They want to see a plan that clearly shows your business is viable, why it will succeed, and that you have done your demographic analysis and planning.
Business plans are a test of whether you know what it will take for your business to succeed over both the short and long term. More importantly, they need to be regarded as “living” documents that even seasoned and profitable businesses should update and keep current.
You might know everything about your product or service, but there are many cases where you are going to need others to know as well. This is especially true when it comes to dealing with Banks, SBA lenders, and Investors. In these cases, they will all require a solid business plan that clearly shows the viability of your business model and that showcases your understanding of what it will take for it to succeed.
Compliance Item – Business Plan (For SBA & Bank Term Loans)