If you have entered a new era in your life where you no longer want to work long hours to satisfy your boss, then perhaps you have discussed the idea of ​​starting a new business, but you are quite overwhelmed with the idea. With the seed of a potential business concept, you will then learn the essentials of writing a business plan or the fundamentals of writing a business plan done for you using the skills of a business plan consultant.

A good business plan is critical before seeking a small business loan from any bank that deals with small business, government sponsored, or loan servicing. Understanding the rudimentary principles of accounting is essential in your business plan; It is very essential to record all business transactions in a logical way, usually sorted by date.

A business management consultant often uses a spreadsheet, and Microsoft Excel is probably the most likely, to represent all of the company’s transactions, and the data is typically displayed on more than one spreadsheet page; Often one summary page provides a list of all incoming and outgoing transactions recorded daily, and then other pages provide more detail on certain expense titles; For example, a hotel business in a country house would itemize purchases of alcohol, bread, milk, articles, curtains, equipment necessary for repairs, rental of cigarette machines, etc. for each day on the main summary page, but there would be a detailed page for each of these topics that would list all entries for alcohol, for example, for the current month.

When learning how to write a business plan for starting a new business and looking to get a business loan, you’ll need to write the plan by predictively showing what future profits represent rather than recording the actual numbers on a daily basis. as they occur.

Therefore, participating in the writing of a business plan includes not only forecasting income and expenses for each month for the next 24 months, but also showing evidence that your data can be backed up with solid facts.

A business management consultant will invariably stipulate that some form of market research be done for the structure of the business plan; this can be possible simply by talking to potential customers, if you want to start the business in a city, and making a document showing the questions and answers; keep in mind that careful planning of the questions can alter the answer people give.

As an addition to a great business plan, a small business finance company will require a report on your creditworthiness and any bad credit history, a personal resume, the purpose of the loan and what you intend to spend the money on, a balance sheet that predicts the profit/loss of the business from day 1, details of all expected income and expenses from day 1, for example, mortgage payable on business property, equipment rental, stationery supplies, staff salaries, marketing/promotion costs. If the business is already established, you will also need details of past finances for the last 3 years and details of any unpaid debts at the start of the business and your intentions showing how you will pay them off, in addition to any payments required for the business. loan.

A certain amount of knowledge about writing a business plan makes a world of difference in starting a new business, but after that, it all comes down to a lot of hard work and perseverance; A small business finance company will be very hostile to someone who shows them a poor business plan, or if they are unsure due to insufficient knowledge of how to run the business or how to treat their customers.