How to have a great business plan?What I should learn before starting my own company?Bank Loan? Years old?

How to have a great business plan?What I should learn before starting my own company?Bank Loan? Years old?

The Answer : What do you need to learn?

- understand the business that you want to get into

- skills in reaching customers and marketing the business

- technical knowhow needed to successfully run the business- management skills for the day to day operations- understanding finances and knowing how your business performs

- time management and planningBelow are some tips to make a winning business plan that can get funding:

- Money follows management.

Investors look first at the people involved in the company. If you are just starting out and don’t have relevant experience, investors expect to see that you have an experienced team of advisors and employees helping you in the business. - Make sure you “sell” the one reason your business will become profitable. - State clearly the strategies you will employ to get the word out about your business.

Your business plan must show how you will leverage the Internet, public relations, viral marketing, and other strategies to attract customers. - Present realistic estimates of the time, energy and costs of building a successful business. Do not underestimate or overestimate revenues. While investors know your numbers are simply guesses, they want to see that your numbers are within the “range of reality.”

Be careful of your financial statements: this is one area where you can easily lose credibility if presented poorly. - Benchmark similar companies to show that you’ve done your homework and researched the market.

- Your Executive Summary is your calling card. If it is not a winner, investors may not even read your entire plan. Emphasize your own as well as your team’s track record in the Executive Summary.

- Before sending your business plan to lenders and investors, send it out first to a few in order to get feedback. You’d want to correct your plan if someone tells you that you’re way off mark, rather than have a potential investor tell it to you and lose the chance to get the funding you need.