Peter Mehit is founder of custombps.com, a custom business planning consulting service based in Irvine, California. He has written over 500 business plans for all types of businesses including many fast casual franchises.
Peter arranges funding under the Small Business Administration’s loan guarantee programs in the United States.
He believes new business owners should focus on the bottom line and work up from there when determining how many customers per month/week/day the business will need. He highlighted a fantastic bottom-up approach that many of the Fortune 500 companies use. Knowledge bomb!!
If you’re thinking about franchising, Peter recommends looking at yourself first. What makes you happy? What are your triggers? What makes you sad and unhappy? Work out what you do and don’t like and use that as a basis for choosing a business you will love.
Peter’s worst moment in business was in 2008 when overnight the funding from banks dried up. He had to reinvent the business as a training company.
Peter is most excited about some of his client’s plans eg ufohotel.com!
When raising 30 million, the business plan has the same components. It is just longer! It is still telling a story.
To get money from the bank you need to ‘get fundable’:
- get your credit rating in order
- consolidate your debts
- make sure the business can pay the loan with around 10% of total cashflow
- have some collateral (eg your house)
The reality is, if you’re just starting out in business you will need to put a big asset on the line.
Peter recommends: , The Tipping Point: How Little Things Can Make a Big Difference
, Blue Ocean Strategy, Expanded Edition: How to Create Uncontested Market Space and Make the Competition Irrelevant
and Guerilla Marketing: Easy and Inexpensive Strategies for Making Big Profits from Your Small Business.
Visit www.custombps.com to get in touch with Peter or call +1-800-741-8444