For those who've started a small business...

Hawk Teflon

Hawk Teflon

Veteran
*apologies if this is in the wrong section*

I'm trying to get a SBLoan through a bank, and I've found out that one of the first steps is to create the small business plan. After drifting through the internet for a few days, I've come to the conclusion that I have no idea how to do that.

I found the website that helps you create it: http://www.bplans.com but I didn't know if anyone has used them before. And for a small company and the like, do you need the big one, or will standard do? We haven't started the business yet, so we don't have any old numbers to run through.

What did your BP look like? How many pages? Did you use some sort of software?
 
Today there is no need to take out a loan to start a video business.
You'll build it based on current clientele and you'll let them buy your gear.
Do not take out a loan for this.
 
While agreeing with Grinner to not take out a loan, still, maybe you just don't have any money. Let me implore you at least not to get a loan through a bank- they charge way too much in interest. The best way to get money is through a family member, friend, or someone that you know that may be willing to help out in exchange for services (maybe your first customer?).

A great way to learn all of this stuff, especially writing business plans is heading down to your community college and taking a small business entrepreneurial class. They give you all of this info and more.

While a business plan is not essential to running your business, investors will see it as your overall strategy and appreciate that you have thought your ideas for your business through. You don't need to buy any of the business plans on bplans.com, but it may ease creating it if you are not the creative type. I believe they have free ones on there too, just download one of those (even if they have no relation to your business). The headings and ideas are all the same across all businesses.

Basically, you want to list your overall business strategy, how you are going to prosper, and your marketing plan. Other key things are how much money you plan to make in the next 5 years (estimated and by year), how much you plan to pay yourself, how much you need to spend to make the business work, etc. It's all basic stuff, but you want to tailor it to your own ideas.

Lastly, a business plan is not necessary for any business, BUT, it's a great thing to look at every year and see how it compares to what you have been doing. You may need to revisit your strategies and change them according to new information you have learned. Consider it a tool for your business to help you along the way.
 
No Loans. In this business, you can build. It may take a bit but it is all worth it in the end. I started by renting equipment to film small jobs like commercials, weddings and music videos. Pretty soon I found myself very busy, and eventually purchasing all of my own equipment. Piece by piece.
 
There's a vast selection of books at the library or book-store that covers business-planning (and even more online.)

I agree that you don't need a loan to start a video production business. I started by borrowing equipment from friends, then renting, and eventually saved enough to buy my own gear.
 
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