Joshua

Hello. Is this correct. If you have full detailed business plans. You can get a loan from a banking company and they will loan you the money a long as you have that important business plan.

Is that correct?

Thanks,
BlueEew.

Christopher D

Usually you have to explain what you will be doing with the loan, what your putting in. Explain why and how money will be generated.

Matthew S

I complelty agree.

If you do not have a properly explained business plan. You will have no chanve getting a loan from a bank. It's impossible actually.

William P

Yes. Plans are needed. However you will require a very detailed business plan. if you have already achieved something sucessful. You will have a better chance getting one.

Emily A

It is very difficult to be able to get a large loan. I have recently read about a sixteen year old who got $25,000 loan no problem. He makes $6500 per months now.

Olivia

Was the boy's name Donny and was he from Canada? I have also seen something recently when I was reading through another forum. He got his really easy under his dads name.

OrchardInvesting

Another strategy would be to simply start small, and work your way up.

If you're a lawncare business, you don't necessarily need the $50,000 in full-startup cash. You can start off with a push mower and work your way up gradually.

By the same token, you must consider the opportunity cost (how many more yards you could cover) if you made certain investments in equipment.

The most important thing when presenting a business plan to an investor is to have a conservative plan for reaching profitability. It's not expected that a new business profit straight out of the gate, but by Year 2 or Year 3, you'd better be planning on profiting soon, or your investors will plan to pull out.

Accordingly, your plan should focus on that critical stage of growth from ZERO to PROFIT, rather than looking breathlessly ahead to a rosy future without taking full account of the difficult growth stages between.

Matthew S

You wouldn't just need plans to get the loan. If you haven't got some sort of plan anyway you are not going to be getting anywhere good fast.

Christopher D

You need to show them why they should loan you, and how it will make the money back for you and for them.

If there is nothing init for them. They are not going to loan you.