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When you’re seeking any type of financing for your business/brand, a business plan is essential. Nobody (except maybe your parents or your rich Aunt Matilda) will hand you money just because you ask for it. Banks, investors, and organizations want to know that their money will be put to good use. Banks want some assurance that your loan will be paid back. Investors want a reasonable expectation that they’ll receive a return on their investment.

If you don’t already have a business/brand in place to demonstrate a proven track record of success, you need a convincing business plan. Creating a business plan is beyond the scope of this book, but make sure that your plan contains the following key elements:

 Summary: The summary should include what your business/brand is and does, and why it’s better than the competition; your bio and experience (and that of any partners or associates); the products/services you offer; and why you think your business/brand will be successful.

 Strategy, goals, objectives, and activities: Your strategy is your big plan or idea of how you’re going to achieve success. Goals are what you need to accomplish to execute your strategy. Objectives are measurable milestones you must meet to reach your goals. And activities are what you’ll do to meet your objectives.

 Market/competitive analysis: This analysis describes the industry or market and any existing competition, and shows how your brand is different from and better than what’s already available.

 Financial projections: This element is your budget to start and run the business (costs), how much money you’re expecting to pull in (revenue), projected profit (revenue minus costs), and how you plan to pay back any loans or reward investors. Prepare for setbacks, unexpected costs, and missed goals to protect yourself from underdelivering. It’s best to set benchmarks that have a margin for error to make sure everyone involved can understand the full scope of the plan.

For detailed guidance on creating a business plan, check out Creating a Business Plan For Dummies, by Veechi Curtis (John Wiley & Sons, Inc.).