A good business plan must address financial projections, along with assumptions and justifications. A poor business plan will undermine a good idea. Conversely, a good spreadsheet won t generate support for a poor idea. Choose a bank or financial institution. This can be one of the most arduous tasks of starting a small business.
Financial institutions lend money to make money.
For this reason, presenting them with a comprehensive plan of everything you know about your proposed business is essential. Study your business plan thoroughly and know it inside and out. Be ready to explain or defend any of your ideas. Think realistically when determining the loan amount. You have to be able to live with the payments.