Answers obtained from SBA online, Quicken small Business site, and Entreworld.org.
1. What is the purpose of a business plan, and why is it an essential first step for a start-up firm?
A business plan closely describes your business, analyzes your goals, and functions as your business's resume. It helps you designate resources properly, handle unanticipated dilemmas, and make good business choices. The importance of a compendious, cerebral business plan cannot be overemphasized. A lot depends on: outside funding, credit from suppliers, management of your operation and finances, promotion and marketing of your business, and achievement of your goals and objectives. If you are approaching a banker for a loan for a start-up business, your loan officer may recommend a Small Business Administration (SBA) loan, which will necessitate a business plan.
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