Phase Four Begin the Formulations of the Business. Prepare a written business plan . With all the above decisions made, a business plan spelling them out, with financial projections, initial investments, operational cash flow, identified suppliers, customers or market niche, competition analysis, physical plant needs, operational needs expenses, anticipated income, and anticipated problems that may arise with associated solutions, and any other pertinent information should be prepared. Also included in a business plan should be any already identified investment capital sources and avenues, along with budgets. The actual written document must be prepared.
Money spent with a professional business planner is the best money a new business person can spend.
Secure the needed capital. Bank loans, investors, lines of credit, and government programs may be used singularly or in combination to fund a business. If sufficient funds cannot be identified as such, then revisions to the business plan , or abandoning the venture is in order. A professional loan broker, who has been provided the pertinent business plans and documents, is a very wise choice. A good broker can develop a plan in which venture capital proceeds will be used to pay him for his efforts, and include that information in the offering brochure.