- Green Belt
- Posts: 213
- Joined: Wed Dec 27, 2006 12:36 pm
- Location: milwaukee
One more thing Work2xl,
Make sure that your 1, 2 and 3 year profit forecast as well as break even or exit strategy all work out on the calculator. The SBA did come back to us because our unit price along with costs and profits didn't quite add up on paper at first. I had to go back through the financial part of my plan and work out the numbers. Keep your business plan to the point and let them know you are excited about your business/invention/service, etc.... Some people may not agree with me, but I don't think there is anything wrong with putting your heart into your plan with some emotion. And I don't mean making your business plan 40 pages long. That is not necessary in most cases. Don't bore them. Get them as excited about it as you are. They like to see that you are real and the you are REAL serious. This is only from what I have learned. I am sure that others have there own ideas. Each case is different.
1. Short, sweet, kick A$$ business plan.
2. Submit it to your bank and ask about SBA guaranteed loan or a hybrid sba/bank loan.
3. Be ready for any questions they may have which will be more than likely only about money. After all they are lenders. Ha ha.