Today's Top TipOnline business plan scams are alive and doing very well. There's even a new wrinkle: the "crowd funding". Trust me, no one makes money but the promoters in this scheme.
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There are thousands of potential SBA business plans, each one as unique as the business it represents.
There are mini plans for microloans and complex plans for innovative technological development. Surprisingly, they all contain the same basic elements: words and numbers. The simplest business plans contain fewer words and numbers; the complex business plans contain more. That sounds like a very simplistic statement, but there is a great deal of truth in it.
There is absolutely NO DIFFERENCE between SBA business loans and standard bank loans except that the SBA will guarantee a portion of the loan, which usually means that you can get the loan at a cheaper interest rate. SBA loans also tend to require additional paperwork, but that is another issue.
This also means that you need to give every bit as much consideration and care to developing your SBA business presentation as you would to developing a standard business plan, if not more.
It is naive to think that good ideas will automatically get funded. That was never true, and certainly isn't true in this economic climate. Honestly put: There isn't enough money to fund all the the good ideas.
Two restaurants could be essentially equal by any measure. But it is the one with the strong business presentation that will get funding.
How To Create Strong SBA Business Plans
To help everyone get started with their SBA business plan, we've created the 7 Step Business Plan series, with all 3 components that you need to create a great business plan:
No matter what size of company you will have, these three elements are essential. The 7 Step Business plans are aimed at middle of the road SBA business loans (e.g., 7a or Express Loans). Mini loans and special programs may require less complex business plans.
The good news is that you can adapt the 7 Step Business Plan to make your SBA business proposal as simple or as complex as you like.
Take your time to do it right. The fact that you are reviewing this website puts you head and shoulders above 95% of the others looking for funding. Use that knowledge to create the absolutely best business plan for SBA financing possible.
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