When preparing your application, the following requirements must be included:
- A copy of the contract of sale
- Evidence of finance approval (if applicable)
- Evidence of offer to lease or lease for a minimum of 12 months or freehold; and
- The legal entity structure
Business and financial plan
The business plan is a key element of the application process and provides you with the opportunity to research and conduct your due diligence process. It will assist with:
- Thinking about and planning strategies for business growth
- Considering how you may market your business
- Developing business management processes
The financial plan should include:
- Cash flow forecasts that detail the health of your potential business, such as its ability to pay bills as they become due
- Profit and Loss statements summarising the revenues, costs and expenses which also provides useful information about its ability to generate profit
- Balance sheet which lists all the assets and liabilities of the business at a specific point in time
How are the plans used?
The business and financial plans provide Lotterywest and the retailer with information that can be used in the future to:
- Review the progress of a business
- Track growth
- Measure the success of business strategies
- Provide loss forecasts
