Published July 17th, 2007
It is prudent to avail of business plan advice from known experts than to present a shoddy document that fails to fulfill its purpose. Since the plan will evaluate every aspect of your business, it necessitates detailed knowledge of every facet.
The most commonly given business plan advice relates to its length. All the experts agree that long and cumbersome business plans fail to retain the interest of the readers. The relevant information should be presented in a simple and concise fashion for maximum impact.
Start by identifying the intent and target of your business plan so that the written... Read more
Tags: advice, business plan, Growthink, Small Business Resources, Starting a Business, startups, tips
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When launching a new product or company, an entrepreneur must consider their biggest cost - the opportunity cost. Opportunity cost is an economic term that is defined as the cost of passing up the next best alternative when making a decision. For instance, if an asset such as capital is used for one purpose, the opportunity cost is the value of the next best purpose for which the asset could have been used. In the entrepreneur’s case, this asset typically includes the entrepreneur’s time and money.
For an individual currently working in a corporate position, the opportunity cost of launching... Read more
Tags: Accounting, business plan, Finance, Finance and Accounting, financial planning, Growthink, loans, Starting a Business, startups
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While most companies seeking venture capital initially think about angel investors and venture capitalists, a large alternative source of financing is federal grants and loans. The two largest federal grant programs are run by the Small Business Administration (SBA), and by Small Business Investment Companies (SBICs).
An SBA loan, regardless of whether it is a direct loan from the SBA, or, as is more common, a bank loan guaranteed by the SBA, is essentially a bank loan. The benefit of it versus a traditional bank loan is the rate. SBA rates are typically much less than traditional business loan rates.... Read more
Tags: Accounting, business plan, Finance, Finance and Accounting, Growthink, loans, SBA, SBIC, Starting a Business, venture capital
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Published June 25th, 2007
Individuals running small self-owned units with low revenues and lower profits are prone to ask - What is a business plan? They did not grow, simply because they didn’t have one, and never bothered to find out before. Evidently they don’t care much where their business is headed.
Others wish to expand their business but have no idea how to go about it. Ask them what is their business plan and they shake their head, skeptical. Simply wishing will not lead to success. You need to chart down your goals and figure out the way to reach them. This is... Read more
Tags: business plan, entrepreneurs, Growthink, small business, Starting a Business, startups
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