From paying for materials to supporting marketing activities, you’re going to need money to start up and run your business. If you have an innovative idea to develop or you’re working in tech or just need additional skills to deliver a product or service, you may need to work with (and pay) others.
But how much do you need and where is it going to come from? That’s why working up a business plan with details about finance isn’t just a tick-box exercise, it will genuinely help you work out how your business will make a profit and how you can earn from it.
Your business plan will include operating expenses, cost of sales (materials and any other outgoings to allow you to produce or provide services) sales projections (working out how long it will take before your business attracts sales and what income that will bring for your business). It will also include salary – you need to be able to earn from your business (even if that doesn’t happen immediately).
We have lots of information about various aspects of money for your business. This includes minimising costs through what’s known as ‘bootstrapping’, getting a financial boost through crowdfunding, sources of grants, and funding from banks and venture capital. Check it out in our Finance section here.