Want to Finance a New Business in Houston, TX? Here’s What You Need to Know First

DRDA, a professional corporation in Houston, TX will help you with the funding for your start up business by showing you how to use funds from your

• 401(a) pension
• Profit sharing 401(k)
• 403(b), 457, IRA rollover

By means of a BORSA™ plan, funding for a business, or purchase of a business, can be accomplished without distributions, taxes, penalties, or the use of loans.  While DRDA works with a new business’ financing, however, the new owner or owners need to be writing their business plan.

What is a business plan?
A business plan is a plan or document that a company uses to set goals, allocate resources, identify existing assets, and prepare for problems and opportunities.  A business plan is important because it summarizes the vision for a company, and how it will operate to achieve success.

Many people think of business plans only for starting a new business or applying for business loans, but they are also a vital tool for running a business, whether or not the business needs new loans or new investments. Businesses need plans to optimize growth and development according to their priorities.

Who should write the plan? The entrepreneur. No one else knows your ideas and goals better. There are services that can do the work for you, but it is best when you are completely familiar with all of the material in the plan.

Although there’s no set format, a good business plan typically includes:

• Cover page—Identifies the business
• Table of contents—Organizes information for the reader
• Executive summary—Provides a “big picture” view of the plan, highlighting the factors that will lead to success
• Business background—If it is a brand-new business, include the owner’s background and skills
• Marketing plan—Relates the business’ marketing and advertising strategy
• Action plan—Summarizes the creation of the product or service
• Financial statements and projections—Illustrates how the business will perform financially based on the plan’s assumptions
• Appendix—Includes statistical analyses, marketing materials, résumés.

And, make sure to answer questions such as 

How is your business unique, and why will your goods or services appeal to customers? What are the primary differences between your company and your competitors? What are the driving factors to choose your business over another?

In other words, what is the underlying reason a customer would do business with your company?