what a bank is really looking for in business plan for start up a new business?what are the key elements?
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The most important issue is revenue. They want to know where it will come from, what are similar companies generating for sales, and what should your company be able to sell. the next issue is profit margin, how much of that revenue will you have available to pay back the loan.
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Here are some tips. For detailed information go to sba link below.  Good Luck!\n\nBefore you begin writing your business plan, consider four core questions: \nWhat service or product does your business provide and what needs does it fill? \nWho are the potential customers for your product or service and why will they purchase it from you? \nHow will you reach your potential customers? \nWhere will you get the financial resources to start your business?\nWriting the Plan  \nWhat goes in a business plan? The body can be divided into four distinct sections: \n1) Description of the business \n2) Marketing \n3) Finances \n4) Management \nAddenda should include an executive summary, supporting documents, and financial projections. \nAlthough there is no single formula for developing a business plan, some elements are common to all business plans. They are summarized in the following outline: \nElements of a Business Plan\n              1. Cover sheet \n2. Statement of purpose 3. Table of contents \n                I. The Business \n               A. Description of business \n               B. Marketing \n               C. Competition \n               D. Operating procedures \n               E. Personnel \n               F. Business insurance \n               II. Financial Data \n               A. Loan applications \n               B. Capital equipment and supply list \n               C. Balance sheet \n               D. Breakeven analysis \n               E. Pro-forma income projections (profit & loss statements) \n               Three-year summary \n               Detail by month, first year \n               Detail by quarters, second and third years \n               Assumptions upon which projections were based \n               F. Pro-forma cash flow \n          III. Supporting Documents \n               Tax returns of principals for last three years Personal financial               statement (all banks have these forms) \n               For franchised businesses, a copy of franchise contract and all                 supporting documents provided by the franchisor \n               Copy of proposed lease or purchase agreement for building space                \n               Copy of licenses and other legal documents \n               Copy of resumes of all principals \n               Copies of letters of intent from suppliers, etc.
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You need to write a business plan and stick to it. A business plan is a blueprint of your business venture's success. See the following link on how to write a business plan. \nhttp://entrepreneur.com/businessplan/index.html\nhttp://entrepreneur.com/startingabusiness/businessplans/businessplancoachtimberry/article169842.html\n\nYou may need to hire a business consultant to help you. All the best!
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Keep Banks as your priority as thay have to handle alot of cash, So litrally all the bank branches need a currency counting machine\n\nAccoutning Firms: - These firms deal in managing accounts of the company, and hence can require such machines.\n\nBig Companies: - Where the profit is very high\n\nUniversities, colleges, schools: - As alot of students enroll and huge amount of cash is recieved\n\n5 star and 4 star hotels: - They are in high demand during seasons and need something like this to manage their money
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Go to http://www.sba.gov/starting_business/ or http://www.bplan.com/ where you will find sample plans and instructions on how to write a business plan
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short answer, get MYOB and pre-select the business type, it will give you a complete chart of accounts applicable to that type of business.\n\nThere are some basic line items that every business will use, but in essence, you can, subject ot accounting standards and generally accepted accounting principles, create what you want.
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Here are some resources that can help you write your business plan:\n\n- SBA Business Plan Basics http://www.sba.gov/starting_business/planning/basic.html\n- PowerHomeBiz.com Creating a Business Plan section http://www.powerhomebiz.com/startup/businessplan.htm\n- Entrepreneur.com Writing a Business Plan section http://www.entrepreneur.com/bizplan/0,7253,,00.html\n\nYou may also want to review some sample business plans to see how it actually looks like:\n\n- Bplans.com http://www.bplans.com/sp/businessplans.cfm\n- MOOT Corp Business Plan competition winners\nhttp://www.businessplans.org/businessplans.html\n- VFinance - View hundreds of real business plans in pdf format. http://www.vfinance.com/home.asp?bps=1&ToolPage=bps_main.asp\n- Business Owners Toolkit Sample business plans and information on how to create a plan. http://www.toolkit.cch.com/tools/buspln_m.asp\n- PlanWare Planning software and information. http://www.planware.org/\n- Virtual Business Plan Walk through the design of a business plan. http://www.bizplanit.com/vplan.html \n-SBA Business Planning Guide http://www.sba.gov/starting_business/planning/basic.html\n- Small Business Advancement Center http://www.sbaer.uca.edu/business_plan/businessPlan.pdf\n- Sample Business Plan General planning guide created by the Canadian Business Service Center. http://www.cbsc.org/servlet/ContentServer?pagename=CBSC_FE/display&c=GuideFactSheet&cid\n- Business Plans Index - A subject guide to sample business plans and profiles for specific business types from Carnegie Library of Pittsburgh. http://216.183.184.20/subject/business/bplansindex.html\n-\nSome recommended books are :\n\n- Business Plans Kit for Dummies \n- The Complete Book of Business Plans : Simple Steps to Writing a Powerful Business Plan \n- Writing Business Plans That Get Results : A Step-By-Step Guide \n- Business Plans For Dummies® \n- Your First Business Plan : A Simple Question and Answer Format Designed to Help You Write Your Own Plan \n\nHope that the above resources help
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It depends on many factors: your credit rating, the business plan being accepted as positive that the business will profit, the amount of the loan request, your collateral should the business fold, etc.
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That's a pretty broad question; it really depends on your specific business.  What do you plan to do?  \n\nAt the very least you need to make sure you have a business plan with at least an idea of your specific market and a detailed breakdown of your estimated cash flows.  I would recommend starting at the sites listed below; they have some good free resources that can jump start the business planning and marketing planning process. \n\nOne thing I would also recommend is finding a mentor in the business/industry you are going to start.  There's is nothing more valuable than real world experience and you would be surprised to see how many successful business owners are willing to share their knowledge!
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the vision, the drive and the hunger.\n\na business plan, business needs to be registered, name needs to be trademarked.depending on " tax ID " you also need you friend or family behind you support will help you go a far way and most importantly Money!!!!\n\n\ngood luck!
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There are predictable contents of a standard business plan. For example, a business plan normally starts with an Executive Summary, which should be concise and interesting. People almost always expect to see sections covering the Company, the Market, the Product, the Management Team, Strategy, Implementation and Financial Analysis.\n\nIf you have the main components, the order doesn’t matter that much, but here’s the order I suggest.\n\n1. Executive Summary: Write this last. It’s just a page or two of highlights.\n\n2. Company Description: Legal establishment, history, start-up plans, etc.\n\n3. Product or Service: Describe what you’re selling. Focus on customer benefits.\n\n4. Market Analysis: You need to know your market, customer needs, where they are, how to reach them, etc.\n\n5. Strategy and Implementation: Be specific. Include management responsibilities with dates and budgets. Make sure you can track results.\n\n6. Web Plan Summary: For e-commerce, include discussion of website, development costs, operations, sales and marketing strategies.\n\n7. Management Team: Describe the organization and the key management team members.\n\n8. Financial Analysis: Make sure to include at the very least your projected Profit and Loss and Cash Flow tables.\n\nI don’t recommend developing the plan in the same order you present it as a finished document. For example, although the Executive Summary obviously comes as the first section of a business plan, I recommend writing it after everything else is done. It will appear first, but you write it last.\n\nThere are also some business tables and charts that are normally expected in a standard business plan.\n\nCash flow is the single most important numerical analysis in a plan, and should never be missing. Most plans will also have Sales Forecast and Profit and Loss statements. I believe they should also have separate Personnel listings, projected Balance sheet, projected Business Ratios, and Market Analysis tables.\n\nI also believe that every plan should include bar charts and pie charts to illustrate the numbers.\n\nI also recommend contacting your local SBDC and/or SCORE office. These two organizations are funded by the SBA and provide free business planning advice. You can find your local SCORE here: http://www.score.org/\nYour local SBDC can be found here: http://www.bplans.com/sb/\n\nIf you're interested, here's an expanded plan outline:\n\n1.0 Executive Summary\n1.1 Objectives\n1.2 Mission\n1.3 Keys to Success\n2.0 Company Summary\n2.1 Company Ownership\n2.2 Company History (for ongoing companies) or Start-up Plan (for new companies).\n2.3 Company Locations and Facilities\n3.0 Products and Services\n3.1 Product and Service Description\n3.2 Competitive Comparison\n3.3 Sales Literature\n3.4 Sourcing and Fulfillment\n3.5 Technology\n3.6 Future Products and Services\n4.0 Market Analysis Summary\n4.1 Market Segmentation\n4.2 Target Market Segment Strategy\n4.2.1 Market Needs\n4.2.2 Market Trends\n4.2.3 Market Growth\n4.3 Industry Analysis\n4.3.1 Industry Participants\n4.3.2 Distribution Patterns\n4.3.3 Competition and Buying Patterns\n4.3.4 Main Competitors\n5.0 Strategy and Implementation Summary\n5.1 Strategy Pyramids\n5.2 Value Proposition\n5.3 Competitive Edge\n5.4 Marketing Strategy\n5.4.1 Positioning Statements\n5.4.2 Pricing Strategy\n5.4.3 Promotion Strategy\n5.4.4 Distribution Patterns\n5.4.5 Marketing Programs\n5.5 Sales Strategy\n5.5.1 Sales Forecast\n5.5.2 Sales Programs\n5.6 Strategic Alliances\n5.7 Milestones\n6.0 Web Plan Summary\n6.1 Website Marketing Strategy\n6.2 Development Requirements\n7.0 Management Summary\n7.1 Organizational Structure\n7.2 Management Team\n7.3 Management Team Gaps\n7.4 Personnel Plan\n8.0 Financial Plan\n8.1 Important Assumptions\n8.2 Key Financial Indicators\n8.3 Break-even Analysis\n8.4 Projected Profit and Loss\n8.5 Projected Cash Flow\n8.6 Projected Balance Sheet\n8.7 Business Ratios\n8.8 Long-term Plan
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I recommend checking out the SBA, Entrepreneur, The Start Up Journal & Nolo. All 4 are great informational resources for the new/small business owner. I posted links for you in the source box.\n\nAssociations may be a good avenue to explore as well. These organizations will address many of the thoughts, questions and concerns you'll inevitably have as well as many you haven't anticipated yet. See the source box for some relevant links. \n\nResearch, research, research – this cannot be stressed enough. Read as much as you can about the industry. Here are some book titles that are relevant:\n\n* Entrepreneurial Finance: For New and Emerging Businesses by James McNeill Stancill\n* The Business Startup Checklist and Planning Guide: Seize Your Entrepreneurial Dreams! by Stephanie Chandler\n* How to Really Start Your Own Business, Fourth Edition by David E. Gumpert\n* How to Really Create a Successful Business Plan: Step-by-Step Guide by David E. Gumpert\n* What No One Ever Tells You about Starting Your Own Business: Real-Life Start-Up Advice from 101 Successful Entrepreneurs (What No One Ever Tells You About Starting Your Own Business) by Jan Norman \n* Business Start-Up Kit by Steven D. Strauss \n* Start Your Own Business (Entrepreneur Magazine's Start Up) by Rieva Lesonsky\n\nThere are plenty of free informational resources out there. Check the source box for links to articles.\n\nHope that helps! I wish you much success & happiness in all your ventures!
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well you think you are ready and have it all worked out, well I'm afraid you haven't, if you had you wouldn't need to ask the question as you would already know. It is the first thing you should plan, not the last.\nSorry to burst your bubble but backers want assurities and a complicated detailed plan of your experience in the Catering industry before they even think of saying yes....then they ask you to do a business plan.\nThe best backers are always BANKS...why!.. because they dont want a share of the profits, just the loan repaid.
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Number one is to make sure it is one that you can make money at.\nAfter determining what you want to do make a business plan in writing.\n\nIf you have experience doing something well it would be smart to check out the marketplace. \n\nMany popular businesses today are using outsourcing companies. This could be a area you might want to get involved with.
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Here are some resources that can help you write your business plan:\n\n- SBA Business Plan Basics http://www.powerhomebiz.com/startup/businessplan.htm\n- PowerHomeBiz.com Creating a Business Plan section http://www.powerhomebiz.com/startup/businessplan.htm\n- Entrepreneur.com Writing a Business Plan section http://www.entrepreneur.com/bizplan/0,7253,,00.html\n\nYou may also want to review some sample business plans to see how it actually looks like:\n\n- Bplans.com http://www.bplans.com/sp/businessplans.cfm\n- MOOT Corp Business Plan competition winners\nhttp://www.businessplans.org/businessplans.html\n\nSome recommended books are (linked to Amazon so you can easily learn more about the books):\n\n- Business Plans Kit for Dummies \n- The Complete Book of Business Plans : Simple Steps to Writing a Powerful Business Plan \n- Writing Business Plans That Get Results : A Step-By-Step Guide \n- Business Plans For Dummies® \n- Your First Business Plan : A Simple Question and Answer Format Designed to Help You Write Your Own Plan \n\nHope that the above resources help
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Whatever field your business will be in, the first step is to write a business plan which will include your start up requirements as well as about six months (or so) worth of operating capital.  For start-up you must research every little area of your needs: inventory and equipment as well as rent, utilities, licenses, advertising, office expenses, payroll, etc.  So actually no one can answer this question for you as your business will be forged in your unique image, in your unique location.  So, happy researching and planning, and I wish you luck.
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There are so many things you have to consider: location, rent, employees, taxes, permits, filing of business papers, utilities, store fixtures, accountant and/or employee payroll system, suppliers, bank account, loans, insurance, possibly an attorney, knowledge of state labor laws, payment of state unemployment/disability for employees, computer system for ordering, a plan for shipments, etc.  I think you should talk to a business owner in person to ask questions, if possible.  If not, go to www.sba.gov - they have a Small Business Startup Guide.  This should be a good starting point.