All business is risk vs. reward, and the financial planning process will help you assess both. Having a financial plan will not only help guide business development decisions and monitor results, but it will also help you match your business concept with personal income goals. In addition, the financial plan can be used as a budget and can be compared to actual results in the future.
In this module of the "Simple Steps for Starting Your Business" program, you'll learn the importance of financial planning.
You will learn how to build your financial model, and how to understand financial statements, including an income statement, cash flow statement and balance sheet.
"Simple Steps for Starting Your Business" helps you test the feasibility of your idea and decide whether or not you should move forward with your business or go back to the drawing board. You'll do this by researching industry profile data, customer data, financial projections, and more. You'll also have a sample feasibility plan to use as a guide.
Have you skipped a module in this course?
- Part 1: Startup Basics
- Part 2: Defining Your Business Concept
- Part 3: Developing Your Marketing Plan
- Part 5: Identifying Funding Sources & Next Steps
You should also contact your local chapter and determine if the in-person workshops are available in your community. At these local workshops, you will have the opportunity to learn from local experts, connect with your personal mentor for free answers to your business questions, and meet other aspiring small business owners.
And don't forget to download the "Simple Steps for Starting Your Business" workbook for more startup information.
SCORE Volunteer Contributions
Thanks to the following SCORE volunteers who served as subject matter experts in the development of these "Simple Steps for Starting Your Business" eLearning modules!
- Bob Breaux - Baton Rouge Area SCORE
- Bill Gill - Charlotte SCORE
- Karl Haug - East Bay SCORE
- Patrick Ingram - Greater Phoenix SCORE
- Mort Harris & Loren Herbst - Minneapolis SCORE
- Eileen Cummings - West Palm Beach SCORE
- Tom Burgum & Lou Davenport - SCORE Lancaster-Lebanon