Step 1 - Read the introduction.

Having an excellent business plan goes a long way toward being a successful entrepreneur! If your entrepreneurial personal and financial resources require some additional funding, the quality of your business plan and your selling skills may make the difference between success and failure. Read, review, and revise your marketing and financial plans so that you can demonstrate realistically and clearly and articulate HOW you will achieve your goals.

Step 2 - Access the Small Business Administration's website.

Small Business Administration (Links to an external site.)

If you're still not sure of your own business financing plan, the SBA is an excellent, US Government resource.

Step 3 - Read the scenario.

A computer rental and repair company is looking for sources of funding for start-up costs estimated at 8,000:

Equipment: $27,000

Software: $10,000

Supplies: $ 1,000

Marketing: $ 6,000

Utilities/services: $ 4,000

Working capital: $10,000

Step 4 - Find funding.

Find at least two possible funding sources, describe the pros and cons of each, and propose a financing mix. Consider the scenario described in Step 3 or the start-up costs you identified in Assignment 3.1: Start-Up Cost Projections.

Use the SBA website to find four possible funding sources. Describe the pros and cons for each funding source. Explore the library to find out more, and investigate local, regional, and Internet sources as alternatives. Finally, propose a financing mix-explain how a combination of funding sources might be used to finance the business.

Step 5 - Write a summary.

Write a two-page summary that includes the following information:

• Describes the funding sources identified in Step 4, the pros and cons for each, and the proposed financing mix.
• List some specific financial sources that you have researched: grants, scholarships for folks under 25, AARP or other senior groups for entrepreneurs over 50, and so on.
• Include one to two paragraphs that discuss any decisions you have made about financing your business idea as a result of your research.

Note: You have the option of incorporating graphs, charts, and other visuals that might enhance this element of your business plan.