In addition, all prospective purchasers must sign a Non-Disclosure Agreement before any confidential information is given out on a particular business.
Do I need a business plan?
Buyers, Entrepreneurs, & Startups
If you are Buying a business, starting a new business, or growing your startup, then you will be asked for your business plan.
Buyers and investors considering the purchase of a business will find that some, but not all, existing businesses have a basic business plan. However, it is most likely the case that the existing business you are considering does not have a business plan, or if they do, it is very outdated. When you apply for commercial funding, such as an SBA loan, you will be required to submit your own business plan for the business you desire to purchase. Business owners with business plans are generally open to sharing their plan with you, if they have one, but it will need to be updated and tailored to the way you desire to own, operate, and manage the business.
Entrepreneurs tend to be all over the place- wearing many hats and juggling lots of balls at the same time. If you were to seek professional assistance, coaching, mentorship, or business programs they would all tell you the same thing... you need a business plan! The business plan helps you with categorizing the different compartments of your business and then gives you a loosely structured method to create your goals, develop your plans, and put your vision on paper in such a way as to allow you to focus and prioritize. Especially if you are trying to raise money to help you fund your big idea, the business plan is essential when communicating with investors.
Startups who are experiencing growth are going to need to capital funds, new or larger operating space, and an increase need for resources, personnel, materials, and marketing. You may have gotten this far with or without a detailed business plan, but now is the time to create or revise your business plan. Lenders and investors want to see your plan and understand why you are growing, why you need the money, and what you plan to do with it if they give it to you. There may also be new areas within your business that were not considered or fully flushed out in your old business plan. You will want to capture all of your lessons learned and best practices to ensure your business plan accurately represents how you are operating your business today and convey your plans for growth.
In all cases, a business plan is important. Every business broker, business coach, business consultant, lender, or investor is going to ask you for one. If you have a mentor, they are probably going to discuss the importance of developing a business plan and they will want to review it with you, but they are not going to do it for you. Well, no worries!
Follow the link below for a FREE
resource provided by Gale Business
to access their online Plan Builder
. You may need to have an online library account
to access this free business plan tool, but it has enough flexibility for nearly every type of business. Once you have accessed the online tool, you will need to create a free Gale Business account and then follow the simple dashboard instructions to create your business plan. Here is the link:
If you have questions about how to start, grow, buy or sell a business, or if you are seeking advice on finding a mentor to discuss your business ideas, then feel free to contact us
or click the link below to schedule a free 15-minute call. We would enjoy learning more about you and helping to answer your questions!