Small Amounts To Get You On Your Way

Key elements to a business plan

Small Amounts To Get You On Your Way

Key elements to a business plan
For the last few weeks, I have been posting about what comprises a ‘good’ business plan and highlighted some key elements that your business plan needs to have for it to be successful.

Today, I’d like to focus on what comes next.

➡️ Having prepared the business plan, the next phase is to clarify the amount of capital required and for what it will be needed for.

➡️ Sources of finance can vary from friends and family for small investments to get you started, to crowdfunding and professional investors.

➡️The latter will require more influence and the ability to step in if things look as though they are going to go wrong.

➡️The timing and level of the funding should be carefully considered, as large sums raised early on in the business will likely require you to give up a significant equity stake in the business.

So, the rule is to raise as much as you need to maximise the size of the business you keep.

However, if you subsequently run out of money since things did not go according to plan then you will lose a much larger slice of the business.

As always I recommend that you seek advice from a financial expert that can guide you through these steps, which will help ensure that you and your business come out ahead through this process.

#finance #cashflow #startup

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The more you examine what is true about your business, the better you will be at prioritising the areas that demand your attention. Here is a series of questions you can use as a starting point for identifying potential problem areas in your company’s financial system. This is not intended to be a full analysis, but rather a tool you can use to focus your attention. Take one question at a time and really think about your answers. This is not a test. There are no right or wrong answers. There are only responses that reflect your truthful objectivity about the state of your business.

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