About this lesson
You need a clear idea of how much money you will need to get started and how much you will be able to make. This lesson will show you how to assess various situations using financial templates you can download.
How much does it cost?
All related online training is fully funded by SCORE. There is no cost to you to access and use these lessons.
Why you should do it
You need to know earlier rather than later if you can afford to start your business. This lesson will give you a clearer idea of how much money you are going to need. Then you can work out how much you do not yet have, and how long it will take you to gather the funds required. It will help prevent you from starting too early—being undercapitalized is one of the main reasons people fail in their first few years.
Who should complete it
People who have a business idea and wish to move to the next stage of determining if they can afford to start.
What you will end up with
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An estimate of how much money you will need to start your business, plus some useful templates to calculate your specific funding requirements.
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A revenue calculation Excel template for hospitality businesses.
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A revenue calculation Excel template for retail or service businesses.
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A template to conduct an initial feasibility study on your idea, set-up costs, and profitability.
This lesson includes some on screen calculators to help you assess some of the concepts. Note that the data you enter in these calculators are not saved for future sessions. You can download and use the templates in this lesson if you would like to retain your calculations.