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Start with Estimates

The first step in putting together a start-up business plan is making estimates. Estimate how much money you will need for start-up costs. Calculate your break-even point. Then make some financial plans for your first two years in business.

Start-Up Capital

Start-up capital is the money you need to set up your business. To put it another way, start-up capital is the money you will need to spend before you can open your doors to do business.

Unfortunately, no simple formula can tell you how much start-up capital you will need. The only way to come up with that figure is to list all your expenses. As a start, consider these costs:

If you’re making these estimates only to satisfy your own curiosity, you can make educated guesses. If, however, you are trying to calculate start-up costs for a loan application, guessing can get you into big trouble. Many lenders, especially those associated with the Small Business Administration (SBA) program expect you to know precisely what you will need to purchase and what it will cost to do so. If you’re building anything at all on these numbers, even if it’s just the assurance that you can make a school work financially, don’t cheat yourself. Do the research. Make estimates you can rely on.