When you’re getting prepared to start your dream business, there are many things to consider. One of the most important factors are the financials! Every business plan should contain financials which will allow potential investors to see that you have completed your homework diligently, and that you do have a plan in place. It is equally important to any potential investor(s) on whether you have the funds (or potential funds) to go forward with your new idea and how the funds will be allocated.
The main focus by an investor or lender are the financials in your business plan. This is the “heart” of the business plan and must be formatted well for someone reviewing the plan. There are four key items to include in your business plan financials are:
The balance sheet will show how much cash you have available. This includes equipment, property, and cash. The balance will not only show assets, but liabilities as well. It gives a good, well rounded financial picture.
The income statement will show potential investors whether your business has the capability of making money. Essentially the income statement is looking for generated revenue and expenses.
The cash flow statement is what connects the balance sheet and the income statement. This statement serves as a summary of how cash comes into the business and is then used.
The statement of equity shows how the capital account is changed. Capital increases when the owner contributes to it and earns income, and it decreases with expenses and withdrawals.
When you allow The Best Business Plan.com to prepare of all these essential documents as part of your business plan, you’ll find that our costs are a fraction of the cost of hiring an accountant or an over-priced CFO. We also get this done in a timely manner. Rather than months of work (increased cost) we can complete your financials in a matter of days. Get started here with a free quote.
Starting a business can be a person’s largest dream! Taking on the task can be daunting and time consuming. It takes a plethora of research and careful planning just to be sure that you are on the correct path. Following a well crafted plan of attack is crucial and making knowledgeable decisions are essential in these initial stages.
While age doesn’t necessarily matter when starting your business, listening to an elder with knowledge to offer DOES! It’s usually the aged individual that has been around the “proverbial block” a few times, that often has made the wrong move or decision, that can set you on the proper course in order to help avoid you from running ashore. We all need leadership and learning from experience always translates into a successful voyage. Knowing, understanding and careful planning can and will be the keys to your success.
There are four essential keys in planning a business that will allow you to be successful.
THOUGHT, PLAN, ACTION and DEADLINE.
THOUGHT – to have a successful business
PLAN – create a business plan so you do not fail
ACTION – put your thought and plan into ACTION
DEADLINE – set a specific deadline/date to meet your goals
Starting a business takes careful planning. Are you able to stop working at your current job and start your own business while still being able to support yourself? Do you have family members that can pitch in and help support you should circumstances change for a bit? Having a support system in place is a key ingredient to your success as an entrepreneur.
Starting a business isn’t something a person does because they’ve been let go from their current job, it has to be something you’re passionate about. That passion will be your drive to be successful!
If you’ve decided that you’re ready, the first step is a well written business plan. At the Best Business Plan, we can create the perfect business plan for you. All business plans come complete with 5-year projections at no extra charge, and come professionally bound and ready to turn in with any bank applications. We don’t stop there, we also offer assistance in developing those ever tough financials needed for the business plan to show the bank or an investor, as well as, business proposals and pitch decks to present to help raise capital. These tools are essential to entice banks or investors, and set you apart from the rest of the competition by showing them you have done your homework and have goals in place! Get started here with a free quote.
Venturing out on your own is a scary thought. It’s nice to work for a company, know that you will have a pay check each week knowing that someone else is worrying about all the little things that keep a business running. When you start your own business, you have big dreams and aspirations, but knowing that 90% of start-ups fail, the future can be daunting.
Signs of a failing startup can include:
- Seeing your competitors thrive while your business isn’t
- The risk outweighs the reward
- You’ve lost your passion for what you’re doing
- Your business isn’t adjusting to the ever changing market
- You’ve totally lost touch with your customers
To help prevent these issues from happening, give your business a chance from the start by hiring a company with a proven track record for success to write your business plan. You don’t have to spend thousands of dollars on this either. A well written business plan will help to show your investors that you’re serious about your new business venture. It will have clear well written steps showing how you will be successful, and at the same time, it’ll keep your thoughts and ideas organized. Your customized business plan will also show that you have an understanding about the market you’re entering.
At TheBestBusinessPlan.com, we have over 80 years of combined business experience. Our experience and expertise will help to provide you with the best opportunity for success. We can help you by creating a business plan customized to your needs and desires. No matter what yours is, we can help get you to the next level and keep you from being a statistic! Check out some examples of our work, and when you’re ready to proceed, fill out this form for a free quote.
We are being alerted about cyber-attacks all too often lately. The latest being a company that holds all of our personal information. Hackers use such sophisticated technology, and it is important that small business start-up companies have advanced technology to protect themselves.
Small businesses are becoming the target of hackers more often. According to the 2016 State of SMB Cybersecurity Report:
• 50% of SMBs have been breached in the past 12 months
• The most prevalent attacks against SMBs are web-based and phishing/social engineering
• 59% of SMBs have no visibility into employee password practices and hygiene
• 65% of SMBs that have a password policy do not strictly enforce it
Why do hackers target small business start-ups?
• The majority of small businesses don’t have an IT person
• They don’t feel that they’re at risk
• They don’t have tools in place such as firewalls, antivirus software, spam filters, or data encryption tools
• They’re an easy target when compared to a bigger company
What can a small business owner do to protect their start-up company?
• Don’t download anything from an unknown sender
• Only provide your information to sites that have a secure SSL https URL
• Use anti-virus software
• Use strong passwords, include numbers, capitals, and special characters
• Change passwords frequently
• Pay attention to security and system updates. Updated computers/software typically fix security vulnerabilities
• Be prepared for lost or stolen devices. Require a pin to gain access to a device.
• Require mobile devices and laptops to be encrypted, even if employees are using their own device
• Keep an offline back up
The type of business you run doesn’t matter. If you have information online, you are susceptible to a cyber-attack. With these steps in place, you will be able to focus your efforts on other parts of your start-up. Customers will feel better doing business with a company who keeps their information safe.
Many startups find it difficult to secure funding or simply totally fail to raise capital. Sometimes the reason can be as simple as how the idea was presented. Even the well-rehearsed pitches can go astray; this is why having a pitch deck created professionally is so important to your business proposal.
Having a pitch deck prepared for your company should only be trusted to an experienced and knowledgeable person. These PowerPoint presentations not only explain your business model, but greatly enhance your chances with landing a potential investor.
- The pitch deck should be simple, clear, and grab the attention of potential investors.
- Begin the presentation with a slide or two summarizing the highlights of your business.
- Educate your audience by explaining the nature of your business and the problem it solves.
- Sell yourself! Explain your business, and why your business is better than the others. Make sure these slides answer all possible questions about your product or service.
- It doesn’t matter how much your business appeals to an investor, it all boils down to numbers. Make sure your data proves your numbers.
- Startups are only as good as the team. Use a slide to provide background on your team members.
- Keep your tone lively, investors want something to be excited about, they shouldn’t be bored and waiting for it to end.
- Convey the right message by using quotes that get the point across.
Pitch decks are one of the most essential and valuable tools used to speak to investors. Information contained in them will vary, and depends on which stage of fruition your startup is in. The Best Business Plan has been successful in aiding clients to raise millions of dollars by providing well-crafted pitch decks that are designed for either banks or investors. It will truly entice them and is used by the pros when raising capital. This will set you apart from the others and allow either the bank or an investor to have a clear insight on your business goals. For more information, or to obtain a quote, please visit us online.
Business plans clarify the service or products your company provides. They also state and document how you will reach your business goals. Business plans vary in length, however when properly written the average is about 25 pages. Most business plans will cover the same topics, but a solid business plan can be the difference between your idea, and creating a successful business.
It’s important to know and understand who your competition is in order to strive to the best and the more successful company. In order to achieve this goals, there are several different ways to research competitors.
- Perform an online audit. Check out a competitor’s website. See exactly what they’re offering, as well as the benefits and/or deals they maybe currently offering.
- Check your competition out on social media. Social media sites can provide a deeper inside look at another business where you could learn some interesting facts.
- Keep a close eye on their reviews. Do they have good reviews? Knowing how their customers feel about them can get you one step ahead of them.
- Ask your potential customers where they shop or get their services now, and why.
- Create a poll on Facebook or start a survey in your market area and see if your service fulfills a need that they aren’t fulfilling now.
Your research should answer the following questions:
- What are they doing well and perhaps your company isn’t?
- What do their customers like and dislike about their services or options offered?
- Can you do it better while being more cost effective than your competitor?
- What makes you different from your competition?
If you understand your audience and how to target them, it become a lot easier to promote your company, and rise above your competition. Thinking outside of the box by studying everything mentioned in this business plan article should help keep you as the forerunner in your business arena. Remember, your business plan won’t make you successful, but it does serve as a road map to getting your company to its destination.
The Best Business Plan can provide immigration business plans which are specific to your visa requirements, and are included in your immigration application. The business plan is critical because it documents that the business you wish to open or acquire will be sustainable. It also looks to prove that your business will provide real products or services, and employ American workers.
Business or employment related visas can seem daunting and almost impossible without the help of an attorney. Our dedicated and highly qualified team of professionals are here to help.
The USCIS (U.S. Citizenship and Immigrations Services) documents the business plan requirement on their website. There are several different types of visas available. Visa applications which require business plans are:
E-2 Investor visa
A customized business plan written as part of a visa application is completely different from a traditional business plan. Traditional business plans are written for investors, and business partners. Visa Business Plans are written for U.S. Immigrations officers, with the sole purpose of obtaining an immigration visa. The format, content, and tone of the Visa Business plan is different too. This business plan is crucial to the success of your visa application.
The Best Business Plan is here to help with your custom business plan. Our dedicated and highly qualified team of professionals has over 80 years of combined business experience to write your business plan. We will provide you with the best opportunity in accomplishing your objective at an extremely low price, while maintaining quality. Our business plans stand out against the competition and will exceed your expectations. Our Visa ready business plans are completed with 5-year projections and start at only $795.00. To quickly get started, please provide us with some details about your company. After we review your information you can expect a “FREE” PRICE QUOTE and/or a “FREE” CONSULTATION via email or telephone within 24 hours or less!
An important part of your business plan is the actual structure you will use. Choosing a business structure is very important for two important reasons. Number 1: tax implications & Number 2: personal property.
Don’t be fooled, you had better know the differences, as well as the impacts each one can and might have on you.
- The business is owned and operated by you. There are no partners or board of directors.
- It is the least expensive to set up. You alone reap the benefits, and losses.
- It requires the least amount of paperwork on your part.
- You have the ability to move funds in and out of accounts.
Sounds great, doesn’t it? It is, but it is important to know and understand the risks that come with sole proprietorship.
- Just like you reap all the benefits, you are also responsible for ALL of the debt.
This responsibility extends to your personal funds.
- You do not qualify for tax benefits as corporations do.
- It is more difficult to secure a loan.
- It is between two or more people, therefore you share the responsibilities.
- Each party shares in losses and profits.
- Partners share in contributing money, labor and/or property.
- Less expensive to start, and they do not pay minimum taxes that larger corporations
are subject to.
- Your partner’s decisions are your responsibility.
- Unorganized partnerships easily lead to disputes among owners.
- Two or more ways to split the profits.
The Limited Liability Company (LLC)
- Personal liability protection for owners.
- Pass through taxation.
- No annual meetings.
- Costlier than others, and due to the lack of laws, there are more fee’s involved.
- There are no specific or defined roles for members.
- There is a limited life, if a member leaves the business, the business can no longer operate.
- Legally, a corporation is separate entity from its owners and shareholders.
- If an owner leaves, the corporation still exists.
- Taxes can be passed through.
- Funds can be raised by selling shares.
- The start-ups fees can be expensive.
- There is much more paperwork to file compared to other business structures.
- Taxes are more involved, and they are filed through the corporation.
- Annual meetings are required and must be recorded.
Corporations are broken into S and C corporations. They are similar, but there are differences when it comes to ownership, shareholder rights, and taxation. Check with an accountant to be certain on which scenario fits your needs the best. More information about the differences can be found here.
Here are 5 reasons why you need a business plan.
- A business plan demonstrates that you as an owner have both direction and are serious about your company’s goals.
- As an entrepreneur, you need to have a deep understanding of your industry and a business plan will help guide you and your managers to reach your company’s goals.
- A business plan is used to gain funding from either a financial institution or an investor. You will need to provide solid evidence that you have sufficient cash flows, that you are able to meet debt obligations and that you have considered future scenarios.
- Having a well-developed business plan will help you to know and understand your customer base, as well as expand the business for the future.
- A business plan will keep you and your company on target and organized so you do not stray. Anyone reviewing your business plan should be able to determine the company’s short and long term goals.
Hiring a professional company like Thebestbusinessplan.com that has a combined 80 years of business experience, will ensure that you have the best possible opportunity in achieving all of your goals. Whether your goal is to raise capital from a bank or an investor, or to expand your current business, a well-executed plan is essential for any company to survive. Our business plans stand out against the competition and will exceed your expectations. Our business plans are well received by both SBA lenders and Banks, as well as Investors.
We are ready to provide you with:
- Business Plans
- Financial Services
- Business Proposals
- Investor Pitch Decks
Contact us today with some details about your company and we’ll provide you with a fast and free quote to get you started.