11. Create A Business Plan

Lenders want to see a detailed business plan that shows how your business will make money and why it will be successful for many years.

Create the Business Plan

This is a test for whether you have a plan and understand what it takes to succeed in your industry. The plan should cover both short and long-term goals. Most importantly, the plan should be a “living document,” meaning it can change and develop over time, with regular reviews and updates.

You will need to be confident in all aspects of the products and services you provide, but you’ll also need to showcase this confidence and know-how to others, especially lenders. When you talk with lenders, banks, the Small Business Administration, investors, and others, you need a well-written business plan that defines your goals and strategies. The plan will project your potential success and demonstrate why your business is worth the financial risk to their institution.