Archive for November 2011
Small Business Grants – How to Get One
Every new entrepreneur dreams to take his business to huge heights but most of them fail to realize their goals. Lack of capital is a very important reason along with poor plans and marketing. But if the marketing ways are good enough, then it would be really unfair if their business fails only because of low funds. For this, many grants are available so as to boost their business.
It is necessary to realize which type of finance is most required and the extent to which funding is important. Then one can approach government grants, banks, big investors etc. for the capital.
Importance of business plans-
The business plan can be said as the key to small business grants. The plans give a clear idea of your goals and vision and the also the path and speed you intend to uptake to reach the target. The potential in your business is shown in your business plan and it is the plan itself, which increases the confidence of the grant distributors in you.
Presentation of the business plan-
The next important step is the presentation. Any small business grant distributor will be interested in how the money is planned to be used by you in the most efficient and economic manner, how much profit is expected with the input. Bank loaners will want to find how you intend to repay. So presentation and explanation of all these can improve the chances of grant sanction. Small business Grants are also available by rich investors. But they look out for your confidence your own business So it is important to invest one’s own personal money into the business for these investors to sanction the funding.
Eligibility for small business grants sanction-
o The location of the enterprise is one big reason for sanction of small business grants. The government wants decentralization of industries in order to avoid migration toward cities. So the small business grants are extended to those, preferably, who own a business in rural areas. Also, since it helps to raise the standard of living of the rural people, the government grant sanctioners are less rigid.
o Small business grants are readily extended to small business industries to help them grow, only if they have a potential.
o Small business grants bodies have their own objectives and give grants to those satisfying them in the best possible manner.
Reasons for failure of sanction-
If the grant bodies do not see potential in the business or if the field of research is nowhere connected to their objectives or if the business plan seems to be unreal, grant is not sanctioned to such small businesses.
It is said that help comes only if you look for it in the right place and only if you deserve one. And this is equally true for a grant to be sanctioned. State governments, trustee bodies etc. groups sanction grants from time to time to those who really need them. The only necessity is to prove one’s own potential to them. Sometimes these grants turn small aspirants into powerful, ruling businessmen.
What is in a Business Plan? The Key Sections
A business plan’s contents are no secret. Many books, articles, and courses describe the major sections of a business plan. Although variations exist, there are key sections common to most outlines in business planning literature.
Executive Summary
An executive summary, generally one page to a few pages at most, covers all of the main points of the business plan to come.
Company Overview or Description
The next section begins with an overview of the current situation of the company. This covers who the founders are and why they started the company, what the products or services offered are or will be, and what steps have been taken toward the launch to date.
Market Analysis
Sections detailing research and analysis done on the market for the business come next. This should begin with an overview of the market or industry, including its size, breakup, and trends it is experiencing going forward. Data on the specific customer segments and competitors for the new business follow.
Marketing Plan
A marketing plan then covers what is generally called the 4 Ps of Marketing: Product (description of the products or services offered), Promotion (the promotional tactics to be used), Pricing (the pricing strategy for the business), and Place (the location for a retail facility or other means of distribution for the product or service).
Operations and Management Plans
The next section or sections detail the plan for how the company will operate and be managed. This must include details on who the managers are and their qualifications, whether they are partners or hired employees.
Financial Plan
The business plan continues with a description of the financial results the business intends to see, and the underlying cost and revenue assumptions. The financial section also details the amount of capital needed, what the funding will be used for, and the sources of funding that are being sought.
Appendices
Finally, a business plan concludes with appendices of documents which support the plan further. The appendices include full pro forma financial statements (income statement, balance sheet, cash flow statement) as well.
Business Card Benefits
I probably don’t need to tell you that business cards are an incredibly powerful way of getting your name in people’s minds.
There are several benefits to having your own business card the first being that it gives you a way to leave your impression on potential customers.
Are business cards for everyone? The simple answer: Yes. The more complicated answer: No.
Any business, at any level of complexity, benefits from business cards. But high-volume businesses typically rely on business cards at higher levels of the business–finding new suppliers, prospective employees, and other business contacts–than on the basic promotional level.
For a small business (with a much flatter organizational model, usually), business cards take on a much more vital role. This holds doubly true for skilled trades or any business that works on a client model, rather than a customer model. Customer-based businesses (from supermarkets to software concerns) benefit the most from having a large body of customers to place orders or come into the store, and business cards, for all their advantages, don’t do this as effectively as other forms of advertising. But for skilled trades and other client businesses–for example, graphic designers, efficiency consultants, and even in-home housecleaning services–rely less on a large body of customers than on a few local, trusted clients who’ll patronize the business, form relationships with the business, and provide references to friends and business contacts to allow the business to grow. Basically, if your business provides a service that a larger business needs, or that can be performed effectively for only a few local clients, business cards are essential for business success.
The other business model that benefits the most from business cards is Internet-based business.
Remember, when people leave your website, the majority of the time they forget you, your site and anything to do with you forever.
Having a business card keeps you, your business and your products & services in the mind of your prospects and if they ever have an associate ask about a service like yours, chances are they will recommend you.
Make sure you have cards handy at all times so you can share them with people who would like to have them.