No one is throwing money at pieced-together companies driven by fragmented great ideas, but for tenacious entrepreneurs with real products and services who are willing to grow their companies, there is funding. However, for many entrepreneurs, finding funding is the hardest challenge they face because they have no experience in this area. The Good News Funding is still out there. Though there was an undeniable slowdown in money flowing to start-ups in the fourth quarter of last year, the business plans looking for cash continued to flood in. The undaunted entrepreneur is alive and well.
Money is always there, but the pockets change.
The first step in the funding process is formulating a Business Plan, which is just that - a plan for doing business. The good news about going through the arduous process of preparing a Business Plan is that it helps owners focus on some issues that probably haven't really been thought out. This Plan is the document that pulls the company team together and communicates the opportunities and rewards for potential investors. It integrates operations, finance, marketing and sales into one cohesive force and establishes priorities, resources and goals. Entrepreneurs need to remember that Business Plans must be concise, yet informative and compelling - outlining the company's ability to meet future expectations through a current focus on the fundamentals.