Question: this assignment is actually a project that's broken down into weekly assignments , I copied and paste the assignment so yall can take a look
this assignment is actually a project that's broken down into weekly assignments, I copied and paste the assignment so yall can take a look at it, for the project I created a business called "the fit stop". please feel free to create the numbers or any needed information, any help will be very useful. thanks in advance.
This funding section is worth 100 points and is due by 11/9. The title of this section of your business plan should be Funding. NOTE that you must properly reference the sources you read for this assignment. Lack of references will cost you 5 points on your grade. Review the rubric before you start. Think about what expenses will be specific to your business. Will you need to pay rent? Will you need raw materials to create your product? Will shipping be a large portion of expenses? Will you have employees? What will be your salary? Put that in there too. The biggest mistake new business owners make is unrealistic estimates for the amount needed to start their company and run it for the first year.
There are 2 parts to this assignment (so 2 pages)
Part I: A Word or Excel sheet with your both your monthly and one-time start-up costs clearly labeled. Use this attached template as an example to help you create a Word or Excel sheet that has the expenses related to your business. Be sure your name, date, and your business name are on the Word/Excel startup costs sheet.
https://www.sba.gov/sites/default/files/2017-07/Startup%20Costs%20Worksheet.pdf ( DO NOT SUBMIT this attachment as your assignment.)
Part II: On a separate page you will provide the written information about your startup costs. Be sure the title states Funding and that your name, date, and class are in the upper left corner.
On this page you should provide the following:
- A review of the expenses you project you will have and how you arrived at those amounts. What are some of the larger expenses? This should be explained in relation to your specific business. What is the total amount of one-time expenses and the projected monthly expenses?
- Where will the money come from to pay for the startup costs? This is where you will need to discuss the different potential funding options you are considering. Tell me about every source you will pull from, for example, credit cards, savings, family loans, second job, angel investor, bank loan, etc. How much from each source? Be specific about how and when you will pay back any loans, credit cards, investors, family loans, etc. Be realistic. Most businesses do not start making a profit in their first year of business and some do not even break even until past their first year. Explain why you are choosing this type of funding.
- If you are planning on expanding in the future, discuss when that would be and how you anticipate paying for that as well as how you will pay back any loans.
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
