By Susan E. Campbell
What determines whether a start-up flies or fails? A well thought-out business plan, reasonable expectations and enough capital to get through some down times are key factors, say some experts.
“To secure a start-up business loan, the lender requires the principals to provide a written plan,” said Paul Dowen, CPA, partner at Whittemore, Dowen & Ricciardelli LLP (WDR) of Queensbury and Saratoga Springs.
This need not be a formal 40-page document, but must provide research and details about what the company will need for its initial capitalization, he said.