A business plan is an essential document that most creditors will want to see – it helps determine if a small business loan is right for you! Marisa Barrera of Accion shares three key pieces of advice about writing a business plan to help you become loan ready.
- Describe what your business offers. Painting a detailed picture about your product or service will help a loan officer to understand how you differentiate from your competitors.
- Have a clear marketing plan. Marketing is crucial to your business’ success and it helps customers know what you offer.
- Provide accurate financial projections. Financial projections, such as a calculated break-even points, and projected expenses and income, will help lenders determine if a small business loan would help or hinder your business at this time.
To find out more about what other factors you should consider, read our article, “Starting a Small Business.”