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Starting Your Small Business Requires A Plan

By August 23, 2017Seed Bank
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Orange County, California is a great place to start a business: the weather is mild and pleasant year round, the beach is nearby, the living is laid back, and there is a real potential for making a great living there. If you are considering starting a small business anywhere in Orange County, read on.

In order to get the loans you need to get your business up and running, it is absolutely essential that you create a business plan. Not only will a well thought- through, well executed business plan help you secure the seed money you need, writing one out will also help you get organized and figure out how you are going to run your shop.

When writing a business plan, start with the following: write a description of your business, research and document who your competition is; you need to be explicit as to operating procedures, types and numbers of employees that are necessary, and what kind of business insurance you are planning on getting.

The next part of your document details the financial aspects of your business, and will no doubt require updating and revising on a regular basis until you have all parts of your operation firmly in hand. You should include: loan applications, equipment and supply list and costs, income projections, detail of expenditures and income on a month-by month, quarterly, and yearly basis for the first three years.

It is vital to also include the data you are using to make these kinds of assessments and projections.

Finally, you need to have tax information for all principals in the business for the last three years, a personal financial statement obtained from your bank, copies of lease agreements from potential building landlords, and all other licenses or other legal documents which may be required.

Once you have your plan, you’re ready to get going! The California Business Investment Services portion of the California Labor & Workforce Development website can help you to decide where the best location for your Orange County business might be, based on your business type and local demographics.

You will also want to find and work with a California-based realty company that specializes in marketing commercial properties: these professionals can be a great help in finding not only an ideal location, but also the best deals for you.

It all starts with developing a winner of a business plan: in order to be successful in Orange County or anywhere, you need to have a solid plan in place to help you achieve your goals and find success in the marketplace.

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