When submitting my concepts to invention hunts, licensing agents, manufacturers, retailers, engineers, and the patent office, I was asked many different kinds of questions. The questions ranged from "What problem does it solve?" to questions that required extensive research such as "Who is your target market?"
Projected Financial Statements: These statements are usually helpful, but not necessary. You will develop and describe your strategies for the business throughout your Business Plan. In the financial section, you will need to estimate the financial impact of those strategies by developing projected Income Statements, Balance Sheets, and Cash Flow Statements.
Financial Projections : If you are planning on borrowing money then this is a very important section. If you are already in business and have a track record of earnings you can include that here. You can then extend out to the future based on your previous growth. The key to a successful business plan is to include all of the information that is pertinent but no extraneous information. It should be clear and to the point so that even someone who is not familiar with the woodworking industry can follow it. If you want to learn everything you need to know about starting your own Six Figure Woodworking Business pickup your free "Start Your Own Woodworking Business".
With unemployment continuing to rise, home prices falling due to a surplus of inventory, and small business lending at a standstill, this recession doesn't seem likely to end soon. The recovery will be slow and Americans will certainly not enjoy the prosperity of a few years ago for a long time to come. It's not just economists who think this way.
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