not go as planned.
Most importantly, a good business plan will acknowledge that the biggest reason for business failure is a lack of cash. While loan capital can help for a while, eventually a business must fund its operations from revenue. A good business plan will analyze future cash flows and identify any
potential shortfalls.
Beating the odds at start-up is defined by the tenacity to take an idea to market, the ability to secure sufficient finance, and the business acumen to turn a good plan into a
long-term, profitable enterprise.
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