Posted on Thursday, 18th June 2009 by admin
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I write a business plan for an already established business in my bid to procure financing for its purchase. I am 24 year old university graduate, and I dream of owning my own business. Please help me out, if you can. Thank you in advance.
Small Business Web Hosting
I write a business plan for an already established business in my bid to procure financing for its purchase. I am 24 year old university graduate, and I dream of owning my own business. Please help me out, if you can. Thank you in advance.
Small Business Web Hosting
Tags: Business Help, Buy Business, University Graduate
Posted in Small Business | Comments (2)
June 21st, 2009 at 5:16 am
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Mostly you are trying to convince the bank that under your ownership the business will be profitable and that you will be able to repay the loan. That is the bottom line to the bank.
You need to show the current cash flow of the business, and demonstrate that there will be ample income to meet the loan payments. If the business does not have the cash flow, you need to show your plan of how you will make it sufficiently profitable, including timelines and projections.
You also might want to call the bank to see if there are any specific details they will be looking for. Be sure to address all their concerns.
June 23rd, 2009 at 2:06 am
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Before you dream, please hear me out. Do a business valuation to make sure the business is worth what you are going to pay. There is no easy way to value a business, please consult professionals to do a due diligence to make sure the business has potential in the future.
The business plan or in your case a marketing Plan consists of a narrative and several financial worksheets. The narrative template is the body of the plan.
The real value of creating a business or marketing plan is not in having the finished product in hand; rather, the value lies in the process of researching and thinking about your business in a systematic way. The act of planning helps you to think things through thoroughly, study and research if you are not sure of the facts, and look at your ideas critically. It takes time now, but avoids costly, perhaps disastrous, mistakes later.
This business plan is a generic model suitable for all types of businesses. However, you should modify it to suit your particular circumstances.
You will be judged by the quality and appearance of your work as well as by your ideas.
Good luck, do not under estimate the advantages of professional help, especially in the beginning, but finance institutions also like to see some of your own input in the presentation.