Tag: Plan

How to Create a Business Plan

Why do You Want to Create a Business Plan?

According to the US Chamber of Commerce, “One of the cornerstones of launching a new business is writing a business plan.  The plan is a roadmap to a business’s goals and outlines the steps to achieve them.  The plan also serves as a sort of resume to put in front of loan officers, investors, and partners to secure funding.”

See: uschamber.com/co/start/business-ideas/writing-a-business-plan

Benefits When You Create a Business Plan

Every traditional lender wants to see one.  Potential investors also want to see one.  If you are working with a partner you will need one to show agreement on what the plan for the business actually is.  It is also a vital piece of communication with management.

If you want to sell your business, or need to do a business valuation, you need one.  Beyond all of that, you need a plan to follow for your business anyway.  There is a specific format and design that it needs to follow.  Some loan applications have a place for this, but it is best to already have one put together that you can adjust as needed.

You have a couple of options.  You can either hire a business plan writer, or you can do it yourself.  There are a lot of resources out there to help you if you choose to do it yourself or work with a mentor.

Create a Business Plan with the Help of the SBA

The Small Business Administration offers extensive guidance in this area.  Local small business development centers can help as well.  The important thing is to make sure all of the necessary information is included.  It also needs to be in the right order.

See: sba.gov/business-guide/plan-your-business/write-your-business-plan

What Information, and in What Order?

First, there is an introduction.  Then, there is a research section.  After that comes the financial information. Finally, though not required, you may have an appendix with additional information.

The introduction includes an executive summary, a description, and strategies.

Discover our business credit and finance guide, jam-packed with new ways to finance your business without emptying your wallet. Get money during the recession!

Executive Summary

The executive summary is a complete summary of the business idea.  The description goes into further detail than the summary.  It describes the business, answering questions like:

What type of business is it? What product or service will it offer?

This is where you work to get others excited about your business.  Catch their attention and make them want to keep reading.

Strategies Section

The strategies section lays out your plan for getting started.  Do you have a marketing plan? Where will you locate? How many employees will you start with? What is your ramp up plan?

Create a Business Plan: The Research Portion

After the introduction comes the research portion of the document.  This is also called the market analysis.  It has two parts: The Analysis of Audience and the Competitive Analysis.

Analysis of Audience

The analysis of audience answers the following questions:

  • What need will your business fill, and for whom?  For example, are you a childcare facility filling a need for affordable childcare for working moms?  Are you an eatery filling a need for a lunch spot for those working downtown?
  • How will your business fill the need?

https://creditsuite.wistia.com/medias/94z8msbn94?embedType=async&videoFoam=true&videoWidth=640

Competitive Analysis

The competitive analysis is just what it says, it analyzes the competition.  It answers the following questions.

  • Is there already a business working to fill this need?
  • Is there room for more?
  • How do you plan to compete with them?

Create a Business Plan with a Planning Section

After the research section will come the planning section.  This will include the plan for design and development and the plan for operation and management.

Discover our business credit and finance guide, jam-packed with new ways to finance your business without emptying your wallet. Get money during the recession!

Plan for Design and Development

The plan for design and development explains how the process will play out, from start to finish.  What steps are you going to take? Basically, it is a more detailed version of your strategies section.

Plan for Operation Management

The plan for operation management discusses who will own the business, and who will run it from day to day.  This could be as simple as stating that you are going to be the sole owner and operator.  Or, it could be as complicated as laying out a complete partnership plan or board of directors format.  Do you plan to run the business daily or hire a manager for the day-to-day operations?  Discuss that here.

A lot of new business owners get lost here.  How do you have financials if there is no business yet?  You lay out your funding plan in this section.  What money do you already have? Where did you get your current funds?  Did they come from angel investors, crowdfunding, personal savings, or something else altogether?

How much do you need? How will you use the funds? This section also has a complete set of financial projections.  It usually goes out for at least 5 years.  It’s best, if possible, to have an accountant put together your projections.

Create a Business Plan with an Appendix

An appendix is optional, but recommended by most professionals, including The Small Business Administration.  It can include such things as credit histories, resumes, product pictures, and letters of reference.

If applicable, licenses, permits, patents, legal documents, and other contracts should be included as well.

Anything you can include that makes it easier for the lender is a good move.  You have the space, so why not use it? More detail is nearly always going to be better than less detail.

Discover our business credit and finance guide, jam-packed with new ways to finance your business without emptying your wallet. Get money during the recession!

Presentation

The presentation is important as well.  Your business plan should be professional in both appearance and content.  If you are using your plan to apply for a loan, do not just fill out the questions on a loan application.  Take the time to put together a well written and well-designed strategy.

This is where a business plan writer can come in handy.  It is possible to do it yourself but use all available resources like The Small Business Administration and Small Business Development centers.

You need this document for more than just to get funding.  It can help you make decisions about growth.  It can also help you recognize and shore up weaknesses. This document also highlights your strengths for potential lenders, investors, and partners.

That can help you convince partners to join your business.  A well-researched business plan can help you recognize opportunities, as well, even some you may not have considered previously.  Maybe there is a market need you can fill that you didn’t even see until you did the market research for this document.

Takeaways

You need a business plan.  Lenders and potential investors want to see one.  It is also vital to communication with partners and management.

It should include all the necessary information, in the right order.  This includes an introduction with executive summary, description, and strategies sections.  Next, it should have a research section with both a market analysis and an analysis of audience.  Then, there should be financial information with current funds and budget, sources of those funds, projections, and the funds request.  Finally, you should have an appendix if applicable.

The post How to Create a Business Plan appeared first on Credit Suite.

The post How to Create a Business Plan appeared first on Business Marketplace Product Reviews.

How to Create a Business Plan

Why do You Want to Create a Business Plan?

According to the US Chamber of Commerce, “One of the cornerstones of launching a new business is writing a business plan.  The plan is a roadmap to a business’s goals and outlines the steps to achieve them.  The plan also serves as a sort of resume to put in front of loan officers, investors, and partners to secure funding.”

See: uschamber.com/co/start/business-ideas/writing-a-business-plan

Benefits When You Create a Business Plan

Every traditional lender wants to see one.  Potential investors also want to see one.  If you are working with a partner you will need one to show agreement on what the plan for the business actually is.  It is also a vital piece of communication with management.

If you want to sell your business, or need to do a business valuation, you need one.  Beyond all of that, you need a plan to follow for your business anyway.  There is a specific format and design that it needs to follow.  Some loan applications have a place for this, but it is best to already have one put together that you can adjust as needed.

You have a couple of options.  You can either hire a business plan writer, or you can do it yourself.  There are a lot of resources out there to help you if you choose to do it yourself or work with a mentor.

Create a Business Plan with the Help of the SBA

The Small Business Administration offers extensive guidance in this area.  Local small business development centers can help as well.  The important thing is to make sure all of the necessary information is included.  It also needs to be in the right order.

See: sba.gov/business-guide/plan-your-business/write-your-business-plan

What Information, and in What Order?

First, there is an introduction.  Then, there is a research section.  After that comes the financial information. Finally, though not required, you may have an appendix with additional information.

The introduction includes an executive summary, a description, and strategies.

Business Plan Credit Suite

Discover our business credit and finance guide, jam-packed with new ways to finance your business without emptying your wallet. Get money during the recession!

Executive Summary

The executive summary is a complete summary of the business idea.  The description goes into further detail than the summary.  It describes the business, answering questions like:

What type of business is it? What product or service will it offer?

This is where you work to get others excited about your business.  Catch their attention and make them want to keep reading.

Strategies Section

The strategies section lays out your plan for getting started.  Do you have a marketing plan? Where will you locate? How many employees will you start with? What is your ramp up plan?

Create a Business Plan: The Research Portion

After the introduction comes the research portion of the document.  This is also called the market analysis.  It has two parts: The Analysis of Audience and the Competitive Analysis.

Analysis of Audience

The analysis of audience answers the following questions:

  • What need will your business fill, and for whom?  For example, are you a childcare facility filling a need for affordable childcare for working moms?  Are you an eatery filling a need for a lunch spot for those working downtown?
  • How will your business fill the need?

https://creditsuite.wistia.com/medias/94z8msbn94?embedType=async&videoFoam=true&videoWidth=640

Competitive Analysis

The competitive analysis is just what it says, it analyzes the competition.  It answers the following questions.

  • Is there already a business working to fill this need?
  • Is there room for more?
  • How do you plan to compete with them?

Create a Business Plan with a Planning Section

After the research section will come the planning section.  This will include the plan for design and development and the plan for operation and management.
Business Plan Credit Suite

Discover our business credit and finance guide, jam-packed with new ways to finance your business without emptying your wallet. Get money during the recession!

Plan for Design and Development

The plan for design and development explains how the process will play out, from start to finish.  What steps are you going to take? Basically, it is a more detailed version of your strategies section.

Plan for Operation Management

The plan for operation management discusses who will own the business, and who will run it from day to day.  This could be as simple as stating that you are going to be the sole owner and operator.  Or, it could be as complicated as laying out a complete partnership plan or board of directors format.  Do you plan to run the business daily or hire a manager for the day-to-day operations?  Discuss that here.

A lot of new business owners get lost here.  How do you have financials if there is no business yet?  You lay out your funding plan in this section.  What money do you already have? Where did you get your current funds?  Did they come from angel investors, crowdfunding, personal savings, or something else altogether?

How much do you need? How will you use the funds? This section also has a complete set of financial projections.  It usually goes out for at least 5 years.  It’s best, if possible, to have an accountant put together your projections.

Create a Business Plan with an Appendix

An appendix is optional, but recommended by most professionals, including The Small Business Administration.  It can include such things as credit histories, resumes, product pictures, and letters of reference.

If applicable, licenses, permits, patents, legal documents, and other contracts should be included as well.

Anything you can include that makes it easier for the lender is a good move.  You have the space, so why not use it? More detail is nearly always going to be better than less detail.
Business Plan Credit Suite

Discover our business credit and finance guide, jam-packed with new ways to finance your business without emptying your wallet. Get money during the recession!

Presentation

The presentation is important as well.  Your business plan should be professional in both appearance and content.  If you are using your plan to apply for a loan, do not just fill out the questions on a loan application.  Take the time to put together a well written and well-designed strategy.

This is where a business plan writer can come in handy.  It is possible to do it yourself but use all available resources like The Small Business Administration and Small Business Development centers.

You need this document for more than just to get funding.  It can help you make decisions about growth.  It can also help you recognize and shore up weaknesses. This document also highlights your strengths for potential lenders, investors, and partners.

That can help you convince partners to join your business.  A well-researched business plan can help you recognize opportunities, as well, even some you may not have considered previously.  Maybe there is a market need you can fill that you didn’t even see until you did the market research for this document.

Takeaways

You need a business plan.  Lenders and potential investors want to see one.  It is also vital to communication with partners and management.

It should include all the necessary information, in the right order.  This includes an introduction with executive summary, description, and strategies sections.  Next, it should have a research section with both a market analysis and an analysis of audience.  Then, there should be financial information with current funds and budget, sources of those funds, projections, and the funds request.  Finally, you should have an appendix if applicable.

The post How to Create a Business Plan appeared first on Credit Suite.

Her Husband Died of Covid. Now She Needs a New Financial Plan

A 53-year-old Phoenix woman wants to get through the next few years and plan for retirement. Here’s what a financial adviser suggests. The post Her Husband Died of Covid. Now She Needs a New Financial Plan first appeared on Online Web Store Site. The post Her Husband Died of Covid. Now She Needs a New …

The post Her Husband Died of Covid. Now She Needs a New Financial Plan first appeared on Online Web Store Site.

Her Husband Died of Covid. Now She Needs a New Financial Plan

A 53-year-old Phoenix woman wants to get through the next few years and plan for retirement. Here’s what a financial adviser suggests.

The post Her Husband Died of Covid. Now She Needs a New Financial Plan first appeared on Online Web Store Site.

The post Her Husband Died of Covid. Now She Needs a New Financial Plan appeared first on ROI Credit Builders.

The post Her Husband Died of Covid. Now She Needs a New Financial Plan appeared first on Business Marketplace Product Reviews.

Her Husband Died of Covid. Now She Needs a New Financial Plan

A 53-year-old Phoenix woman wants to get through the next few years and plan for retirement. Here’s what a financial adviser suggests.

The post Her Husband Died of Covid. Now She Needs a New Financial Plan first appeared on Online Web Store Site.

The post Her Husband Died of Covid. Now She Needs a New Financial Plan appeared first on ROI Credit Builders.

401(k) Plan Financing

What is 401(k) Plan Financing?

You already know that your retirement funds are an asset. But did you know that you can use them right now? Do you have a 401(k) or an IRA or stocks? Did you know that you can tap that source of funding now? And you can do so without losing interest. You will not get in trouble tax-wise, either. Yes, it is possible to get 401(k) plan financing for your small business.

401(k) plan financing is not a loan. You will not have to pay an early withdrawal fee. And you will not have to pay a tax penalty.

You will put the money back, by contributing, just like you do with any 401(k) program. This means you will not lose your retirement funds.

What are Some of the Details of 401(k) Plan Financing? 

Our 401(k) plan financing offers a powerful and flexible way for new or existing businesses and franchises to leverage assets that are currently in a 401(k) plan or IRA. Or these are assets which are tied up in stocks. In as little as 3 weeks you can invest a portion of your retirement funds into your business. This gives you more control over the performance of your retirement plan assets. And it gives you the working capital you need for business growth.

Is the IRS Happy with 401(k) Plan Financing?

Absolutely! This is a 401(k) Rollover for Working Capital program. It is also known as a Rollover for Business Startups (ROBS), as the IRS calls it.

Demolish your funding problems with 27 killer ways to get cash for your business. Get money even during the worst of a recession.

What Are the Tax Implications of 401(k) Plan Financing? 

Per the IRS, a ROBS qualified plan is a separate entity with its own set of requirements. The plan, through its company stock investments, rather than the individual, owns the trade or business. Therefore some filing exceptions for individuals, may not apply to such a plan. As always, it is going to be best to check with an expert.

What are the Specifics? 

This type of financing is not a loan against, your 401(k), so there is no interest to pay. It does not use the 401(k) or stocks as collateral. Instead, this is simply a movement or change of custodian.

How Do You Qualify? 401k Plan Funding Credit Suite

401(k) financing is quite easy to qualify for. You will not need financials or good credit to get approval. To qualify for 401(k) financing, all the lender will require is a copy of your two most recent 401(k) statements.

If your 401(k) has a value of more than $35,000 you can get approval. This is even with severely challenged personal credit. You can receive whichever percent of your 401(k) is “rollable” as financing.  In many cases, you can secure a low-interest credit line or loan for 100% of your current 401(k) value.

Keep in Mind…

The 401(k) you use cannot be from a business where you are currently working. So it will have to be from older employment. You cannot be currently contributing to it. Your 401(k) must have at least $35,000 in it.

Demolish your funding problems with 27 killer ways to get cash for your business. Get money even during the worst of a recession.

What if a Business Owner Has Credit Issues Now? 

Our 401(k) financing program is perfect for business owners with credit issues. Because lenders are not looking for, nor do they require good credit to qualify. Approval can happen regardless of personal credit quality. You can get approval even if you have recent derogatory items and major collections on your credit report. This is one of the best and easiest business financing programs in existence. You can qualify for and get really good terms even if you have severe personal credit problems.

How Soon Can You Get 401(k) Funding? 

The only documents the lender wants to see are your 401(k) statements. The last full statement should be one of them. After the lender reviews your 401(k) statements, you can receive your initial approval and funding in 3 weeks or less. You can get a working capital credit line to use for whatever purposes you want.

What are the Benefits? 

You can get 24-hour preapproval. And you pay no penalties for the roll-over. It is just an easy 401(k) review for approval. Plus you pay no application fees.

You can get approval with poor credit. Go from application to funding in 3 weeks or less. This form of financing reports to the business credit reporting agencies. Therefore you can build business credit while you pay back your 401(k) financing!

Set up a 401(k) plan in your company, and then invest your 401(k) in it. Your company becomes cash rich, and debt-free.

You will work with a CPA. They will help you roll over a non-contributing and qualifying account. This allows for cash out of half, or $50,000, whichever is lower.

If applicable, the CPA you work with will structure a self-directing IRA for the remaining funds. You will get a 5 year management and consulting service for your corporation.

What are the Terms? 

The terms are 5 years, and the cost is 1%. You will pay $4995 for a lender fee for the 401(k) option. So this includes 5 years’ worth of management and consulting.

But is it Legal? 

Absolutely! Under ERISA (the Employee Retirement Income Security Act), the burden of building retirement assets has undergone a shift from the employer to the employee. As a result, you can be younger than 59 ½, and you will not have to pay an early withdrawal fee.

401(k) financing is an excellent opportunity to invest in yourself. By using 401(k) plan financing, you are investing in a company you control. Its fortunes are in your hands. Your employees can use the new 401(k) plan, too. So you can help them take care of their own retirements.

With 401(k) financing, you will be able to enjoy the success of your small business today. And you will be able to enjoy it again in the future when you retire.

Demolish your funding problems with 27 killer ways to get cash for your business. Get money even during the worst of a recession.

Why is 401(k) Financing Better than a Distribution? 

Unless you are 59 ½ years old, you will be paying an early withdrawal penalty. Yes, you would be paying to use your own money. So, you never want to get a distribution!

Why is 401(k) Financing Better than a Loan from Your 401(k)? 

But if your plan allows for loans, the IRS will only let you borrow up to 50%, up to $50,000, before you have to start paying taxes.

Of course with a loan, that means you would be paying interest. Again, you would be paying to use your own money. Plus, not every 401(k) plan so much as allows for loans.

So the bottom line is that 401(k) financing is a unique program. This program allows you to tap into your existing retirement account, with no penalties or taxable distributions. You can use those funds for business. This financing option avoids loans, banks, or credit checks.

401(k) Plan Financing: Takeaways

Investing your 401(k) or IRA money or stocks in your business can be a smart way to fund a company. You pay no interest and create a retirement plan in your business at the same time. This setup is perfectly legal and the IRS definitely allows it. We can help you use your 401(k) to fund your business. Just ask us how.

The post 401(k) Plan Financing appeared first on Credit Suite.

401(k) Plan Financing

What is 401(k) Plan Financing?

You already know that your retirement funds are an asset. But did you know that you can use them right now? Do you have a 401(k) or an IRA or stocks? Did you know that you can tap that source of funding now? And you can do so without losing interest. You will not get in trouble tax-wise, either. Yes, it is possible to get 401(k) plan financing for your small business.

401(k) plan financing is not a loan. You will not have to pay an early withdrawal fee. And you will not have to pay a tax penalty.

You will put the money back, by contributing, just like you do with any 401(k) program. This means you will not lose your retirement funds.

What are Some of the Details of 401(k) Plan Financing? 

Our 401(k) plan financing offers a powerful and flexible way for new or existing businesses and franchises to leverage assets that are currently in a 401(k) plan or IRA. Or these are assets which are tied up in stocks. In as little as 3 weeks you can invest a portion of your retirement funds into your business. This gives you more control over the performance of your retirement plan assets. And it gives you the working capital you need for business growth.

Is the IRS Happy with 401(k) Plan Financing?

Absolutely! This is a 401(k) Rollover for Working Capital program. It is also known as a Rollover for Business Startups (ROBS), as the IRS calls it.

Demolish your funding problems with 27 killer ways to get cash for your business. Get money even during the worst of a recession.

What Are the Tax Implications of 401(k) Plan Financing? 

Per the IRS, a ROBS qualified plan is a separate entity with its own set of requirements. The plan, through its company stock investments, rather than the individual, owns the trade or business. Therefore some filing exceptions for individuals, may not apply to such a plan. As always, it is going to be best to check with an expert.

What are the Specifics? 

This type of financing is not a loan against, your 401(k), so there is no interest to pay. It does not use the 401(k) or stocks as collateral. Instead, this is simply a movement or change of custodian.

How Do You Qualify? 401k Plan Funding Credit Suite

401(k) financing is quite easy to qualify for. You will not need financials or good credit to get approval. To qualify for 401(k) financing, all the lender will require is a copy of your two most recent 401(k) statements.

If your 401(k) has a value of more than $35,000 you can get approval. This is even with severely challenged personal credit. You can receive whichever percent of your 401(k) is “rollable” as financing.  In many cases, you can secure a low-interest credit line or loan for 100% of your current 401(k) value.

Keep in Mind…

The 401(k) you use cannot be from a business where you are currently working. So it will have to be from older employment. You cannot be currently contributing to it. Your 401(k) must have at least $35,000 in it.

Demolish your funding problems with 27 killer ways to get cash for your business. Get money even during the worst of a recession.

What if a Business Owner Has Credit Issues Now? 

Our 401(k) financing program is perfect for business owners with credit issues. Because lenders are not looking for, nor do they require good credit to qualify. Approval can happen regardless of personal credit quality. You can get approval even if you have recent derogatory items and major collections on your credit report. This is one of the best and easiest business financing programs in existence. You can qualify for and get really good terms even if you have severe personal credit problems.

How Soon Can You Get 401(k) Funding? 

The only documents the lender wants to see are your 401(k) statements. The last full statement should be one of them. After the lender reviews your 401(k) statements, you can receive your initial approval and funding in 3 weeks or less. You can get a working capital credit line to use for whatever purposes you want.

What are the Benefits? 

You can get 24-hour preapproval. And you pay no penalties for the roll-over. It is just an easy 401(k) review for approval. Plus you pay no application fees.

You can get approval with poor credit. Go from application to funding in 3 weeks or less. This form of financing reports to the business credit reporting agencies. Therefore you can build business credit while you pay back your 401(k) financing!

Set up a 401(k) plan in your company, and then invest your 401(k) in it. Your company becomes cash rich, and debt-free.

You will work with a CPA. They will help you roll over a non-contributing and qualifying account. This allows for cash out of half, or $50,000, whichever is lower.

If applicable, the CPA you work with will structure a self-directing IRA for the remaining funds. You will get a 5 year management and consulting service for your corporation.

What are the Terms? 

The terms are 5 years, and the cost is 1%. You will pay $4995 for a lender fee for the 401(k) option. So this includes 5 years’ worth of management and consulting.

But is it Legal? 

Absolutely! Under ERISA (the Employee Retirement Income Security Act), the burden of building retirement assets has undergone a shift from the employer to the employee. As a result, you can be younger than 59 ½, and you will not have to pay an early withdrawal fee.

401(k) financing is an excellent opportunity to invest in yourself. By using 401(k) plan financing, you are investing in a company you control. Its fortunes are in your hands. Your employees can use the new 401(k) plan, too. So you can help them take care of their own retirements.

With 401(k) financing, you will be able to enjoy the success of your small business today. And you will be able to enjoy it again in the future when you retire.

Demolish your funding problems with 27 killer ways to get cash for your business. Get money even during the worst of a recession.

Why is 401(k) Financing Better than a Distribution? 

Unless you are 59 ½ years old, you will be paying an early withdrawal penalty. Yes, you would be paying to use your own money. So, you never want to get a distribution!

Why is 401(k) Financing Better than a Loan from Your 401(k)? 

But if your plan allows for loans, the IRS will only let you borrow up to 50%, up to $50,000, before you have to start paying taxes.

Of course with a loan, that means you would be paying interest. Again, you would be paying to use your own money. Plus, not every 401(k) plan so much as allows for loans.

So the bottom line is that 401(k) financing is a unique program. This program allows you to tap into your existing retirement account, with no penalties or taxable distributions. You can use those funds for business. This financing option avoids loans, banks, or credit checks.

401(k) Plan Financing: Takeaways

Investing your 401(k) or IRA money or stocks in your business can be a smart way to fund a company. You pay no interest and create a retirement plan in your business at the same time. This setup is perfectly legal and the IRS definitely allows it. We can help you use your 401(k) to fund your business. Just ask us how.

The post 401(k) Plan Financing appeared first on Credit Suite.

Produce Your Marketing Machine to Plan for Marketing Success

Develop Your Marketing Machine to Plan for Marketing Success Do you ever before really feel like you’re continuously running about, attempting to obtain your advertising products placed with each other and also out the door? Or are you continuously jumping on the newest advertising concept, and also tossing away your time as well as cash …

The post Produce Your Marketing Machine to Plan for Marketing Success first appeared on Online Web Store Site.

The post Produce Your Marketing Machine to Plan for Marketing Success appeared first on ROI Credit Builders.

Produce Your Marketing Machine to Plan for Marketing Success

Develop Your Marketing Machine to Plan for Marketing Success Do you ever before really feel like you’re continuously running about, attempting to obtain your advertising products placed with each other and also out the door? Or are you continuously jumping on the newest advertising concept, and also tossing away your time as well as cash …

The post Produce Your Marketing Machine to Plan for Marketing Success first appeared on Online Web Store Site.

The post Produce Your Marketing Machine to Plan for Marketing Success appeared first on ROI Credit Builders.