If you are thinking about starting up your own business and will need to be getting a loan from a bank, it is important that you supply them with a good long term professional business plan. This will be a lot of work but with patience and research you should be able to come up with something that will help you be able to convince a bank that your business will be worth investing in. Remember, this is a requirement for the bank to even consider giving you a loan.
The first part of the long term professional business plan should include what is usually called the executive summary. This is where you will describe the kind of company it will be in just two or three concise sentences. You should always include what makes you different from other similar companies.
You should also consider including how the business will be managed and who is going to manage it as well. This should be a few sentences that will include all the credentials of those who will be involved in running it.
You will need to try and identify the type of market you want to reach as well as the type of customer you want to try and attract. There should be an explanation of why and how your company will be able to fill whatever void there might be by offering your service. You need to include statistics and any other information you have come up with through research. It is important that you list customer needs you company can fill.
A marketing strategy summary will be needed as well. You can use this to describe the quality of your product and service and how this will help improve the needs of the community. You should include any projections you will have for the first year of business along with any salaries you will be dealing with. A rough estimate of how much will be needed to finance the venture should be included a long with any money that will be invested by others.
This part of your summary should also include a closing sentence or two. This is needed to help explain again the different needs that your company can fill should you be able to open up shop in the community.
A company summary will also be required from the bank. This summary has a lot more detail than the first summary and will include the name of the company, the location address, mailing address, your personal and contact information, a list of all partners and their information, what bank you will choose to use for your company and all of your owner goals.
This company summary should also include the company hours of operation. The short as well as long term objectives. You will need to include your product or service overview a long with a list of products and or services you will offer. Make sure to include how these will help make your business more appealing.
More summaries required include the market analysis summary. Here you need to identify the different customer bases you are trying to reach. This should be accompanied by a pie chart graph that shows your possible customers and how much money the different types of customers might bring to your company over a five year period. You also need to make sure that a strategy and implementation summary is included as well. This type of summary is for how your company will stand out amongst the rest of companies similar.
The management summary is also needed in order to list your own experiences and those of any partners that you might have and how this experience will help your business. You will need to graph out some sort of organizational structure which needs to include any future additions.
A financial plan will also be needed and this is where you include how much you can put in to help start up the company and then include the start up costs which should include, registration fees, licenses, permits, your starting inventory costs, rent, down payments on property and or equipment, utility start up fees. You also need to include estimated monthly costs like salaries, rent or mortgage, phone, internet, utilities, storage, distribution, promotions, loan payments, office supplies, etc. You should make sure to multiply all of this by six so you can present a 6 month estimation.
Once you are done with that you can then take the total 6 months cost and add that to the start up costs. This will help give you a rough estimate of how much Trinidad and Tobago money you will need to actually get from the bank to be able to start your company.
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