I want to take out a small business loan for a store front cake shop. I have been working on my business plan on my own. Do you think it would be better to seek professional help or is this something that can be done on your own with in depth research and planning?
Anyone working on theirs right now?
The type of in-depth business plan required by banks, necessitates help from a professional. But I suggest you look into other ways of raising capital. Banks rarely give loans to new food businesses with no track record.
Hi MimiFix, thanks for replying to my thread. I'm currently working with a women's small business program. I took a business class with them and will be applying for a micro business loan. I was just wondering if anyone on CC had any pointers on how they wrote and presented their business plans. I guess I'm just nervous and don't want to make any mistakes.
P.s, they gave us most of the tools we needed but we are on our own with writing the business plans.
Okay, I'm going to step out on faith and write a business plan based on my talents and write a no fluff straight to the point business plan and see what happens. I mean what is the worst that they can say, "no". I have two weeks to get her done and I don't have anywhere else to go but up, I'll keep you posted.
Ikr, but I'm so tired of reading this persons way or that persons way. I have been putting this off for quite a while and I need to light a fire under my own butt. The commercial kitchen I have been renting is up for sale. The owner gave us all a heads up and I really want my own cake shop.
I have some money saved up and one grant will match what I put down, I also have invested over 20,000.00 in equipment. It's time to * or get off the pot so to speak. I know I could have done a search on CC but I guess I'm in panic mode.
Either I do this or I sale my wares where ever I can legally sale them, I would much prefer my own space (so tired of so called friends not holding up their end of the bargain) at this point.
Thank You so much for the informational link CRW41, I really appreciate all the help I can get.
AThere are many templates to write a plan with but if you keep looking at all the different ones you go nuts figuring out whats best. Take two and combine them to cover all aspects. I wrote one and took me a week straight every day. Still waiting on my answer, so... There are places that cam give you initial advice but professional help will cost you hourly from my experience here. If you are ok to pay then why not. Increase your chances by getting help. If not just get the best template you can which i think banks actually may have examples or templates of. Double check that part. But I do believe you can do it yourself. ( that opinion may change if i get declined)
Thank you Bakers Crush, I have been working on mine for over a year. I have put off working on it for other people by helping them grow there businesses. I have been a loyal work alcoholic. I get into my artistic zone and there is no stopping me. But they have let other employees (that are haters) steal my joy out of jealousy. I'm not bragging on myself but I love what I do and it shows. While in school my work had been sabotaged or just straight stolen from me. I got past all that and took a few people with me to try to get our businesses off the ground. That is not working either.
One job hired me when I started school in 2008. I had to make a cake right there on the spot during the interview. It was butt ugly and I said so. Every one busted out laughing because it was true. The owner gave me a chance because she said I had heart and she could see my potential. I respected her for that. Long story short in 8 months I surpassed the other employees and they hated me. I love her to this day but her business is failing because her employees are bitter and only give enough of themselves to earn a paycheck.
At my last job same thing, jealousy. They were talking bad about the owner behind her back for giving me keys to the business after working there for one week. She was a lawyer by trade and happened upon the cupcake business because she liked baking on the side. Word got around and she put that on the back burner to do her cupcake business full time. I helped her set up accounts with major suppliers to save her money because she didn't have a clue and tried to help her formulate her recipes. She trusted my judgment and gave me the artistic freedom to do whatever I wanted to do. It was a match made in heaven. But after watching her staff waste product (throw her money down the drain) and take risks with perishable ingredients that jeopardized the public's health, it was to much for me. When I brought it to her attention she took their side so I quit.
In a nut shell If I was willing to work that hard for the integrity of someone else's business, why not do it for myself. I love what I do, I love the craft. I know I have a God given talent and I want to take it to the next level, which is having my own business.
I know it's going to be hard and there are a lot of risks involved (believe me I know, my first business failed) but it's a chance I'm willing to take.
It took me 6 months to write my business plan.
If you are already working with an organization, they can help. Usually they will not only offer resources, they will proofread and redirect if necessary.
I'm really, really glad I did one. Originally, I wrote it hoping to get a loan. While the loan didn't happen, the business plan helped me focus. I learned so much about myself, the company I wanted to create, my target client, my market....the list is endless.
I'm routing for you!
Thank you so much DeliciousDesserts.