At some stage, most companies have to seek out finance.
If you do not use crowdfunding, you will usually have to produce a business plan to convince potential lenders that you are a good risk.
To stand any chance of securing the cash, that document has to be compelling. Below is a summary of some of the ways you can make sure that is the case.
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Cite your sources
If you want the money to be able to tap into a growing market, you will need to prove that demand really is increasing. Perhaps you will cite some studies to back up what you are saying. If you do choose to do that, use this citation tool. Doing so will make it extremely easy for you to produce a citation that is in the correct format.
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It is far better to give the person reading your business source the chance to click through to the source than it is to simply say according to Xyz … This allows any prospective lender to actually read the data behind what you are saying. Usually, being able to do this will eliminate any doubts they may have about what you are saying.
Be as concise as possible
Nobody has a lot of time on their hands. So, the more concise your document is the more likely it is that it will actually be read.
Use a template
It is a good idea to use a business plan template. Doing so greatly reduces the chances of you missing something important.
Many people find that using a template speeds up the rate at which they can complete their research and write their documents. This is a good one to get started with.
Don’t forget the table of contents
You need to make your business plan as user-friendly as possible. So, be sure to include a table of contents. Once you have carried out the proofreading, go through it and double-check that the page numbering is still correct.
Often, the editing process will change where each paragraph sits within the document. So, carrying out this final table of contents check is very important. You do not want to annoy prospective investors by making it hard for them to find passages they want to reread. If your table of contents is not in good order this can leave you looking unprofessional or make it seem like you are trying to hide something.
Provide a digital copy of your loan proposal
You should always provide a digital copy of your business plan. It should be in a searchable format.
Use plenty of visuals
If you want to make your mark quickly use images as well as text. But, don´t just stick any stock image in. Every graph, photo, and meme needs to tell the reader something. Use a software package like GIMP to create the memorable images you need to drive your points home.
Putting together a polished business plan for your loan application will greatly improve your chances of securing the money you need. So, take the time to do the job properly.
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— Will Corry (@slievemore) November 22, 2019