Have you taken over a business or bought someone out because they didn’t feel they could keep their business open? Are you now struggling with making a profit, because there simply isn’t enough cash flow to keep the business up and running? How do you approach a lender and convince them to approve a loan for a nearly defunct business?
The key is presenting your brand new approach, and contrasting it with all the reasons the business is in trouble today. Show how the business was run before, explain why it failed, and then clearly and convincingly lay out how your business plan is specifically designed to prevent the same or similar failure.
Developing a plan to resuscitate a DOA business isn’t as hard as you might think. The main objective is to create a plan that makes use of all the data you have on the previous owner’s tactics, which can help you pinpoint where they went wrong and prevent you from making the same mistakes.
It doesn’t matter if you are starting a business from scratch or taking on a failed business to rebuild – if you have a solidly written business plan, forward thinking, strong motivation to succeed, and clearly defined goals, you will be able to obtain a loan and pick your newly acquired diamond in the rough out of the pit.
A professional business plan writer can help you formulate the best approach, and identify weak spots in your overall plan that need strengthening to prove to investors that you ahve what it takes to turn a business around and succeed.