3 Tips for Finding Funds for Your New Business
Business Plan Writing Tips

Now that you have your new professional business plan, it is time to find funding. Here are a few tips to give you an advantage over your competitors.

Get to know your industry

While you are doing your research, most of your time should be spent researching your industry. Even if you think are already familiar with it, you should take a closer look to benefit your company. Study your competitors and read as many articles as you can. Industry reports will also be a helpful tool. All of your research will ensure that the industry analysis section of your business plan will be as complete and accurate as possible. Lenders and investors will enjoy seeing your efforts. Make sure you cover all potential industries, even if you think your company may not fit in that particular category. A good example of this is Edible Arrangements, a maker of fruit “bouquets” of flowers, who compete with the large gift industry as well as the floral industry.

Estimate Cost of Goods Sold

Generally, efficiencies are created over time. As a rule of thumb, businesses do not start out more efficient than their competitors. As a newcomer, assume your cost of goods sold will be higher and not lower than the industry average. Estimate your cost of goods sold conservatively, rather than inflate your company’s competencies.

Summarize The Results

It is essential to show a summary of growth in your financial plan. This should be projected over the next five years with more than just net profit projections and sales. Include the number of clients or customers, employees, products sold or services rendered, and any other statistics that you think are relevant to your business. These non-financial metrics will let your readers know the greater impact of your business as it grows.

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