Business Plan Layout 101--Layout and How to Get Approved for a Loan

The first and best recommendation is to find someone who has had success where you want to go and ask them. If they are unable to help you it is more than likely that they know someone that will help you. Asking someone who has succeeded where you want to is always the fastest and usually the safest route to getting your goal. Many people shun the idea of having a mentor, coach or teacher. This baffles me because children in school always have a teacher and their level learning is way beyond that of the average adult. Having a mentor is the fastest way to success, (a mentor that knows what he is doing) look for someone that can help you along the way.

www.sba.gov has some great highlights on writing a great business plan, they include:

They recommend writing this section last.  It is a good idea because you will learn a lot about yourself and your business when writing the plan.  An executive summary is an overview of the plan.  This will tell future projections of the business where you want it to got and where you want to begin.  It is their first impression, so make a good one.

This will show your knowledge of the business, market and industry.  This also states why you think your business is a good idea.

An in detail look on how you see the business and how it will come together.  The more the merrier, so make sure you include all the details and word it excellently.

This will include the organization of the business.  This will also include how management will work and who will manage it.

Many people do not recognize it or understand why but, Marketing and Sales are the most important part of your business.  They are what keeps the income coming in and whether or not growth is possible.  This is the lifeblood of your business. 

Describe your product or service in detail.  Let the banks know who and what it benefits.  Let them know why people will want to buy your product or service.  

This is the amount that you will be needing for a loan.  Be sure to included why you think this the amount that you need.  Sometimes people put different funding scenarios here.  

This is very important to the bank.  This will tell them if your business is a safe investment or not.  Do not fudge the numbers.  Be honest and specific about what you know and why you estimate the numbers that you have. Your financial plan needs to list in detail all of your finances.  This mean your projected income and how you expect to get your projected income.  This also means all of your expenses.  Believe me the people giving you a loan know what to look for, and if you miss one thing they will see it.  

Basic detail where to find what.  

They look for all these credentials on whether or not to approve a loan.  They are highly recommended.  It can and will take a lot of work to make sure that  your plan is thorough and laid out perfectly.  If may be that one financial institution does not like you, another might.  If you keep getting rejected and the same feedback, it is probably time to reassess.  Make sure you are 100% honest about all the details of your business plan.  A bank will like it better if you are honest with them and yourself.  It shows a sign of trust.  Never give up, even in this economy there is a bank out there that will give you a loan.  You may need to go back, reassess and reorganize some things, but it will happen.  If one financial institution does not like you, go on to the next.