Banks are being very cautious these days, when it comes to making loans to franchise business start-ups. If you're thinking about applying for a small business loan, have a plan.
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If you're going to convince a lender to give you a shot at the "American Dream," you're story had better be good. That's right. You're story.
Here's the 7 things you'll need to tell it;
- Executive Summary-features the highlights of your plan and sells your idea in two pages or less.
- Company Summary-a factual description of your company, ownership, and history.
- Products (or Services or both)-describes your products and/or services and how they stand out from competitive products and services.
- Market Analysis-provides a summary of your typical customers, competitive landscape, market size, and expected market growth.
- Strategy and Implementation-describes how you will sell your product, how you will put your plan into action, and establishes milestones.
- Management Summary-provides background on the management team, their experiences, and key accomplishments.
- Financial Plan-contains key financials including sales, cash flow, and profits.
Palo Alto software is the king of business plan software. (Aff. Link) They even have a 60-day money back guarantee.
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