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Getting started on a business plan
Start the process by asking yourself some important questions:
1) Who are my competitors?
2) What is my market landscape?
3) Will I be able to fund this project myself or do I need to borrow or raise capital to accomplish this?
4) How will I find my customers? How much will finding them and acquiring them cost?
5) What marketing techniques will I use?
6) What vendor relationships do I need to make to accomplish my goals?

Write everything down
Start a document on your computer and save numerous versions so you can review your progress and go back to older ideas if you need to. Break it into categories that are easy for you to manage and start putting them together in standard flow of business plan development.

Take financial questions into consideration
If you are considering seeking financial help with getting your business started you must be able to explain how you will manage, operate and finance your company and business needs.

10 Important Financial Questions in order to get a loan:
1) How much money do you need and what is your capital commitment? (A rule of thumb is that 20% - 30% investment in the company needs to come from the owner either as personal cash and savings or equity in the business.)
2) How will you use the money?
3) How will the loan affect your financial position?
4) What will you pledge as collateral? (You will need to pledge some tangible assets - such as stocks, term deposits or property - to obtain a loan. If the loan is for equipment or real estate, your purchase can become collateral.)
5) How will you repay the loan?
6) When will you repay the loan?
7) If you don't reach your projected income, can you still repay the loan? (Example: Do you have a spouse with outside employment?)
8) How much can your business afford to lose and still be viable?
9) How will you manage your business risks?
10) For an existing business, how has it performed to date? Is the financial position of the business improving or declining?


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