QUESTION.
I am starting a new business and know that I will need a business plan. I want to know how to make a strong plan that will get the attention of my investors. Also, I would like to know if you could lead me to someone that looks over tax ID paperwork for the state. I have my federal tax ID number, but I am looking for help with the state paperwork.
ANSWER.
You make a strong business plan by doing the necessary research and writing a plan that is sound. You should be more interested in writing a plan for you to follow when starting and running your business. You should leave no stones unturned when putting together your plan. If you do that, then the banks will think highly of your plan.
I don’t normally suggest to my SCORE clients to think in terms of relying on their business plan to get a loan. It is best to take a second mortage on your home to get start up funds. And if you don’t have a home to mortgage, then consider finding someone who has capital that you can partner with.
Your federal tax ID is the one you should use for your state paperwork, too. If there is some state entity that is going to require you to get some sort of ID, then it will tell you how to do it. For example, if you sell products, then you will have to get a state sales tax ID.
I don’t know what business you are going to start, but consider going to your public library and reading as many of the volumes of Business Plans Handbook that you can get hold of. The more sample business plans you read the easier it will be for you to do the research and write your own business plan. See what is currently List #68 at www.jlippin.com/listmania.html. The list is entitled Business Plans Handbook by Thomson Gale Volumes 1-13.
See also, http://www.jlippin.com/bph/ to get a list of the types of sample plans included in the volumes.
By the way, usually you form an LLC or a corporation for your business AFTER you have written the business plan. And you can only get the Tax ID after you apply for the LLC or the corporation. Sounds like you are a little ahead of yourself.
I hope my comments are helpful to you. Good luck! Regards, -Jeff
Jeff Lippincott
SCORE.org Counselor
Princeton, NJ
scoreprinceton @ aol.com
www.scoreprinceton.org
www.jlippin.com
December 1, 2007 at 5:44 pm |
Hello Jeff,
Interesting article. I liked what you say. BP are the key of success. But is it really worth the money?
I try to build an Entrepreneurs Investors community. Our idea is to bring to entrepreneurs advice that will help t hem in the growth process. They can post their needs. Most entrepreneurs are too isolated and just don’t know what to do. They also do not have all the financial resources to ask for advice. We will be honored if you can participate to our community.
I leave you the decision to publish the address of the website (thestreetmarket.com).
Thanks and good work!
December 1, 2007 at 9:53 pm |
Interesting post & great content!
I maintain a blog at http://leekendrick.com/blog that that you might like to see too. I’m always updating it with new information about credit, investing, mortgages, foreclosures, real estate & related products.
Keep up the good work & have a great weekend!
PS – I also have a free newsletter at http://leekendrick.com/credit-expert/ that you might find interesting too.
PPS – I’d also recommend checking out 2 other resources: a PowerPoint presentation at http://yourcreditpros.com/movie & then I’d also look at http://yourcreditpros.com … if want to skip the normal 2-5 year credit building exercise.
Lee Kendrick