Q: My son has a sure-fire business idea that’s gonna make us rich. Who do we see to get $100,000?
A: I was asked this question by a very serious forty-something father with his teen-something son in tow at a business opportunity fair not all that long ago.
I was tempted say that if I knew someone with that kind of money burning holes in his or her pockets, would I be standing there talking to them? However, my answer was the one any prospective entrepreneur will hear when asking for money: “Let’s see your business plan.”
Even if your business is to be an in-home affair and you’re the only employee, you need to be able to answer two questions before any lender or investor will write you a check:
- What will it cost?
- Who’s going to buy it?
These are the questions that a business plan answers. Step one is …read more at How to finance a business start-up – Examiner.com, published 19 April 2009.
Flickr photo credit: YTK23