Reference no: EM13734501
Business Plan Practice
At the end of each unit, you will have an opportunity to work on your own business plan. Please go to the Business Plan Worksheet Template section for Unit Three on the BizBuilder CD now to develop the following segments of your plan:
Fixed Costs
List and describe your monthly fixed costs.
Add a cash reserve that covers three months of fixed costs.
Insurance
What types of insurance will your business need, and why? What is the highest deductible you feel you can afford?
Recordkeeping
Describe your recordkeeping system.
List any bank accounts you will open for your business.
Will you accept personal checks from customers? Credit cards? Will you offer charge accounts or customer credit?
Projected Income Statement
Complete a monthly projected budget and one-year income statement for your business.
Use your projected one-year income statement to calculate:
Projected ROI for one year: ___________%
Projected ROS for one year: ___________ %
Projected Payback for one year: ___________%
Cash Flow
Create a projected cash flow statement for your business for one year.
Calculate the burn rate for your business.
Taxation
What tax forms will you have to fill out for your business?
1040 U.S. Individual Tax Return _________
Schedule C, Profit or Loss from Business ___________
Schedule SE, Self-Employment Tax _________
Quarterly Sales and Use Tax Return _________
Small Business and Government
Which laws-such as minimum wage and age requirements, health and safety regulations, or antidiscrimation laws-will affect your business?
Financing Strategy
List the items you will need to buy to start your business.
Add up the costs to get your total start-up capital.
Add a cash reserve of one half your total startup capital.
List the sources of financing for your start-up capital. Identify whether each source is equity, debt, or a gift. Indicate the amount and type for each source.
What is your debt ratio? What is your debt-to-equity ratio?
What is your "payback" period? In other words, how long will it take you to earn enough profit to cover start-up capital?
Raising Capital
Describe financing sources that might be willing to invest in your business in exchange for equity.
Friends and family __________________________
"Angels" _________________________________
MESBICs________________________________
Other ____________________________________
Describe any debt financing you intend to pursue.
Do you plan to use bootstrap financing? Explain.
Venture Capital
Do you plan to pursue venture capital? Why, or why not?
List potential sources of venture capital.
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