How to create a good business plan For SBA startup financing?

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What is a good business plan for Startup SBA financing?

People think startup business plans are just a simple who, what, when, where, why, and how. But in all actuality, it’s a customized write-up that showcases your specific skillsets, experiences and resources. And it connects how you will use these to start & grow your business. A good startup business plan convinces a lender that you:

1. Understand your industry.
2. Have experience in your industry.
3. Can make money in that industry.

Tips to write a good startup SBA business plan:

1. Make sure your business plan is extremely detailed. For example:
   • NOT DETAILED: I need $17k for leasehold improvements.
   • DETAILED: On (date) we received a contractor’s quote for $17,000 ($7,000 for new flooring, $8,000 for recess lighting, and $2,000 for 1 bay window.)
2. Make sure you understand your industry.
   • Research your industry.
   • Talk about the growth in your industry.
   • List your competitors.

   Make a lender say, “wow this person really did their homework.”

3. Showcase your experience. Make sure you list your jobs, education, certifications, licenses, and trainings. And anything else that shows the lender you know what’s needed to be successful in your industry.
4. Go into great detail on how you will make money!
   • How many revenue streams will you have?
   • What is your marketing plan?
   • Which demographic are you targeting? (It’s better to start with a niche.)
   • How many leads will you get a month?
   • How many do you expect to turn into sales?
   • What are your expenses?
   • When will you turn a profit?

Final note...

We write startup business plans that lenders approve, and we see the ones they don’t. The best business plans are realistic and detail how they’ll pay for their business expenses + the loan, and how they will become profitable.

If you get this right, it will be your roadmap to success. To receive help with your startup business plan, request your free lending consult here.

Request Your Free Consult

Continue Your Startup Journey

If you need more startup loan help, make sure you check out these articles:

• What disqualifies you from getting a startup SBA loan?
• Why can’t startup businesses easily get financing from banks?
• Do you need a down payment for an SBA loan?
• Do banks loan money for business startups?

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