3 Vital Components to Your Business Plan

 

A business plan is an essential document that most creditors will want to see – it helps determine if a small business loan is right for you! Marisa Barrera of Accion shares three key pieces of advice about writing a business plan to help you become loan ready.

 

  1. Describe what your business offers. Painting a detailed picture about your product or service will help a loan officer to understand how you differentiate from your competitors.
  2. Have a clear marketing plan. Marketing is crucial to your business’ success and it helps customers know what you offer.
  3. Provide accurate financial projections. Financial projections, such as a calculated break-even points, and projected expenses and income, will help lenders determine if a small business loan would help or hinder your business at this time.

 

While compiling this information can feel like a daunting task, there are helpful resources available in the community, like SCORE or Small Business Development Centers.

 

To find out more about what other factors you should consider, read our article, “Starting a Small Business.”

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