Bizplan.com – Tips for writing a business plan, business plan templates, and other helpful business planning advice. » Funding http://blog.bizplan.com The Better Way to Write a Business Plan Mon, 11 Oct 2010 15:42:25 +0000 en hourly 1 http://wordpress.org/?v=3.0.4 Make a New Year’s Resolution to Start a New Business http://blog.bizplan.com/2010/01/04/make-a-new-year%e2%80%99s-resolution-to-start-a-new-business/ http://blog.bizplan.com/2010/01/04/make-a-new-year%e2%80%99s-resolution-to-start-a-new-business/#comments Mon, 04 Jan 2010 20:07:17 +0000 Bizplan http://blog.bizplan.com/?p=23 Continue reading →]]> For the next few weeks, every gym in town will be packed with people who have set a resolution to shed a few pounds in 2010.  New Year’s is a time for setting and accomplishing goals both personally and professionally.  Not surprisingly, January is one of the most popular months for starting a new business.  So, if you’ve got the itch to become an entrepreneur, we’re here to help.  We’ve put together this simple list of the 3 most important steps for turning your idea into an actual business:

1)      Get incorporated.  This step officially turns your idea into a business in the eyes of Uncle Sam.  There are a number of websites out there that will help walk you through the incorporation process for an added fee.  This is a good route if you have a little extra money and you’re completely clueless about the whole process.   Otherwise, you can just file via the Secretary of State’s website in most States for a fee of around $150.  Most entrepreneurs file as a Limited Liability Company (LLC) these days.  But, you may opt for an S-Corp or a C-Corp.  Do some research online to make sure you pick the right corporate entity.

2)      Write a business plan.  This one stumps a lot of people who aren’t sure what to put in a business plan or how to create the financial statements.  That’s actually why we created BizPlan.com .  We’re entrepreneurs ourselves and we noticed that it was really difficult to create a business plan as a team.  Plus, we wanted a way to share it with our friends or potential investors and get feedback from those groups.  Bizplan.com allows you to quickly create and share a business plan online.  We give you guided templates, let you collaborate 24/7 with team members, and even track activity once you’ve shared your plan.  It’s a great tool for beginners.  But, many experienced writers use the site for its sharing and tracking capabilities.

3)      Get Funded.  The reason that most established businesses fail is due to a lack of proper funding.  Funding can come from your own savings, family, friends, or even professional investors.  If you can’t fund the business yourself, you’ll definitely need to cover steps 1 and 2 before looking for outside funds.  We suggest tapping into your own contacts first to see what kind of funding you can get.  If you don’t know anybody that can help you, we recommend checking out www.GoBigNetwork.com.  GoBigNetwork  is the largest online network that connects startups with early stage investors.  You can reach 20,000+ investors for a very small fee (around $59 at the time of this post).

The three steps above are crucial to getting your business off the ground.  But, the most important step is ‘Action’.  If you simply read this list or sit around contemplating all of the issues you will face when building your business, you’ll never turn your idea into reality.  So, what are you waiting for? Take action now!

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]]> http://blog.bizplan.com/2010/01/04/make-a-new-year%e2%80%99s-resolution-to-start-a-new-business/feed/ 0 Get Funding With Your Business Plan http://blog.bizplan.com/2009/12/16/get-funding-with-your-business-plan/ http://blog.bizplan.com/2009/12/16/get-funding-with-your-business-plan/#comments Wed, 16 Dec 2009 23:05:10 +0000 Bizplan http://blog.bizplan.com/?p=20 Continue reading →]]> Business plans can be written for a number of reasons (ex. proof of concept, corporate planning, etc).  But, let’s face it, most people write a business plan because they want to use it to get funding.  For that reason, we’ve tried to make the funding process a little easier on you by providing the following two options:

Option 1: I already know some potential investors, but want to share my plan with them
If you fall into this bucket, count your blessings.  You’re much luckier than most of us.  Bizplan can help you share your plan with these investors.  You can invite them via the ‘Share’ tab in your Bizplan.com account.  Once they join, you can view the date that they last logged in and read any comments that they leave.  This is a great way to see if they’ve even looked at your plan and whether or not they’re interested.

Option 2:  I have no clue where to find funding, but I know that I need it
This pretty much covers most of us.  Don’t get overwhelmed, Bizplan can still help you.  We’ve partnered with GoBigNetwork.com, the largest site that connects businesses with funding.

Here’s how it works:  If you purchased the ‘+Funding’ package when you signed up on Bizplan.com, you can post a ‘Funding Request’ that reaches 20,000+ investors and lenders on GoBigNetwork.com at no extra charge.  You can get all of the instructions and post your funding request right on your Dashboard page on Bizplan.com.  If you didn’t purchase the ‘+Funding’ package, you can always upgrade on your Dashboard and get the ability to post a funding request on GoBigNetwork.com.

One last word about funding…..
The funding process can take quite a bit of time and depends on a number of factors including the amount of money you need, the type of funding you’re seeking, the strength of your business plan, and your management team.  With that said, we recommend that you get started on your search for funding right away.  If you know you’re going to post your funding request, do it now.  You can work on finishing your business plan while you’re searching for an investor that is the perfect match for your company.  It’s a bit like dating.  You’re going to talk to a lot of investors before you find ‘the one’.  In the mean time, you’ll have plenty of time to finish your plan.

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