The next step is to think about possible investors, i.e. the local banks. Some team members have gained some financing experience in their former jobs; others studied business administration at a university. They are lucky to find somebody who offers special counseling as well.
Obviously, you need a business plan and have to submit it to possible investors. Is it possible to receive public loans? Is there the opportunity to interest a group of investors in your business? Check the market for possible alternatives.
For further information:
The Sushi Experience: “Risks”
Food for Thought
Before exploring the financing options think about the following aspects:
- Which particular direction is the service industry that you are in headed?
- How important are innovation and societal advancements?
- What are the expected sales and profits for your business?
- What can be expected of raw material prices?
- Which specific factors influence growth in this service industry?
- What consequences do economic development and innovative governmental interventions have on this industry?
- How do you plan to control accounts receivable? Are you going to offer special discounts to customers who pay in a timely manner?
Write down the various possibilities that are available. You need to have an overview of the company’s financial resources. Be prepared to answer the following questions:
- Are there any venture capital firms?
- Are there any private investors who are interested in the firm?
- Which public loans are available?
- What solution do you recommend?
Now go on and start your meeting!
What are the main aspects of your financial plan?
After having gathered all the necessary information your team has to decide on the financial plan for your future start-up business.
- First of all choose the chair-person.
- Discuss all aspects.
- Sum up your results in the minutes (resources) of the 6th session.
- Send your results and your decision to your tutor.
How to hold a meeting
Here you will find all the important documents and worksheets.