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It may be the case that the owners use person debt, such as credit cards, home loans, etc., to fund the startup.
The financials portion of the business plan may be surprisingly unique depending on the business.
As previously discussed, the business plan serves two primary functions: Developing the financials section will give the business founder/managers a plan for budgeting, estimating future expenses and revenues, and business projections.
Regardless of the source, seed capital is essential to starting the business.
Many entrepreneurs depend too much on their own time and efforts to carry out business functions.
This information can be rather personal, but it serves multiple purposes.
Demonstrating the financial status of the founders, owners, or major stockholders gives an indication of the ability of these individuals to supply necessary capital to the business.
Likewise, a lender or outside investor will depend greatly upon the financials in evaluating the appeal/risk of investing in the business.
Below we go through multiple sections of the business plan that meet the above purposes.
By constantly reevaluating your company's strengths, markets and competition, you're better able to recognize problems and opportunities.
You can react to new developments, rather than simply plugging along.