Financial plan, first draft

Financial plan, first draft

There is a great deal of expenses needed to start your own business. Use this info to help you create your start-up budget. Try to estimate how much revenue you will be able to generate, how much that will cost, and then take out the rest of the expenses. The textbook have a lot of good info to get you started.

Consider these questions

How are you going to earn revenue? Be able to explain this on paper, and in a live interview setting.

What funding do you need to get the business started? Consider

Labor (yours and your partners, labor for workers or employees)

Rent or where you will be, how much will that cost? Dont forget that you will need a security deposit.

Licenses or permits (small business registration is $20?)

Other administrative costs, internet, phone, etc.

Consider debt financing or equity financing options. Are you borrowing money, or looking for a partner to go in on the business with? (Use text as resource)

What is the timeline at which you think you may be earning money? Can you pinpoint a break-even point? That would be a point at which all your start-up costs are starting to look like they will be covered. When can you get into the black? Or, out of the red.

Feel free to create an excel spreadsheet. You may also need some clarifying comments so leave room for explanations.

Remember THIS IS JUST A DRAFT, meaning its a first shot at something with numbers on how you will run your business.

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