Dinn, Hochman & Potter, LLC

Planning is an important part in business financing decisions

Planning is an important part of each Ohio business. Businesses generally just do not come about by chance. Prior to a business getting off the ground and beginning to generate profits, numerous hours are often spent analyzing the market and preparing detailed plans as to how a particular business will be a successful part of this market. This analysis is an important part of making the appropriate business financing decisions.

Unfortunately, not every new business venture will meet with success. However, those who analyze the market and create a detailed business plan often fair better than those who do not. This plan should include an analysis of opportunities present to generate profits, obstacles to these opportunities and competitors within the market. Lenders recognize the importance of planning and are more apt to lend money when a detailed business plan is presented as a part of the financing request.

The business owner's credit score is also an important part of obtaining the appropriate financing. At times, the lender may be hesitant due to unfamiliarity with the business; however, the lender may decide to go ahead and make the loan based upon the individual's personal credit history and credit score. If the owner's credit history needs improvement, this may be a necessary first step prior to seeking a business loan.

Business financing decisions are an important part of most Ohio businesses. The majority of businesses require some type of financing during their early stages and even as they continue to grow. As with any contract, prior to entering into a financial agreement, it is generally a good idea to have the agreement reviewed by experienced legal counsel.

Source: entrepreneur.com, "5 Tips for Financing Your Startup", Kimberly de Silva, Oct. 25, 2017

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