The librarian can help you find the information you need. Your banker knows a great deal about your area, including average income, level of competition, real estate, and rental values. Bankers can be of great assistance if you take the initiative. Establishing a credit line with your bank can help develop a sound relationship with your banker, and a good record of repayment is an advantage when applying for business loans Contact insurance brokers about coverage needed for your business activity and for approximate premiums. Since insurance is a competitive business, contact several agents for a comparison of both suggested coverage and premiums.
Business plan Develop a business plan.
This is essential, especially if you expect to seek financial assistance from an outside source. Your plan should include analyses of the business, the industry, and the potential market, covering consumers, trends, competition, and all foreseeable risks and problems. It should also include detailed resumes of key members of your management team, noting their strengths, weaknesses, and training needs. It must include a financial plan with a profit and loss forecast and a cash flow forecast. Consider having an attorney examine the papers you sign.