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 online training, you'll learn the importance of financial planning, how to build your financial model, and how to understand financial statements, including an income statement, cash flow statement, and balance sheet.
Download the Simple Steps for Starting Your Business workbook that accompanies the modules and provides more information on this topic.
This workshop is part four of the five-part Simple Steps for Starting Your Business Online course. This course 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 other information. You'll also have a sample feasibility plan to use as a guide.
Have you skipped a module in this course? Go to part 1 of the online course: Startup Basics.
Then finish the remaining modules:
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.
SCORE Volunteer Contributions
Thanks to the following SCORE volunteers who served as subject matter experts in the development of these new Simple Steps for Starting Your Business eLearning modules!