A key component of business planning is financial planning. Get started by thinking through the following:
o Financing your business:
How are you financing your floral design studio? Do you have the funds you’ll need? Or do you need to take out a loan?
If you’re looking for a loan or grant, check out the resources below:
10 Ways to Finance Your Business
Financing Options for Small Businesses
Minority Small Business Loans
Small Business Grants for Women & Minorities
Small Business Loans for Minorities
o Needs vs. Wants:
What do you need in order to start your business? What will your overhead look like?
Do you need business cards or a fancy logo? Or do you want them?
Do you need a studio from day one? Or can you meet potential clients at a coffee shop instead?
Do you need a custom website? Or can you DIY it?
o Goals, Plans, & Forecasting:
You’ll need to set a sales goal, create a spending budget, determine your revenue plan, and project your expected cash flow. To get started, review the articles below:
How to Build a Budget for Your Small Business
How to Write the Financial Section of a Business Plan
Writing The Financial Plan