The Small Business Start-Up Trifecta series (3 of 3): Learn to be creative and smart with your money.
Do you have unlimited funds at your disposal for your small business? No, I don’t either. In fact, I don’t know many small business owners who do. Start-ups that have investors and capital rolling in are not the norm; bootstrapping your small business and working with brutally tight budgets is. So you will have to learn how to be creative and smart when it comes to spending money in your business.
The most important part of an effective financial plan for a new small business is figuring out where to find the capital you need to get started. I like to focus on start-up capital and expenses because that will encompass most of the financial data for new businesses that are not yet making money.
This doesn’t mean you should ignore your potential income; you still want to make sure you have created multiple revenue streams so you can cover your expenses, and eventually make a profit. That’s where your ongoing business budget comes in. But the first step should be figuring out what you need to get started and to sustain your business for the first few months. The sample spreadsheet below will get you started.
Start your small business planning now
The Small Business Kickstart Kit, recently released at the Small Business Bonfire, focuses on what you need to do, right now, to make progress in your business. It includes tutorials and worksheets to help you create these three plans, quickly and easily. We also included some other tools such as goal setting worksheets, a unique selling proposition tutorial, and an action plan template that will help you make sure you are making forward-moving progress instead of spinning your wheels.
If you found the sample worksheets provided in this series helpful, you might want to consider the complete small business kit. By investing in this kit, you will gain instant access to the tools that I’ve used to build my own business, and you’ll make progress immediately in starting and growing your small business.
And don’t forget to join the hundreds of determined entrepreneurs at the Small Business Bonfire Community to learn, share and collaborate. See you around the Bonfire!
Alyssa Gregory is a small business collaborator. She consults small business owners, writes about small business topics, brings entrepreneurs together, and speaks to groups about starting, managing and growing small businesses. She has a passion for creating opportunities for collaboration and sharing knowledge.