Part 3A: Business Planning and Financial Forecast
- Description
- Curriculum
- Reviews
Starting and Running Your Own Business helps you understand what is involved
in keeping a business going once you have started it. There are ongoing decisions that have to be made about the product or service the business is selling, from the amount of the product to have on hand (inventory), to managing the money coming in and going out of the business, to managing the people involved in it. These areas require specialized knowledge, so there is in-depth information on the concepts introduced in part Two. Part Three can serve as an every-day guide if you decide to start a business or as a reference if you decide to work for a global company.
PART 3 A: STARTING AND RUNNING YOUR OWN BUSINESS MODULES
Module 7. Creating a Business Plan
Module 8. Creating a Basic Financial Plan
Module 9. Making The Same Product More Than Once
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Module 7: Creating A Business PlanThere is no shortage of information about business plans. Forests have been leveled for paper
to print them. Godzilla-scale bandwidth has been deployed on the Internet to make them easily accessible,
often for free, complete with standardized templates and automated financial statements. You can find them.
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Module 8: Creating A Basic Financial Plan
One thing you need to do before starting a business is create a financial plan for yournew venture. It will take more than one page
to figure out the answers to the financial questions, but when you know them,you can go back and put your conclusions
into your one-page plan.
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QUIZ #2 : Elements of a Financial PlanThis is your first goal when you start the business: to reach breakeven, where the cash coming in just equals the cash going out. Once you have done that and can maintain that level of business you can begin to focus on: • How to improve and grow your business, and • How to repay those who have helped you start the business by providing the funds you needed to get that far. -
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QUIZ #3 :What May Really Happen (Risk Factors)Quiz 3 tests your understanding of Start-up Costs and Early Operating Costs from module 8.
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Module 9:Making The Same Product More Than Once
This option is attractive if manufacturing your product requires expensive equipment, or skills, or time that you do not have.
“We outsource our printing due to equipment costs,” said Gill Arnold, co-owner of Wheely Art in Queensland, Australia.
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Module 10:What Is Inventory? How Do You Control It?
Your prime reason to know about your inventory is the impact it has on your cash position. You have to pay for it before you
can sell it. Inventory absorbs cash. This is especially true when you are growing fast, or when you have made mistakes about
what sort of inventory to buy.
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QUIZ #4 : Match the business term with the definitionQuiz 4 tests your understanding of what Is Inventory and how do you control it from module 10.
