Convenience store and gas station business plan for bank loans is easy to create as long as you know what your assets are and what your liabilities are. This part of the convenience store and gas station business plan for bank loans is called creating your personal financial statement consisting of the balance sheet.
There are items you may not think about as your assets or your liabilities but doing a detailed search may just be very beneficial for you.
As for assets you may not think about your wife’s jewelry or the new TV, guns or golf sets you just bought as assets that needs to be mentioned in a financial statement but you should, it is for your benefit. Often people make the same mistake when it comes to listing value of all their “personal properties” The simple rule is whatever you own in your home are your assets as long as they have some value.
In preparing your convenience store and gas station business plan for bank loans, when listing your home value, it is a good idea to do some online checking with sites like Zillow.com or such to find the estimated value for your home instead of guessing it, banks do look very closely at this item.
If you own other businesses, do mention that in the “Other Asset” category. The best way to do this convenience store and gas station business plan for bank loans purposes which consist of your personal financial statement is to estimate a market value of the business and all its assets minus the liability it may have, the rest is actual value of the business. If that business is under a LLC or corporation than best to mention is this way:
ABS Corp. stock owned 50% Valued at $112,430
Under Liabilities do not forget to add up all your credit card balances and list them under current Liability, if you have any personal loans that you are paying off, you may want to mention that under “Other Liability”
Remember your total assets – your total Liabilities = Your Net worth
For a financial statement to be valid in presenting a convenience store and gas station business plan for bank loans you must sign and date it.
Look at this sample of a balance sheet for a convenience store gas station business plan for bank loans:
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