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Create an IT Consulting Business Plan Prior to Taking Out a Bank Loan

Creating an IT Consulting Business Plan Prior to Taking a Bank LoanMany entrepreneurs start a business without developing a well-thought-out business plan.

However, if the business decides to pursue bank funding, it is highly advisable to research and produce an IT consulting business plan.

Unless you have gone to business school or had the pleasure of writing a business plan before, it may seem daunting and unnecessary when the business is generating a profit and things are going well.

While banks are more focused on the collateral that may be seized if the company defaults on the loan, it is essential to write the plan to understand how much is really needed to expand or grow the business adequately.

Many small business owners raise money from consumer-type loans instead of business loans. Refinancing a home mortgage, or even getting a car loan and applying the funds to a business, can be easier than getting a traditional business loan from a bank.

There are several ways to get an IT consulting business plan prepared in a timely fashion:

  1. Do all the work yourself. Research all of the areas required and do the drafting and editing yourself. While this is time consuming, it will ensure that the results are up to your standards. Generally the process of writing a plan will bring to light new ideas and opportunities for the business.

  2. Hire a professional consulting firm. There are many companies that are available to write a business plan. They charge between $500 to $5,000 depending upon the business and depth of research that is undertaken. Although it will be expensive, the plan will be well thought out and presentable to anyone that may need to review it.

  3. Outsource the work directly. Many young MBA graduates are available online to support entrepreneurs with the creation of a business plan. This tends to be the cheapest option. However, the quality of the work will vary greatly.

When your IT consulting business plan is completed, it is recommended that you have a consultation with an accountant to determine the best course of action for pursuing a bank loan for the business.

Are you in the process of writing an IT consulting business plan to get a bank loan? Please share your thoughts in the Comments area below.

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