Demonstrate expertise and thorough business knowledge in the industry. Have a good credit rating and get to know the local bankers and lenders. Going to a community bank may prove most beneficial or work with a business incubator in the area.
Establish key relationships
Demonstrate past success
Have a strong credit rating
Click here to read the complete article I wrote on How to Get a Business Loan without a Business Plan.
Now, I don't recommend trying this approach but it can be possible. Also, a business plan doesn't have to be exhaustive in detail and scope. Make bullet points on key topics like:
- the purpose of the business,
- what service it offers,
- what products it will sell,
- who is the key audience,
- what are the main ways to get business
- who is the primary competition
- how much cash is needed to operate
- who will keep the books
- what type of accounting system will be used
Answering those points may be enough to serve as a simple business plan and help secure a loan.
2 comments:
Nobody should try and go into business without a business plan. It's always wise to have this plan in place because it's going to show your ideas and what you're going to do with the business. It is also important when you go to secure a small business loan. The lender is going to want to look at this plan, and this plan can either make or break your chances of securing the loan.
I agree no one should go into business without a business plan . . . even a simple one in writing to show the expenses and how the money is to be made.
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