Our initial statement to Investors and Financial Lenders is a candid disclosure of the Zara Restaurant & Lounge business proposal - our intent is to set realistic business expectations, and eliminate any questions about the profitability of this business venture.Entrepreneurs have a tendency to paint the business plan with a very optimistic brush, highlighting strengths and camouflaging the risks.We have taken all precautions to validate our business and financial models, focusing on realistic projections.
A business plan is a crucial piece for finding financing as it documents what steps you will take to start your business and explains how you'll successfully reach your business goals.
Okay, let's help Tyra run through the main steps involved in writing a successful business plan.
The very first step in writing a business plan is to summarize your business by describing your restaurant.
Because it's the very first thing the bank will read, you really need to sell your business here.
The loan will be used towards Equipment purchase, Design, Construction, and Operational Start-Up expenses. Private Investors, who will be part owners with a non-managerial interest in the business, will contribute the remaining $200,000.
As owners, our commitment is to take personal accountability for all financial debt.
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You see, starting a restaurant can be costly, so Tyra needs to present her idea to her bank with the hopes of getting a loan.
In order to have a better shot at getting a loan for her new restaurant, she decides to write a business plan, which is a written document that explains details about a business and how it will meet its goals.