Hi everyone,
I hope you found the Business Financials session to be helpful.
Attachments:
Desi’s presentation and contact info within it. She does free 45-minute consultations.
Startup Costs Worksheet- This is the estimated startup costs for different kinds of businesses. (You can add new things you think we missed, too.)
Startup Budget Tool- This is a budgeting spreadsheet that you can edit to include your specific costs. Updating your budget every 6 months is a good habit to get into.
Homework:
Using the Startup Costs Worksheet as a guide, make a list of the startup costs you’ll have for your business. If you’re already in business, make a list of costs you need to either revisit or add to your budget in order to grow. Upload your list/budget at the homework link below to move along on the progress map.
Resources:
Here are some options for bookkeeping software:
QuickBooks Online- https://quickbooks.intuit.com/online/ - Desi does NOT recommend Quickbooks Self-Employed. The most basic Quickbooks subscription she recommends is Quickbooks SimpleStart.
Wave- https://www.waveapps.com/ - this one has a free version and some people prefer it over QuickBooks. Some have expressed concerns about moving to other platforms later, so might be worth a little research.
Xero- https://www.xero.com/us/
Quicken Business- https://www.quicken.com/
Excel - If you are comfortable with Excel, you can use it to do your bookkeeping. If you're not comfortable with it, it might not be the best option. It's definitely not as user friendly as the others listed above.
Zoho and FreshBooks were not recommended by Desi based on previous poor experience.
Profit First - This is a good book about managing business finances.
Here is a great article on starting a food truck and a calculator to estimate your costs.
Reminder for Food Businesses:
Thursday is the next food-only session. We’ll be talking about labeling!
Next week:
Scripting Your Brand & Proof of Concept
See you soon!
Sheena