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A business plan should be drafted to assist in defining the
target market for the business and its competition. The business
plan will also identify the management team and its personnel.
One key advantage for the business plan will be in the application
for a business loan. Lastly, the business plan will provide
a description of the business including its business form,
whether it is a proprietorship, partnership, or corporation.
The business description will also identify the product or
service and why it will be profitable.
The market should be clearly defined and the founders clearly
identify how the business will satisfy certain market wants
and hold a particular market share over the passage of time.
The business plan will explain how the product will be priced.
A description of the key competitors is always included in
any comprehensive business plan. Most plans include the top
five or ten competitors.
In applying for financing, the business plan should explain
how the additional funding will make your business more profitable.
The business should establish a procedure for making borrowing
decisions and all borrowing should be planned based upon forecasted
budgetary needs.
Dorazio Law Group, P.C. can assist the business in its business
planning and financing needs from drafting the business plan
to completing complex commercial transactions in order to
meet its financing requirements. There are numerous state
and federal financing programs available to supplement the
business's current debt program or to replace the financing
in place with a total restructuring. As with all global decisions
made my business in terms of its decisions, legal counsel
should be sought at the beginning to assist management early
on in the decision making. Attorneys will the firm come from
a strong business background with experience in large Fortune
100 companies, banking and the government.
For details, please contact Dorazio Law Group, P.C., at 724-934-6325 or email at info@doraziolawgroup.com.
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