Explain how the three purposes of a business plan apply to obtaining financing for a new business

A little about the essay
Starting a business is an exhilarating endeavor. Yet, there are many mundane facets that must be addressed. One of these is obtaining the requisite funding to begin the business or to facilitate growth. The first step in convincing an individual or company to invest in your business, is a solid business plan. Some of the categories that need to be included within a business plan are a company description, market analysis, organization and management, product line or service, marketing and sales. For those interested in financing their business with outside capital, a funding request and financial projections must also be included.
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Business Financing: Different Methods to Finance a Business

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The Business Plan

Product and service reviews are conducted independently by our editorial team, but we sometimes make money when you click on links. Learn more. Unless your small business is completely self-funded or backed by investors, you're likely going to need a small business loan to help you start or grow your business. Commonly offered by banks, business loans offer a much-needed infusion of cash to help cover most costs, though many small business owners find it hard to be approved. When looking to obtain a business loan from a bank, it's important to keep the following information and tips in mind so you can more quickly and easily get approved.
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Business Plan Tutorial: Types of Business Ownership

I was a wordsmith first--before I went to business school and discovered that some things can't be explained with words alone. Even with all the great thought you'll put into the text portions of your business plan, a good business plan depends on numbers to make it all real. Without the numbers, it's only a rough draft at best. An effective business plan has to include at least three important "pro forma" statements pro forma in this context means projected. They're based on the three main accounting statements:.
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While some owners may be tempted to jump directly into startup mode, writing a business plan is a crucial first step for budding entrepreneurs to check the viability of a business before investing too much time or money. The purpose of a business plan is to help articulate a strategy for starting your business. It also provides insight on steps to be taken, resources required for achieving your business goals and a timeline of anticipated results. For existing small businesses, a business plan should be updated annually as a way to guide growth and navigate the expansion into new markets. Your plan should include explicit objectives for hiring new employees, market analysis, financial projections, and potential investors.
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