A Business Plan IS Necessary To Get Private Money!
Many Guru’s teaching how to get private money are only teaching you how to get their interest. They forget that in the real world of investing that private money lenders are not going to give you the money until you show them a business plan.
Think about it. Why would they give you money without a plan? Why would you even attempt to do approach them without a rock solid plan? Would you go out into the Arctic without a jacket? Would you go fishing without bait, a fishing pole or net? Then, why approach private investors without having a business plan?
A business plan puts you solid ground and sets you up to get the most private money in the shortest period of time. You must have a formal business plan – a document that details your business operations, marketing, financing sources and serves as magnet for private investors.
To really get people to be impressed with your real estate opportunities, walk them through your business plan. Remove all doubts and obstacles to having a great business plan by using the following guidelines:
- Begin with your end financial profits – what profits do you want to make? what is the time frame?
- Tell them exactly in an Executive Summary concisely how you will make money – lay out the details of your operation and walk the reader of you plan through the results and milestones of your operation.
- Have a focused strategy. This will accelerate your progress and make for a better business plan. Don’t try to be jack of all trades – if you’re going to fix and flip houses, don’t wander your business plan off into mobile home parks. Keep it simple.
- Include your marketing plan! This is the most important part of your business plan – you must show how you’ll find your deals, or opportunities. If you ignore marketing, you’re ignoring the fundamentals of a successful business.
Business planning is a major factor in my success and using it to raise private money to do more and more deals. When you spend just a little bit of time on your plan, you can have the same result.
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