Of all the research and planning that goes into starting and running a small business, financial plans probably trip up the most budding entrepreneurs.
Usually, raising money your startup needs means pleading your case to a room full of potential investors. Tweaking your approach — “selling an idea” rather than “asking for money” — completely changes the interaction for both sides.
What's striking about the history of business plans is how little has changed. Sure, the medium we use has changed over the centuries, but the end result – having a written plan that demonstrates to the business owner and possible investors how to make a profit – has remained consistent.
Understanding the truth about small business loans and other forms of debt financing will reveal opportunities for growth, and it will help you manage your business with confidence.