Start Your Own Business-Part 9

In this show we will discuss projecting your financial status for the first years. That is discussing profit planning conducting cost- volume- profit analysis, cash flow projections, preparing your pro forma financial statements, preparing your first calendar year and balance sheet, and running the numbers is an essential part of the business plan. As you remember an earlier segment we discussed the importance of a business plan to your business because it allows you to have it laid out in a step-by-step plan what it will take to build a successful business. You need to be concerned because you also need to be aware when you have a brick and mortar store you have to have more overhead than when you have a business working from home. It is up to you to decide what kind of business you want to have and whether or not you need to purchase products to have on hand to sell, or whether you will be working with a company who will drop ship the products for you. People who shouldn't listen to this show are entrepreneurs, people who work from home, coaches, executive search consultants, etc.