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When submitting a business plan to a lender or investor, it is important to include a business plan cover letter that is addressed to the person who will review the business plan. People starting a small business may spend hours preparing their business plan, but not give much thought to the cover letter.
This is a mistake. The cover letter is an integral part of the plan. Even if the applicant knows the lender, they should still submit a formal business plan with cover letter.
If they do not know the lender, they should remember that the lender will judge them by the content and tone of the letter. The letter should be short, not more than one or, at the most, two pages.
It should state right at the beginning that a business plan is attached, and that the applicant is applying for a business loan to start or develop a business.
It is important to state clearly the benefits for the bank or investor. They need to believe there will be a good return on their investment, or that the loan will be repaid on time. Some tips for the style of the letter are: It can relate some marketing facts, focus group responses, demographic data or other key statistics from the business plan, but it should not be overloaded with these facts.
It can have just enough to present the business as viable and show that the applicant has done his or her market research. The rest of the statistics are in the plan. There should also be a brief mention of the financial position without going into too much detail.
The letter can mention how much has already been invested in the business, and what profits are projected for the next year or two. This will show the lender or investor that the business is worthwhile. Here are examples of a business plan cover letter. It should be personalized for each lender or investor to whom it is sent.For a template that you can use to write a complete business plan see the Simple Business Plan Template or these One Page Business Plan Templates.
Executive Summary Example Section 1: Executive Summary The executive summary goes near the beginning of the plan but is written last.
Oct 03, · A Standard Business Plan Outline [Updated for ] by: Your business plan should present what a banker or venture capitalist expects to see, in the order they expect to see it in. See an example of a completed business plan here, and learn even more about writing a business plan here/5().
7 Insanely Creative Business Plan Templates. Strategy Present your market analysis, timeline, statistics, and more in an engaging and highly visual infographic. The license for this plan is. The SBA connects entrepreneurs with lenders and funding to help them plan, start and grow their business.
We support America's small businesses. The SBA connects entrepreneurs with lenders and funding to help them plan, start and grow their business.
Get inspiration on how to write a business plan. Our gallery of over + free business plan samples include: restaurants, online retail, health care, plus tons of business services.
Get inspired with our gallery of over example business plans. Choose the category that is closest to your own business or industry, and view a plan you like.
Writing a Business Plan Georgia State SBDC 2 Why Write a Business Plan? A Business Plan helps you evaluate the feasibility of a new business idea in an objective, critical, and unemotional way.
|How to Present Your Business Plan | tranceformingnlp.com||Getty Images Starting your own business is so stressful, with so many things to be done, that it's easy to convince yourself that doing the bare minimum for a business plan is enough.|