Fast forward! You are about to start your first professional practice opportunity. You are in the middle of contract negotiations and you need to request a compensation package that meets your needs. Develop a business budget for the next 12 months.

Step 1: Decide on the geographical area in which you will be practicing. Research & identify typical salaries for this area. List sources used.

Step 2: Determine and estimate all of your expenses that you will need to cover for the next 12 months.

Step 3: Research & identify ‘typical’ benefits that may be included in your compensation package.

Step 4: In Table format, develop your budget – month by month for 12 months – listing potential income each month as compared to your expenses by month.

Step 5: Calculate Net Income by month/by year (Income minus expenses).

Step 6: Justify your ‘ideal’ compensation package.

Step 7: Identify 3 ways in which you could cut down on your expenses.