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One of the most important tasks the new business owner must tackle is to create a budget for the new company, so you can see expected income and expenses and cash needs. The less you need for your business startup, the sooner you can start making a profit. Begin by determining what you will “day one” of your business, in order to open the doors (or to take your website live) and begin accepting customers. If you are working from home, you probably won’t have location costs but you may have costs to fix up a room in your home for an office or a small production area in your garage. Fixed assets also include computers and machinery, furniture, and anything for your office, store, or warehouse that is needed to set up your business. In your listing of these startup costs, include items you are contributing to the business, like a computer and office furniture.
This is probably the most difficult part of a budget because you don’t know what sales will be for a new company. For example, if you estimate sales in Month One to be $50,000 and your collection percentage is 85%, show your cash for the month to be $42,500. Calculate the variable costs of sales for each month based on sales for the month. Cash flow is literally the amount of money going into and out of your business each month. You can be making a profit on paper, but if you don’t have money in the bank, your business won’t be able to pay its bills. This cash balance can give you information about your cash needs and how much you might need to borrow for working capital.
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