funding requests

nwcw2001nwcw2001 Posts: 2subscriber
edited October 2006 in Business Planning
Hello All,I have a question about doing up business plans when looking for funding. When filling out your "request" do you tell everyone how much you need or do you personalize it to the person you are sending the BP to? Translation: do you put down your total funding needs or just what you think the recipent can give?The reason I ask is because most of my family and some of my friends would loose breath at reading something like $500,000 as a funding need.Thanks Guys and GirlsJohn

Comments

  • oneloveonelove Posts: 0subscriber
    Write your plan for the full amount you need.  The plan is really meant to provide a roadmap for you to achieve your goals.
    You can always create a proposal letter to people that may partially fund you, but to be fair to them as well you. your goals and needs must be clearly stated.
    If I was going to fund part of a business I would want to see some idea of how and where you would find the additional funding to proceed with the plan.
  • DonedealleasingDonedealleasing Posts: 0subscriber
    It depends on your Net Worth. If you are asking for more than 1.5x  your Net Worth, the answer is NO do not put the full amount.
     I am no saying lie...but if you need 500k , I would break it up. Unless you have a lot of cash, there is not one lender that will bite off that much for a startup.
    Does your new buisness have hard assets? Is it a franchise? Do you own the building, land?  There are a few ways to approach your funding request.
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