Startup basics: thinking about launching a business? The SBA and its resource partners can offer plenty of help. Here are some first steps.Tips for writing your business plan A first step to starting any small business is developing a business plan. Putting your plan on paper will force you to think through important issues you may not otherwise consider. The plan will become a valuable tool as you set out to raise money and it will provide milestones to gauge your success. While plans vary, the Small Business Administration advises that every plan contain details about these basics: * A description of the business * Marketing * Finances * Management The plan should include an executive summary. Supporting documents, the SBA SBA abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government says, should also be included, such as tax returns of principals for past three years, personal financial statements and resumes of the principals, copies of any proposed lease or purchase agreement for building space, copies of licenses and other legal documents, and if it's it's 1. Contraction of it is. 2. Contraction of it has. See Usage Note at its. it's it is or it has it's be ~have a franchise, a copy of the franchise agreement and related documents. There are several SBA-related Web sites to help: SCORE, an SBA resource partner, has created an online gallery of business plan templates (www.score.org/ template (1) A pre-designed document or data file formatted for common purposes such as a fax, invoice or business letter. If the document contains an automated process, such as a word processing macro or spreadsheet formula, then the programming is already written and embedded in the _gallery.html) that can help you navigate (1) "Surfing the Web." To move from page to page on the Web. (2) To move through the menu structure in a software application. the writing process. It contains business plans and financial and accounting statements created by the Seattle Seattle (sēăt`əl), city (1990 pop. 516,259), seat of King co., W Wash., built on seven hills, between Elliott Bay of Puget Sound and Lake Washington; inc. 1869. SCORE chapter. SCORE also has an online workshop (www.va-interactive.com/score/ businessplan/businessplan.html) on writing a business plan. The SBA's Web site offers information on startup (STARTing UP) "At startup" means when the computer is first turned on or when a program is first loaded. See Startup folder. basics, an online business startup guide and online workshops (www.sba.gov/starting_ business/startup/guide.html). The site also has articles that can help assess whether entrepreneurship en·tre·pre·neur n. A person who organizes, operates, and assumes the risk for a business venture. [French, from Old French, from entreprendre, to undertake; see enterprise. is for you. What a lender wants in a loan proposal After you've you've Contraction of you have. you've you have you've have written your business plan, if you're you're Contraction of you are. you're you are you're be seeking funding, a well-crafted loan proposal is your next step. A loan proposal must answer: Who are you?; how much money do you need?; how are you going to pay the loan back?; and, what happens if you can't pay it back? The SBA advises that a loan proposal contain: A summary This should be clear, concise, accurate and inviting. Summarize sum·ma·rize intr. & tr.v. sum·ma·rized, sum·ma·riz·ing, sum·ma·riz·es To make a summary or make a summary of. sum how the proposed loan will be used and repaid. Top management profiles You will need resumes, a summary of experience, and the qualifications and credentials CREDENTIALS, international law. The instruments which authorize and establish a public minister in his character with the state or prince to whom they are addressed. If the state or prince receive the minister, he can be received only in the quality attributed to him in his credentials. for owners and key members of management. Business description Include a brief overview of the history and a summary of current activities. Demonstrate that you understand your field. It is also helpful to include letters from suppliers, customers and other business references. Projections Include projected income and cash-flow statements for two to three years. Your assumptions should be clearly stated and realistic. Financial Statements Include business and personal financial statements. Make sure you understand the "story" that your financial statements tell. Purpose of the loan Present a detailed statement of how you will use the loan proceeds. Include proceeds of the loan in your cash-flow projections (and the interest in the projected income statement). Amount When determining the amount, ask yourself, "How much money do I need, and how much will they lend?" and not, "Will they lend it?" Repayment Repayment The act of paying back a debt. Notes: Everyone has to repay their debts eventually. See also: Debt, Defeasance, Loan plans In the first package, you will propose the terms you want, but ultimately this will be a point that will be negotiated with the bank. This information came from www.sba.gov See .gov and GovNet. (networking) gov - The top-level domain for US government bodies. . You can find more details about writing a loan proposal at www.sba.gov/starting_business/ financing/loanproposal.html. Online resources To learn more about small-business programs, visit these Web sites: Small Business Administration www.sba.gov/ The home page for the SBA. Find links to extensive resources for entrepreneurs, including locations of local offices, information about SBA programs and training opportunities. Small Business Training Network www.sba.gov/training/ The SBA's virtual campus with free training courses, workshops and more to assist entrepreneurs. Online Women's Business Center www.onlinewbc.gov/ A service of the SBA that promotes growth of women-owned businesses SCORE www.score.org/ "Counselors to America's Small Business"--a source of free and confidential small business advice. More small-business resources: Internal Revenue Service www.irs.gov/businesses/small/ A resource from the IRS for small businesses and the self-employed self-em·ployed adj. Earning one's livelihood directly from one's own trade or business rather than as an employee of another. self . Department of Labor www.dol.gov/osbp/sbrefa/main.htm Find compliance assistance for small business. Minority Business Development www.mbda.gov Part of the Department of Commerce, the Minority Business Development Agency fosters the establishment and growth of minority-owned businesses. Business.gov www.business.gov/ The business link to the U.S. government, it has information about business development, financial assistance, taxes, laws and regulations and workplace issues. |
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