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The Ultimate Guide to Business Plans

The Reasons Why You Need a Business Plan

Starting your own business is a dream come true for a lot of people. This is why most people work hard in a certain company to earn enough money to start their own company or their own business. Whatever kind of business you have in mind, you will need to consider a few things first before you invest.

It is true that the primary thing you need to start your own business is a capital, but you also have to consider that you also need a business plan in order for your business to succeed. Just imagine that your business is a train and your business is a railroad. As you can see, without a business plan, you can never go ahead with your goals for your business.

A business plan not only serves as a guide for your business but it will also serve as a way to attract potential investors. Not all people who want to start their own businesses have the money for it. A business plan will change all that. If you need to get a loan from a bank for capital to start up your business, you will need to present a business plan to the bank.

The bank will then read your business plan and determine if your business is feasible or not. If it is, then you have a chance to get the loan, if the bank thinks that your business is not feasible, chances are, you will never get an approval for the loan. You may need to rewrite your business plan over again. In order to get approved for the loan, you will also need to write an effective business plan and not just any kind of business plan. Just like a recipe, a business plan should contain all the necessary ingredients for it to work.

Here are some of the most important things that you should include in a business plan:

Executive Summary Section

-First of all, you will need to put an executive summary section. All business plans should start with this “ingredient”. Also, it is important that the executive summary section of the business plan is well-written. Remember, this part is the first thing that the bank you are applying loan in will read. Make the executive summary section brief, to the point and most of all, clear.

Business Section

-The Business Section is also an important component in any kind of business plan. Here, you will include the name of your planned business, the physical address, and it should also include a detailed description of what type of business you plan on opening. Again, you should make this section easy to read. Never assume that the person who will be reading your business plan will have the same technical knowledge about the business you plan on. If it gets too complicated for them to read, then your chances of getting approval for that loan will decline.

Market Analysis

-Another section that you should include in your business plan is called the market analysis section. This section of your business plan will show that you definitely did your homework. The things that you will include are: demand for your product or services, the target customers, description of your pricing plan and the description of your company’s policy.

Financing Section

-The Financing Section is also an important factor when writing a business plan. This will show how committed you are with the business venture. This will show the amount of personal fund you plan on contributing and the amount of loan you need to start your business as well. You should also include how you will be able to repay your debt. Other things to include are the annual income projections, projected cash flow statements and balance sheet.

Management Section

-The Management Section is also considered important in a business plan. Include everything about your organization structure and your management team in this part of the business plan. Doing everything right will enable you to get that capital you need. Always remember that in any kinds of business, whether it’s big or small, you need a business plan to start.

A blog post by Mike Fraser, We are the outside-the-Box, professionals here to give you the best change, solutions and strategies to develop your business idea. I can take your dream and help you make it an attainable goal. Our life experience and formal education has led us to the following conclusions:

Everyone has an amazing idea. It’s the execution that gets the job done. We are your executioner.Brussels sprouts do not taste that great, no matter what my mom says. Our team is made of all A personalities. We don’t care who gets the credit – We just want to win.

An optimal business plan can be your road map to a successful business. We thrive on building relationships and take great pride in the company we keep.

The post The Ultimate Guide to Business Plans appeared first on Business Plan Ideas | Business Plan Steps.

via Business Plan Ideas | Business Plan Steps https://businessplanpro.pennistonemedia.com/2020/10/17/the-ultimate-guide-to-business-plans/

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What You Need To Know About Bridging Loans

It’s not always possible to get everything you want at the exact time that you need it. Sometimes, things can work out spontaneously, while other times, things can be out of control completely. For example, what happens if you find your dream home but you don’t have money to finance it yet you haven’t been able to sell you current home? Bridge loans are meant to help you in situations such as this.

A bridge loan, like the name suggests, is a type of financing that takes a short period of time, pending the arrangement of a larger, long-term financing arrangement. Many home buyers use bridge loans to finance their purchases especially when they are considering selling an existing home.

They use the bridge loan to put a down payment for the new house before they can sell their current house to pay for the rest of the purchase price for the new house. This type of loan is gaining popularity because of its convenience, flexibility and the benefits that borrowers enjoy from it.

Understanding Bridge loan

• Bridge loans are also known as swing loans and sometimes referred to as gap financing. It is essentially used to bridge the gap between the sale of an old home and the purchase of a new one. • Purchases of homes and acquisitions of real estate projects would be impossible without bridge loans. • Different financiers apply varied terms and conditions. However, most bridge loans run for 6 months and are secured by the borrower’s old home. • Many financiers do not like the idea of extending the term of a bridge loan unless the mortgage of the new house will be financed by the same financier. This is just a way that lenders use to maintain clients. • Some lenders require monthly payments of the bridge loans while others require an up-front lump-sum payment with interest at the end of the term. • Bridge loans often carry a higher interest rate as compared to other loans. This is because of the risks that a lender is taking to put a down payment of a property that a buyer may or you may not be able to complete payment for a new housing development that eventually may not be built. This means that before diving into securing a bridging loan, you must make inquiring from several banks and find a cheap bridging loan.

These types of loans are always considered as a last resort because of the heavy interest rates it carries and the often stringent terms and conditions surrounding it. If you are certain about if and when your home sale will go through then you can apply for a bridging loan to facilitate your down payment.

So, how do you qualify for a bridging loan?

Essentially, you must have an existing initial mortgage on your current home, the one you want to sell. Also, the chances of you closing on a new purchase before selling your existing home ought to be high and if for a short while, the buyer will own the two homes i.e. during the bridging period

An optimal business plan can be your road map to a successful business. We thrive on building relationships and take great pride in the company we keep.

The post What You Need To Know About Bridging Loans appeared first on Business Plan Ideas | Business Plan Steps.

via Business Plan Ideas | Business Plan Steps https://businessplanpro.pennistonemedia.com/2020/07/30/what-you-need-to-know-about-bridging-loans/

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How to Build an Emergency Fund

Don’t you just hate when you think you are getting along in life just fine, and then all of a sudden….a curve ball is thrown your way. Maybe your car breaks down, your business need a new laptop or your cell phone breaks…something occurs that requires you to come up with cash, fast!

Now you are panicking trying to come up with a way to make up that money. Well, how much simpler would life be if you already had that money stored away?

I believe that it is extremely important to have an emergency fund on hand, in case things like this happen. However, keeping extra money on the side isn’t always the simplest thing to do. That is why I am going to be sharing with you a few of my favorite tips and tricks for building up an emergency fun, even when maybe you are living paycheck to paycheck and don’t have extra money to put up.

Everyday Tips

Save on everyday needs as much as possible: When it comes to purchasing things that you need everyday like food and gas, you should try to save as much money as possible doing so and then you are able to take that money you are saving with your purchases and put it up for savings. I highly recommend using things such as reward cards and coupons to save on these essentials; you’d be surprised just how much you can save if you shop smart. Some of my favorite ways to do this are the Kroger Card and using an app such as Ibotta.

Have a piggy bank: I am one that always has a ton of change everywhere, in my car, in my house, everywhere. Save that change! Most people don’t realize just how quickly change can add up. I always have a piggy bank on hand and any amount of spare change that I get into my hands goes into that jar. You could even make it a family savings jar and have everyone chip in with their spare change as well.

Save gifted money: A lot of people will gift you money for birthdays and the holidays, as hard as this may be not to run out and treat yourself to something nice, try putting up at least part of that money. Maybe put up half and then go get yourself something with the other half. This way you are not taking away from your regular income but you are still putting a bit of cash away.

Put up ANYTHING you can: Put up any amount of money that you possibly can. Most times, you are able to squeeze out a spare dollar or five dollars a week. It may not be much, but having something put up is better than having nothing at all. I know it may be hard to come up with it, but try to put at least some sort of money into your fund every week.

Don’t give up: A lot of times people get a bit of money saved up and then they use it to buy new clothes, or pay for a nice dinner…try to refrain from doing this! Be sure to put that money up each week and do not touch it until you have a real emergency to pay for. Just think to yourself how horrible it would be if something were to happen and you didn’t have that money to fall back on.

Remember it is really important to have that emergency fund… no matter what your current income is because you never know how big or small of a curve ball life will throw at you. If you’ve struggled in the past coming up with an emergency fund, I hope this helps you to stay strong and build up as much money as you possible can!

Everyone has an amazing idea. It’s the execution that gets the job done. We are your executioner. Brussels sprouts do not taste that great, no matter what my mom says.

Our team is made of all A personalities. We don’t care who gets the credit – We just want to win.

You will not regret giving us the opportunity to facilitate, compose and engineer the growth of your business. A professional prepared business plan can not only help your start-up company to obtain venture capital, traditional loans but can also help to maximize the efficiency and profitability of your business.An optimal business plan can be your road map to a successful business. We thrive on building relationships and take great pride in the company we keep.

The post How to Build an Emergency Fund appeared first on Business Plan Ideas | Business Plan Steps.

via Business Plan Ideas | Business Plan Steps https://businessplanpro.pennistonemedia.com/2020/07/28/how-to-build-an-emergency-fund/

#business plan template for small business #business plan beauty salon #business plan yoga studio #bu

The Authority of Money

During my recent trip to the U.S., I decided to play tourist and visit a few places that I had never been. One of the more interesting destinations was the Money Museum at the Federal Reserve Bank in Chicago, Illinois.

No matter how much it’s talked about in the news and politics, I really had no idea exactly what the Federal Reserve Bank does. I know its name is printed at the top of all of my Benjamin, but that was about the extent of my knowledge. With the help of a friend I’ve had for 40 years, I signed up to take the tour and get a glimpse behind the scenes of the place that money calls home. Knowing the amount of money that passes through the place and seeing the turn of the century style conjured up images of caper stories the whole time I was there. I couldn’t help but think

“okay, if I was going to rob this place, how would I do it?”

The Guided Tour

While it was interesting to learn what the Federal Reserve Bank does, the real beauty of the visit was a special tour through some of the innards with a guide who knows trivia that spans centuries and literally trillions of dollars. Jerry, our tour guide, was a fascinating man who returned from the boredom of retirement to be a tour guide, talking guests through the museum.

He wore a light green and white suit, looking like he too had been minted by the U.S. government decades ago. Over the course of the next hour or so, he shared background on the Fed, stories and more numbers than anyone should be able to recall.

In the main museum, we got to see a number of displays about the history of currency in the United States, including a couple of displays of One Million Dollars:

We also got to learn a bit about what the Federal Reserve Bank does in a video that was put together in-house – nice, but a bit dry. I’m sharing what I took away from it, which may be entirely inaccurate, due to my failing memory.

The Fed’s charter is to “oversee how monetary policy is implemented.” It comes down to three primary functions:

they oversee how payment systems work, so the way checks are cashed, the way credit card and online transactions take place;

they are the regulators of banks in the U.S., so they’re the ones who go in and audit banks to make sure they’re not breaking any laws and

The most visible function is that they’re responsible for moving cash around.

For most of us, that’s the fascinating part of what they do. Every day of the week, shipments of currency come from the United States mints to the Federal Reserve Bank. The Fed then ships that currency out to the banks that need it. While the larger bills are transported by armored car every day, the $1 bills are packed into unmarked semi-trailers and driven to the building to prepare them for distribution.

I guess it’s not much different from shipping a truckload of iPhones to a warehouse, but somehow it SEEMS riskier that they do that.

On the flip side of things, the Fed gets deliveries of cash from the banks, which is counted and bundled for re-distribution. This is also the step that includes pulling old and worn bills out of circulation. One of the most surprising things I saw was how little wear a bill needs for it to be taken out of circulation. Most of the bills in your wallet are probably not going to pass.

About $17 Million in currency is destroyed every day at the Chicago Fed, which is one of 12 Federal Reserve Banks. The Money Museum even gives you a small bag of shredded money as a souvenir, which contains the remnants of currency equal to about $370. One of the more interesting facts about this shredded currency is that until the mid 20th century, the shredded bills were burned, but because of the toxic chemicals used in the ink, they had to stop doing that.

It’s now shipped off to special landfills for toxic materials. Kind of makes you worry about handling it every day, doesn’t it?

A Personal Tour

I had the pleasure of getting a more personal tour, including a trip to see the money sorting and counting machines (through a thick glass window, of course), but sadly the machines weren’t operating that day.

Those functions are visible from an additional section of the Museum that was closed off in 2001, so not many people get to visit it.

My other favorite part was looking at the high denomination currency that’s no longer in circulation. One display has a $10,000 bill in it, along with several other bills from the 200-ish years of American money printing. The 10k bills were printed until the 1940s and discontinued when it became apparent that virtually all bills above $1000 in denomination were being used for criminal purposes.

Just over 300 of the bills survive, most of which are in the hands of collectors. About 9 years ago, one of them actually arrived at the Fed through normal banking channels! Someone had gotten hold of it (perhaps stored in a box in an attic somewhere), taken it to their local bank and deposited it. With a quick bit of research, they’d have discovered it was worth close to 10 times that to a collector.

I’d love to make a few suggestions to the guys at the Money Museum as improvements, but since this is solely for PR (admission is free), I’m sure they are limited in how much they invest in the tour. Although considering the constant saber-rattling in Congress about the Fed, maybe they could use a bit stronger PR push.

One of my biggest pet peeves with 90% of museums is that no one really thinks about photos. Placement of light fixtures to minimize glare, setting up obstruction free angles and allowing guests the chance to pose without impeding traffic are critical factors for any museum and most of them don’t think that through.

Re-open the closed section of the tour. Money counting and shredding is one of the more fascinating things that happens at the Fed and no one gets to see it. I get it. 9/11 happened. But the security checks and procedures keep out bank robbers, so I’m sure they can be effective for other people, too.

Tell some stories. Interactive displays are all well and good, but you’ve got an asset like Jerry who has hundreds of stories in his arsenal. I’m the only one who heard any of them. Everyone else just heard him introduce the video and rattle off a lot of facts and figures.

Stories = excitement. Spend a little money and create a new video to share some of these stories in the context of explaining what the Fed does.

All unsolicited advice, of course, but I found the place fascinating and woefully under-utilized. As an average tourist, there just wouldn’t be a lot to hold my interest without some upgrades.

Everyone has an amazing idea. It’s the execution that gets the job done. We are your executioner.

Brussels sprouts do not taste that great, no matter what my mom says.

Our team is made of all A personalities. We don’t care who gets the credit – We just want to win.

An optimal business plan can be your road map to a successful business. We thrive on building relationships and take great pride in the company we keep.

The post The Authority of Money appeared first on Business Plan Ideas | Business Plan Steps.

via Business Plan Ideas | Business Plan Steps https://businessplanpro.pennistonemedia.com/2020/07/22/the-authority-of-money/

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