Whether you're starting a new business or growing an existing one, a well-constructed business plan can help you define your products and services, determine your target market, scope out the competition and create a structure for success. If you're looking for financing, it's essential—lenders will analyze your business plan to help determine if you're a good credit risk. Knowing the time and effort required to create a business plan will go a long way in allowing your business to be successful!
What's included in a business plan?
Each business plan is unique, but here are some common elements:
Putting it all together
If this sounds like a lot of work, it is. Getting all this information down on paper may seem a bigger challenge than coming up with your business concept in the first place. But it's a necessary and valuable step toward developing a business model that works.
The good news is that you don't need to do it alone. You can find help online at the Small Business Administration and at any of its district offices throughout the country. In addition, SCORE, a nonprofit organization dedicated to supporting small businesses, offers free advice and mentoring, along with initiatives specifically for military veterans.
Finally, Navy Federal offers members a wealth of business services, including assistance with preparing business loan requests in order to help maximize your chances for loan approval. So if you're in the business of starting or growing a business, contact us today.
This article is intended to provide general information and shouldn't be considered legal, tax or financial advice. It's always a good idea to consult a tax or financial advisor for specific information on how certain laws apply to your situation and about your individual financial situation.
Since the beginning, we've been with our members every step of the way.
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