Here is a preview of the article you requested. Please login to view the entire article.
Preparing a budget, particularly when starting a new business, isn't just a good idea; it is vital to your success.
Start by purchasing a small-business accounting software package. Use the chart of accounts provided by the software to see the types of expenses you can expect your business to incur.
You'll see expenses such as rent, utilities, insurance, taxes, and dozens of other items. Based on your anticipated expenses, plug in dollar amounts for the fixed costs you expect during the next 12 months.
Next, identify customers and related sales volumes. Try to project your revenues for the next 12 months. This is not the time to put your dreams on paper. Be as realistic as you can about your