Hi

Sound financial management is one of the best ways for your business to remain profitable and solvent. Each year thousands of potentially successful businesses fail because of poor financial management. As the business owner, you need to learn how to ensure that you will meet your financial obligations.

To effectively manage your finances, plan a sound, realistic budget by determining the actual amount of money needed to open your business (start-up costs) and the amount needed to keep it open (operating costs). The first step to building a sound financial plan is to devise a start-up budget. Your start-up budget will usually include such onetime only costs as major equipment, utility deposits, down payments, etc.

The start-up budget should allow for these expenses.
Start-up Budget

* personnel (costs prior to opening)
* legal/professional fees
* occupancy
* equipment
* licenses/permits
* insurance
* supplies
* advertising/promotions
* salaries/wages
* accounting
* income
* utilities
* payroll expenses

An operating budget is prepared when you are actually ready to open for business. The operating budget will reflect your priorities in terms of how your spend your money, the expenses you will incur and how you will meet those expenses (income). Your operating budget also should include money to cover the first three to six months of operation. It should allow for the following expenses.

thanks

hi

New and potential new business owners need to know what should be included. There are four main parts to a business plan: the description of the business, the marketing plan, the financial management plan, and the management plan. You should also create a executive summary, and include supporting documents and financial projections.

Below is an outline of what goes into a business plan, followed by pages of detailed descriptions. This is only intended as a guide when developing your business plan, every situation is unique - make your business plan unique as well.

Elements of a Business Plan

* Cover sheet
* Statement of purpose
* Table of contents
* Descriptions of your business
* Marketing plans
* Describe the competition
* Operating procedures
* Personnel
* Business insurance
* Financial data

Thanks