These two documents succinctly illustrate the essence of your company for investors, whereas your business plan is your road map to developing a successful company. Financials are important to investors because it indicates how and when they are going to be getting their investment back. If possible, sign actual contracts with potential customers and use these as leverage to raise capital.
Complete a three- to five-year revenue projection that includes the balance sheet, income statement, profit and loss statement (P&L) and statement of cash flows. Contact suppliers and vendors to structure deals and lock in pricing.
Then start dialing for advice until you are successful. From the time you were a kid you dreamed about starting a business from scratch and growing it to a position of market dominance.
Why You Should Buy (Instead of Start) an Oil & Gas Field Services & Supplies Business We know . Yet a healthier and safer strategy may be to purchase an existing oil and gas field services and supplies business.
With a Bachelor of Arts in economics and political science, he has written articles for "Political Economic Review," Umar Kit, LLC and Shadow Company.
Houston has also authored business plans and consulted with companies on capital acquisition strategies.The last thing they want to do is help you to be a better competitor.However, an entrepreneur who owns an oil and gas field services and supplies business in a different city may be willing to share their entrepreneurial wisdom with you, after they realize you reside far away from them and won't be stealing their local customers.Within the financials you need your annual expenses, taxes, cost of goods sold (COGS), working capital (monthly burn rate) and use of funds. Research hedge funds, venture capital, angel investors and private equity funds that are sources of capital for your company.Do not use the "shotgun" approach in speaking with investors.If you have industry knowledge, a good business plan/model, industry contacts and the necessary startup capital, you are on your way to building a profitable business. Your attorney will assist in legally forming your company and filing for the company's EIN.In addition he, will be invaluable in drafting your contracts to ensure that they contain the appropriate legal caveats to protect you and your company. Review the annual reports, websites and basic information on the major players in your business. Do your due diligence to locate any information that will benefit you in developing your pricing for services and identify potential customers and other pertinent information.Many business owners are happy to give advice to new entrepreneurs If you are persistent, you can find a business mentor who is willing to help you out.Do you know how to find an oil and gas field services and supplies business founder who is willing to advise you because you live in different cities? Just use the link below and try a random city/state or zipcode.Starting a business in the oil field services industry is an exciting and challenging venture that provides tremendous opportunities to entrepreneurs who have the technical and field knowledge of industry operations, with the ability to provide efficient cost-effective services.The oil field services industry is diverse and ever changing through innovative technological advances, new drilling techniques and new oil and gas discoveries.