Business Financial

Most business owners do not possess natural talent when it comes to the financial and accounting part of their business. These skills take time and discipline to develop so the use of a professional is advised. Even if you are not an expert, business finance falls into 6 basic categories:

	Personal
	Startup Budget
	Long-term Pro forma Budget
	Business Financial Statements
	Record Keeping
	Requesting Funding

Your personal finances

The first step in planning a business is to examine your personal financial situation. "What do my personal finances have to do with my business" you ask. Possibly everything.

Every prospective business owner should order a copy of their personal credit report. Why?

	You don't want any surprises when you go a financial institution for business funding
	By reviewing your credit report before you apply for funding, you have the opportunity to repair any negative or incorrect information
	If you have current credit issues, contact a nonprofit credit counseling service

Next, prepare a household budget. Why?

	In preparing a household budget, a prospective business owner begins the process of developing a startup budget. Businesses have many of the same expenses as a household
	You have to determine the minimum amount you business has to pay you to maintain your current lifestyle.

Download Helpful Spreadsheets

To use the spreadsheets below, you need to have Microsoft Excel installed on your computer. You can download a free viewer from Microsoft by clicking on the logo below. In order to have complete editing capabilities, you need to purchase Excel from Microsoft, if you do not already have it.

Click here for free viewer.

Click for household budget form (DOS)

Click for household budget form (EXCEL)

Finally, create your personal financial statement. If you are in need of financing for your business, you will need to fill out a personal financial statement when you apply for funding. By completing it beforehand, you will be ahead of the game.

Click for personal financial statement (EXCEL)