Assignment:
It's now time to consider the finances associated with running your business. This part of the business plan asks you to consider the costs of doing business, such as salaries, rent, and utilities and complete key financial statements.
Estimate your revenues for one year. Include the following information with this estimate:
How much will you charge for your product?
How many products do you believe that you can sell in one year (or how many customers do you think your business can attract)?
Multiply the price that you will charge by the number of products that you hope to sell or the amount you hope each customer will spend.
Estimate what it will cost to do business for one year. Consider key expenses such as equipment, supplies, salaries, rent, utilities, and insurance.
How much capital will you need to raise to launch your business?
How will you finance your business?
For example, will you seek out a bank loan? Borrow from friends? Sell stocks or bonds initially or as your business grows?
Create a balance sheet and an income statement for your business.
Use clear, concise, complete sentences, transitions between paragraphs, standard spelling, grammar, and punctuation as expected in a professional business plan.