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Business planning: Financials
This section should be a little easier to start, since
you've already thought through some startup
and operating
costs.
Key points to include are:
- The size and source for the initial investment
- The bookkeeping and accounting system you will
use
- Balance sheets and projected income statements
for two to three years
- The first-year operating budget and cash flow projections
If you're not sure how to pull together detailed financial
reports, you may need to hire an accountant or financial planner.
Just make sure you go over these final documents together. It's
hard to impress a lender with the financials if you can't explain
them.
Industry associations in your field of business can
provide much of the information you'll need. The library reference
area is an excellent source of industry data, and trade magazines
and professional association newsletters often publish statistics.
The federal government also provides business,
economic and trade data.
Make sure to include copies of any supporting documents
such as tax returns, personal financial statements and contracts
such as franchisee agreements, purchase agreements or leases.
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