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Things to consider are: This article is intended to provide general information of an educational nature only.It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice.
You can get started on creating yours by following the steps below.
In some cases, they may find the thought of creating a financial plan intimidating.
Below you’ll find guidelines to help you focus your financial planning efforts, which will make the process less daunting.
This is a good way to evaluate the financial health of your business idea – you can use your balance sheet numbers to work out if you’ll have enough resources after a year to run your day-to-day operations.
Your balance sheet should include these three sections: Assets This is what your business owns – examples include cash, inventory and buildings Liabilities What your business owes – examples include accounts payable and loans Owner’s equity This is the portion of the assets that belongs to the business owner.