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Raising Business FinanceIn our final part of the business plan mini course I am going to take you through raising finance. What do you need to prepare ?There are two elements for gaining finance.
By now you will have your plan -- but the second is a important. Banks do not have to lend to anyone so it's going to be you who has to convince them of your idea. Having a business plan already prepared and having your aims and desires already prepared, will win you credibility from day 1. Contacting your bankPreparing for your bank is vital. It is best done in a couple of stages. 1: Contact your bank first.Find out who you need to talk to that will be able to make the decision for you to lend you money. Talk with them over the phone about your business idea and book an appointment to see them. 2: What to do at your first appointmentThis is when you need to sell your idea. Talk through with your bank representative about your business idea, expansion or finance requirements. State what finance you want and why you need it. Then play your trump card. And say, "and here is my business plan" 3: Find out what they wantYou need to go away from this first meeting completely understanding:
for (2) this will give you an idea if you need to change your aspirations at all. They may say they will lend on the idea but a lower amount. You MUST leave this meeting with a full understanding of the likelihood to lend and what you need to do next. The next stepsThe next steps will vary by lender, but:
You may be able to change something in your aspirations that will secure finance. Above all - communicate ! Planning helps you understand your business. It can be frustrating when there are no customers about and you don't know why. Planning helps you look at your own business and the businesses of others to get the best of everything. All the best
All these business plans are industry specific and come with full narrative, a complete set of all financial statements, full support and special bonuses. All for immediate online access. Click on the links below for more information...For all other industries please click here |
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