Starting a new business can be quite an undertaking. Refinancing an existing business can also be a challenge. In both cases, we recommend a detailed business plan. A business plan should be a living and breathing document, which ensures that you have identified all of the potential pitfalls that you might encounter along the way. This will help to set a clear direction moving forward which can increase your chances of SUCCESS. Ask your CPA for guidance.
Things to consider:
- Do you know how much capital you will need? Starting off a new business or trying to run an existing business with insufficient capital is a mistake that will significantly reduce your chance of success. Depending on whom you speak with, there are several factors to consider. The first is to ensure that you are seeking sufficient capital from the outset to cover all costs for up to a 6-month period. This should include salary costs for you, the owner. Where do you find this capital? In some cases, entrepreneurs access capital through personal credit cards, assistance from family member’s and/or personal credit lines. Where possible, there are federal programs available, and of course, traditional bank financing, and in some cases venture capital funds.
- Many new and established businesses fail do to a lack of proper planning. Planning should include an in depth knowledge of who your customers are and who your competition is. It should also include a clearly defined target market, identified industry issues, as well funding requirements and any legal or ethical factors.
- With a business plan in hand and capital secured, the focus should then turn to you an your ability as a leader in guiding this business forward. After all, it is your money at risk. Do you have the ability to motivate and inspire employees? Can to set clear priorities? Are you able to make difficult decisions and think clearly under pressure?
At Labrecque Business Consulting we do all the legwork for you! With a solid business plan in hand from your CPA supported by financial documentation, we work with financial lenders to move them to a “YES” answer without the time and hassle for you.
We offer a free initial consultation. Contact Labrecque Business Consulting to us to find out how we can help. This applies to new or existing businesses.
We have a passion for business and a desire to help! Contact us today!!
Business Finance Consultant
Labrecque Business Consulting
P.O. Box 20067
Qualicum Beach, B.C.