Week Seven - Business Financials
Hi everyone,
I hope you found the Business Financials session to be helpful. Looking at your numbers can be hard, but it is ESSENTIAL to your business success!
Attachments:
Desi’s presentation and contact info within it. She does free 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 in order to grow. Email your list to me (sheena@candokalamazoo.org) to move along on the progress map.
Resources:
Here are some options for bookkeeping software:
QuickBooks Online- https://quickbooks.intuit.com/online/
Quicken- https://www.quicken.com/
Xero- https://www.xero.com/us/
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.
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.
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:
You’ll be taking the Food Safety Certification Exam on Thursday, May 7th. It’s crunch time for studying!
Next week:
Scripting Your Brand & Proof of Concept
See you soon!
Sheena