Business Plan

From: Felicity W.


Hi everyone
I'm putting together a business plan for financing, and I'm not really sure what I'm doing! I put together some current numbers and projections, but it all looks a little thin.
I'd really love some suggestions from other forum members on the sorts of things I should be including, or perhaps ideas of points they've made that have been very successful.
I can't find anything along these lines by searching the forum.
Keep smiling
Felicity :cool:
 
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Reply: 1
From: GoAnna !


Hi Felicity

Is that a business plan for your overall financial structure or for a particular venture?

GoAnna !
"Obstacles are those frightful things you see when you take your eyes off your goal."
-Henry Ford
 
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Reply: 1.1
From: Felicity W.


Overall refinancing. Still working on how to take the next step forward with IP!
I'm really trying to show that the numbers work and we can afford it.
It seems crazy to me that despite having heaps of equity and planning to buy cashflow positive properties which will add money to our pockets each month rather than take it away, finance gets harder.... good old debt serviceability ratio!
Keep smiling
Felicity :cool:
 
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Reply: 1.1.1
From: Dale Gatherum-Goss


Hi Felicity!

The business plan is a road map of where you are now and where you want to go.

I would have the following information included:

An executive summary of the plan
A summary of your financial goals
A resume or history of your personal investing skills
A cashflow projection into the future
A detailed report of what you will do to achieve your goals.

Keep it simple. Keep it relevant.

I hope that this helps a little.

Dale
 
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Reply: 1.1.1.1
From: Simon and Julie M


Hi Felicity
I agree with the simple approach.
You could start by tracking all your expenses both In and Out.
Categorize these into appropriate areas.
Practice this over time. It will start to paint a very effective picture of your cash flow from which you can then assess your financial position from a more commanding position.
Regards
Simon
 
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Reply: 1.1.1.1.1
From: Sim' Hampel


Indeed this is exactly what I do using Quicken.

At any given point in time, I can produce a report which states how much money I spent on particular types of expenses, and see how much spare income we have, and use this to project forward how I expect this to change.

The reports I get out I use for finance applications.

sim.gif
 
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Reply: 1.1.1.1.1.1
From: Mark Laszczuk


Felicity,
I'm currently in the process of writing TWO business plans (for my new business venture and for property investing (getting there, Dale, slowly but surely)). Basically, I have started with my long term strategy on both, and will work from there. The strategy includes such things as: Your vision (a general statement of what is it you want to, ie: Our vision is to buy rental properties in order to eventually become financially free), Your mission (a more specific statement of what you want to do, ie: Our mission is to use rental properties to source passive income in order to lead us to financial freedom and retirement from the rat race), Goals (where you want to be and in what time frame), Strategies (how you are going to achieve your goals) and Tactics (how you're going to implement your strategies). I'm using the book 'Teach Yourself Business Plans in 24 Hours by Michael Miller, published by Alpha. It's quite good, easy to read and takes you step by step through the process. Tells you what to put in and what not and why. Good luck!

Mark
'no hat, some cattle'
 
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Reply: 1.1.1.1.1.1.1
From: Tibor Berenyi


Hi Felicity,

I am doing exactly the same thing (writing a business plan) to more clearly map out for myself and for others ('my team'), where I am and where I want to go. One tool I am using is the MAUS masterplan - by MAUS business systems (www.maus.com). It takes you through a series of questions to answer, and provides you with sample text to answer each question - which I have found very helpful. It has sample plans ranging from simple to a full blown business and marketing plan. Once you have answered the questions, it puts together the plan for you, which you can then edit / change and print. I have found it useful because its like having someone hold your hand while you put together a plan. It costs $200 or so (I think as I had it bundled with other s/w I use for my business), so its not cheap, but it may be worth looking into.

Tibor.

He who trust himself is a fool, but he who walks in wisdom is kept safe. Proverbs
 
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Reply: 2
From: Felicity W.


thanks for the ideas everyone, my plan is getting bigger by the minute!
Keep smiling
Felicity :cool:
 
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