BOOK REVIEW: HOW TO SECURE FUNDING FOR YOUR BUSINESS.
Another classic contribution from the team at Dayo Adetiloye Business Hub, we wrote this book to serve as a guide to would-be business owners, entrepreneurs and start-ups that are in need of that critical need of every business – funding!
Our hope and prayer is that this book provide you that so much needed help.
Yet to get the book? Here is a quick review for you with the download link just below. Enjoy your read!
WHAT IS A BUSINESS PLAN
A business plan serves as a guide to help you navigate the entire scope of your business. You can liken a business plan to an architectural piece which is critical for a builder or construction engineer even before the foundation of the house is laid.
- WHAT IS A BUSINESS PLAN?
(Why You Need To Get Yours ASAP!)
You have a business in mind and you need funds to drive it into the desired level you want it to get to. Welcome! You are in the right place and you will get all you need to know in this booklet.
The first step to getting the fund for your business is planning for the business.
Planning is an integral part of human existence. We all make plans either consciously or unconsciously, random or specific; we can either commit to our plans or be uncommitted. Whatever you choose to do about your plan determines the final outcome; you either become successful in that particular pursuit or not.
Do you know that there is no successful enterprise on earth that does not undergo some sort of planning? This is why you should get your plans tabled out before you venture into any business you aim to be successful a. You must plan for it. Hence, you need a BUSINESS PLAN.
I know you have some basic ideas about what a business entails; however, this book aims to expand your understanding about the nitty-gritty of a business plan and why you should get yours as soon as possible.
Firstly, let us examine what a business plan is.
According to Encyclopedia, a business plan is a written document describing the nature of the business, the sales and marketing strategy, the financial background which contains a projected profit and loss statement.
Wikipedia also says in an elaborate fashion that a business plan is a formal written document containing business goals, the methods on how these goals can be attained, and the time frame within which these goals need to be achieved. It describes the nature of the business, background information on the organization, the organization’s financial projections, and the strategies it intends to implement in order to achieve the stated targets.
I call it an asset because it is the powerhouse that paves way for other physical assets such as the equipment and facilities your business needs through funding but before I go further, I will like to correct the general philosophy that a business plan is limited to the purpose of sourcing for funds or capital to start your business. As a matter of fact, a business plan should have been in the possession of a businessperson long before he needs funding. It is a ubiquitous tool in the hands of the business owner and should be updated as often as possible.
Meanwhile, business plans have diverse shades and come in different forms. Examples of these forms include pitch desk which is more of a miniature form of business plan made available for presentation and for wowing investors before the full detailed business plan. Concept notes, another shade of business plan is a brief outline of your proposed project. The purpose of a concept paper, from the funding agency’s point of view, is to help applicants develop more competitive proposals and to save time by eliminating proposals that are not likely to be funded.
Concept notes are also submitted to donors without a formal call for proposals, who prefer to understand a project through a brief summary rather than a full-fledged proposal document (Note: Concept note is used mainly for funding NGO projects). Others are Grants applicant forms and proposal (for businesses and NGOs). In this book however, the focus, though not exclusive, is on the business plan.
Why is the Business Plan so Important?
IDENTIFYING THE RIGHT FUNDING OPPORTUNITIES FOR YOUR BUSINESS
Every step you take in starting and growing your business involves learning and exploring different options. For you to get the right funding options for your business, you have to understand what is available to you because business funding options vary.
STEPS INVOLVED IN SECURING BUSINESS FUNDING
1. Study Your Financier’s Frequently Asked Questions (FAQ)
2. Know the Requirements Needed to Successfully Earn the Funding
3. Check Previous Beneficiaries of the Funding and Study their Project
4. Ensure your Business Goals Align with your Investor’s or Funder’s Goals
5. Write Your Business Plan or Application, Submit and Follow-up
END RESULT: USE YOUR GRANT JUDICIOUSLY!
There are two types of people who will tell you that you cannot make a difference in this world: those who are afraid to try and those who are afraid you will succeed.
LEARN FROM THE EXPERIENCE AND BE BETTER PREPARED FOR A FUTURE OPPORTUNITY
Success is not final, failure is not fatal: it is the courage to continue that counts.
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