When a small business or start up approaches a bank for a loan, you need to be able to answer the following eight questions: 1. How much money do you want? 2. Why do you want the money? 3. How will the money be used? 4. How will you repay

I normally avoid including myself or my personal travails in my blog, since my blog is not about me. Rather, my blog content is about what matters to you. But, I had a concussion a few weeks ago and it really shook things up---literally. OK. Here is the story. I

Forecasting sales at a start-up requires in-depth research along with educated guess work. There is no substitute for knowing your customers and why they will buy your offering. Buyers will choose your product over the competition because it is different or better. Presuming your offering is competitive and is desired

Business plans are like a compass---they point the way for the company and explain the business to the investor. Yet, business plans can tell the wrong story and may even kill the deal with the investor. Here are some examples of business plan blunders to avoid: • Lousy Writing: Nothing kills

When confronted with a problem or a new challenge, a common reaction is to do nothing. While thinking before you leap is prudent, you still need to get started or else the problem may fester or the opportunity may pass you by. For those moments of indecision, I offer the

This is a reprint of a past blog on Business Concepts. A “business concept” is the first step in the process of starting a new venture. It typically describes a vision of what might be. It generally precedes the business plan and it begs feedback on the merit of the

"We are not retreating - we are advancing in another direction." Douglas MacArthur A good business plan makes a great compass to guide a firm’s daily decisions but you must be flexible about reviewing the goals and initiatives associated with them. Just because you wrote, sold, and

The "executive summary" is the first part of the business plan that gets read and may be the only part of the plan that actually gets read. Its job is to get the plan funded whether by an investor or a banker. Many plans are rejected based on

A “business concept” is the first step in the process of starting a new venture. It typically describes a vision of what might be. It generally precedes the business plan and it begs feedback on the merit of the idea. A business concept speaks about the customer, the product or