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Generally, your business plan should give the person reading it
a complete view of your business, how you're going to run it, fund
it and why you'll be successful. The basic sections you'll need will
address your market, your services and your financial prospects
but there are a few other things you should put in as well. As
a guide, here's an outline to show you what
we normally include in the plans we write.
It used to be that getting a loan for a lodging property was a long and frustrating
process, especially if it had to have an SBA or other type of guarantee (which
traditional lenders such as banks need as they're very conservative). Nowadays,
if you choose a bank thats SBA approved, your loan application may only take
a couple of weeksto process instead of the 6 weeks or more it used to. But we
still recommend you leave plenty of time just in case your first choice of lender
denies the loan.
A lot depends on what you want us to do
and the sort of plan you need. A B&B plan written full-time
start to finish, with all the financials in hand, can
be ready for you in about 10 - 14 working days, however our workloads
mean that we can't often do this. 20 - 30 working days is more
common. Larger properties with restaurants, spas or other facilties
that need to have their own research and financials incorporated can
take longer.
Good question! There's certainly no substitute for writing your
own plan. We're mostly hired because someone is short
on time or doesn't have the writing skills, desire or experience
to want to do the necessary research or number crunching. The
additional benefit in hiring us is the access you'll get to a
host of free advice on all sorts of things from selecting bed-linens
to preparing menus! You have a lot of
other things to think about when you're purchasing or building
your inn or B&B.
Your vision and enthusiasm are essential to the process, but
we can take the time and skill set burden off you.
Every situation is different, so every plan we write is, too. Almost the first
thing we'll do for you is a Financial Analysis which gives you the information
you need to decide whether the business you've chosen will meet your financial
goals. The cost for this is generally $750. If you then decide to continue
with a full Business Plan, in most cases your investment for our time and experience
turns out to be less than 0.5% of the funding that your business
plan will enable you to get, and equivalent to what you'd pay for a valuation
on the business. And don't forget - all the little extra things you pick up
from us along the way are free!
Many of you are planning
on embarking on a new career that will be all, or part of your livelihood.
Its very easy to miss important things when you're not familiar
with an industry, or to inadvertantly take a rushed and hurried
approach to the plan, only to find after investing a substantial
amount of money and time that its not what you wanted or
hoped for. If you do have the time and writing ability and are
detail-oriented enough to do all the research required, including
all the financial and market analyses, then its definitely the
best way to learn about your new potential business. Otherwise,
do ask for help!
Our hourly consulting rates are extremely competitive and depend on
the service you want us to provide, including but not limited to:
- Proof-reading and error-checking
- Fact checking and verification of market research
- General feedback and suggestions for revision
A 10% discount is offered to all PAII
members who let us know at time of service. We offer some general
advice on writing your own plan here.
If you'd like to know how much your business plan would cost or just want
more information, please ask. You can reach us from here
on the website, also by email, and
of course by phone at our offices in Fryeburg, ME, Monday - Friday, 8:30am
- 5pm EST (207) 221-5635. Remember it costs nothing to
ask and quotes and simple advice are always free!
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