Financial Documentation Entrepreneurship Business Plan

Accounting System  Choose and accounting system that will best fit the needs of your business.  Will you hire and Accountant or keep the records yourself.  Will you use software or other type of technology to keep records.

Projected Statements  Create forecasted statements for a minimum of three months. –Income Statement or Cash Flow –Balance Sheet –Operating Costs  Start up Cost  Fixed Expenses  Variable Expenses –Inventory –Payroll

Funding Sources  Where is the funding coming from?  Are your sales seasonal –How does that effect your forecasted amounts  What happens when you do not meet your sales forecast? –How will that effect other operations of the business?

Unexpected Costs  Calculate a dollar amount needed to run your business for six months with minimal sales.  How will you pay your own personal expenses during those six months. –Back-Up Plan