Let’s talk a little bit about a topic, which most smart asses, calling themself consultants in the business financing field will push you to hire them and of course pay alot of money for it and that is, the importance of a detail business plan in regarding to obtain any type of funding from a bank. See the garbage above? That is exactly the place, where all the money you had spend on a firm supposedly preparing your detail business plan will go at the end of the application process. Even if you prepare detail business plan yourself, spend a lot of time thinking how you’ll be doing this & that, researching the market place and focusing too much on the current conditions of it, write a lot info and figures down and think, that this is the most important stuff for you to do in order to get the funds, let me say it very politely. You are just wasting your time and unless you are very well known writter, nobody is going to read it anyway. Let me explain : The position of a Business Banker as a person taking it one client at a time, paying attention to your particular needs and actually caring about your business as something important for him, hmm..how do I say it, so everybody understand.. Well, these kind of people working in the banks Does Not Exist !!!!
On my recent journey, I had found some institutions actually really wanting to know something about my business, but these were financial companies strictly focused on small business financing, not a banks. Position of a business banker in any bank here, is replaced by a college draduate, punching your SS # into the computer system and if your FICO does not meet the banks’ matrix criteria, you can be talking about your great business and the excellent season you had, the hundreds of thousands of revenues, whole day long, Nobody is going to listen for a simple reason. Nobody, whom you will be talking in the bank about it, will have any idea, what you are talking about.
1st: Get your personal credit straight, if it is too much damaged, get somebody with a good one on Your Ship..
2nd: Get your business credit straight, you don’t need a partner for that, there are actually some firms offering that service and surprisingly, I need to say, some of them works…
3th : Most importantly, what ever your idea of business is, Don’t name it like : ” Uncle Joes’ Steak house” or “Jimmys’ used car sales”….Anything consumer related is a Red Flag for all the banks right now, so name yourself something like : ” Dream Vision”LLC, or “Paradise Entreprises, inc.” and if by any chance some moron, taking your application for biz. line of credit asks you, what is your business about, just tell him : “I have firm, providing variety services, for variety clients..”, it will be confusing enough to put those guys back where they are coming from anyway..: To The Computer Matrix
The Matrix does not care about Ideas, it cares about numbers, so get your number straight, personal & business and you’ll beat the system.
That is the good news, what’s not so good for some, is the fact, that get all the numbers in working order, sometimes requires “business plan” for itself, but this kind of plan, I suggest, you are thinking really hard about when you want to get the funds and ultimately have the chance to put in use the plan, what everybody say it is important for a start up, that is The Business Plan.