This week I am starting on my business plan. Not really the most exciting thing but important nevertheless.
A business plan is essential for many reasons. One of which is that it is required to get a business loan. Another good reason is that it helps to keep you on track with goals,profit expectations and growth. It's a good thing to just keep referring back to while in business and always updating with new objectives.
It is important for me to have a plan in place for kendall k. since we will (hopefully) need to obtain a small biz loan for production. You see, once the orders have been placed, then the factory will start the production process. We will have to pay the factory for production before we see any money come in from the orders. Depending on the order size, production can be very costly. So needless to say, I'm hoping that we need to get a loan!! :)
Any tips?!
~k
I wish I had insightful tips to share. The major piece of advice I'd offer is to know your plan inside and out and thing through every possible snag, hiccup and tough question the bank will ask you. Ultimately they want to get their money back and they want to make sure your plan is solid. (I work at a business magazine, so I overhear this sort of thing with our interviewees and readers.) Good luck!
ReplyDeleteI'm so glad you found a book that helps! Have you ever thought of COD for orders, does that even matter?
ReplyDeleteUgh, I did not enjoy having to write up a business plan. However, like you said, it's very important tool to get what you want and where you want. If I think of any hot tips I'll let you know:) Good luck!
ReplyDeletehello hun, thanks for stopping by my blog,
ReplyDeleteand I wish you the best of luck :)
sorry I don't have any tips to share :(
aRi
@ Amanda, sorry for the late response boo! yes COD would work for getting money from the retailers ...and I'm sure that is something that I will have to establish. In a way, I will be working with the factory on COD terms since I will need to pay for the goods once they have delivered. However, this can be costly if the the orders are large, thus I will hopefully need to get a loan. xo
ReplyDelete