You’ve spent a long time thinking about starting your business, and you’re ready to get serious. To secure the funding you need to sell your first products, you must create a business plan and present it to potential investors. As you begin to craft this document, prioritize answering these three questions.
- What Supplies Do You Need?
Thinking through all the supplies that you need is crucial for developing your proposed budget and proving to your investors that you have the critical thinking skills to run your business. For example, if you use a machine with carbon filters for manufacturing, you also need oil water separators North Carolina. If you use a sewing machine to make masks or reusable bags, you need bobbins, thread, and needle replacements.
- How Much Space Do You Need?
Once you know what equipment you’re going to use, decide how much space those machines take up. Add in room for paperwork and shopping, unless you have a remote ordering policy, and estimate how many square feet you need. This calculation allows you to predict the cost of premises and to determine whether you can start your business from your garage or spare room.
- What Is Your Timeline?
Having a timeline attached to your business plan is critical for showing your investors that you’re serious about starting your business. While you don’t know your exact opening date until you receive funding, secure premises, and purchase your materials, provide a tentative opening month. Then, outline your plan for accomplishing each preparatory step so that you have deadlines and goals.
It’s hard to overestimate the importance of your business plan to your first meeting with investors. By answering these questions, you figure out the highlights of your business plan and are ready to dive into the details.