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− Create a dynamic business plan by providing several scenarios. For example, start with the
current costs of goods you will need to buy to make your product or service, then add one
or two more budgets based on those prices going up;

− Write an executive summary of the plan and place it at the beginning of the document. This
will give potential investors and lenders an overview of the business plan and the results
you expect. The executive summary should not contain any support for your statements -
save that for the body of the plan;

− Implement the plan by starting at the beginning and executing the various steps you've
addressed in the plan. For example, you might need to incorporate your company,
trademark your name, secure business licenses and permits, open a bank account and
perform many other tasks that get you ready to open your doors. This will include more
complicated actions, such as shopping for vendors, hiring staff, developing marketing
materials and creating promotions;

− Review your business plan on a regular basis. Compare budgeted numbers to actual figures
of doing business. Determine whether you can keep operating as you are, of if you need to
make changes, such as reducing costs, raising prices or increasing marketing.

2.4. Business and startup funding options

There are many ways to fund a business or startup, but here are some of the most common ones.

− Bootstrapping means launching your venture without the help of outside capital but using
your own money instead and managing the costs of it through the cash flow it generates.
The benefit of bootstrapping is that you keep control of your company. Since you don’t
have any outside investors, you also don’t need to give away a stake in your company, nor
do you have to live up to outside expectations. You can decide all on your own which
direction to take your company in, and ultimately, the success of your business comes down
to you and the people you hire to help. The downside of bootstrapping is that you don’t get

the outside influence. Outside investors or stakeholders bring with them knowledge,
network and support – all which can have a huge impact on your growth, development, and
chance of success;

− Angel Investors are individuals or groups of people who specialize in investing money into
startups. Usually an angel investor is focused on early stage startups and will ask for equity
in the firm in exchange for the money. The rates offered by angel investors are likely to be

Project 2019-1-BG01-KA204_062299
The content of this material does not necessary reflect the official position of the European Union.