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OT: small business start up plan..

My wife and I are wanting to start a small business and Im needing help creating a business plan to present to the bank.. Anybody have any experience with this?

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I started my own buisness with virtually no credit history.

All I did was show the bank all of my expenses which range from living expenses to buisness. Add expenses up and have a monthly total.

Show them what current income(s) are (they need to see pay stubs) and also the income you expect to recieve from the new buisness with some sort of proof behind it. Add it up and have a monthly total.

Make sure income is higher than expense, or you cant afford it.

Having had a steady job for a while with a written letter from your boss saying he/she is pleased with your work isn't a bad idea, so they know you wont be getting fired from your current day job.

Go to a bank with some "pull." Meaning the loan officer you deal with will possibly have say in the matter of you getting the loan. A lot of banks seem to put the request in a magical machine and out pops the answer and that's what you get.

Show that you know what you are talking about when you discuss how you will succeed in your buisness. Where do the clients come from and why would they do business with you.

I'm not telling you to do this, but that's what I did.

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Thanks for the advice.. Im only going to need about $30,000. Although thats a lot of money its not when your talking about starting from scratch

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TREE BLAZIN KENNELS
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busniess plan

go to your local community college for a start. they normally have a small business dept. that has compurter programs to generate your business plan. take all of your current and long term assets and liablities and all of your personal monthly expenses. then determine what your expected income and expenses from your new business and the schedule that belive will be the time fram that you will need the loan. it helps to have a life insurance policy that covers the loan and needs of family.

the bank will want a plan for ten years.

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Banking has changed in the last 5 years..

Banks are very leery of giving signature loans anymore....especially for a start up business.

Without knowing your situation, I'm guesiing your going to need some assets to back your loan.

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quote:

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Originally posted by Bluwalker
I started my own buisness with virtually no credit history.

All I did was show the bank all of my expenses which range from living expenses to buisness. Add expenses up and have a monthly total.

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I have personally found that credit unions are a lot easier to deal with and more personal than a regular bank. I am considering doing the same thing soon to start an auto body shop.

Thanks for all the input!

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TREE BLAZIN KENNELS
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Whats your business going to be?

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when i made my business plan, they wanted to see possible income from business vs. expenses you are going to incur . try to generate a plan that includes at least 3 years of estimateing your company. banks will know that you have thoroughly thought things through and you are serious. i also put in the best case scenario vs. worst for 3 years.

hope it helps,
kelley

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CH 'pr' branchville mtn banjo man

CAN YOU SPEAK ENGLISH

Look up the Small Business Administration online. When I was in college they had a template/rough guideline of format and information to include in a business plan. They're a great resource.

I'd definitely say be on your p's and q's when you meet with the bank. My mother and I are in the consumer finance business (which she's been a part of for 30 years, so she has a lot of contacts in other sectors of the finance/banking industry), and as someone mentioned previously lending as a whole has tightened up quite a bit. There are a lot of really strong consumers from a credit worthiness standpoint being turned down for note loans at banks now. I'm thankful we get to help some of those folks since we are "traditional" lenders and don't have to work with loan approval based solely on scores and automated approval systems.

I recommend trying a credit union as well, especially if you already deal with one.

Good luck!

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Having done

this myself, here would be my advice. Set up a pre lending meeting with the bank or credit union loan officer, ask the question as to what they would need to have for information for a successful loan application. But usually they want projected expenses. Including Prop. Taxes if any, insurance cost if any, building rent payroll if any, payroll taxes if any, utilities purchase cost of any supplies, restocking money needed. But with the pre meeting you can get a feel from the loan officer of how on board they are with the small business you are starting. If their lending institution is not excited about backing your type of small business you are walking up a steep hill.

Good luck
Mike Van Wyk
Buckley Creek English

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Re: busniess plan

quote:

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Originally posted by e.t.sawyerjr
go to your local community college for a start. they normally have a small business dept. that has compurter programs to generate your business plan. take all of your current and long term assets and liablities and all of your personal monthly expenses. then determine what your expected income and expenses from your new business and the schedule that belive will be the time fram that you will need the loan. it helps to have a life insurance policy that covers the loan and needs of family.

the bank will want a plan for ten years.

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