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This will help you develop sales targets, pricing and likely profit margins.
Things to consider are: This article is intended to provide general information of an educational nature only.
It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice.
What makes up the heart of your business plan is the profit and loss (or income) statement, the balance sheet, and a cash-flow statement.
If your business is a startup, these will all be projections, or pro forma statements.
You can go to banks and other lending institutions and seek a business loan, or you can go in search of venture capitalists.
Which source you choose, will depend on the amount of funding you need.
Research and list all the items you need to start your business to get a good idea of upfront costs and whether you’ll need to borrow funds.
Here are some examples of costs that typically come up at the start: Estimate your sales and expenses on a monthly, quarterly or yearly basis to gauge whether you can expect to make a profit or loss for each of these periods.
Regardless of the funder, you'll need solid financial projections that cover all of the bases. For many, the financial portion of your business plan is its heart.
If you think about it, why else are you going into business? Yeah, maybe, but most likely what you're really after is making money!