Topic 3 – Finances and Funding
There are certain financial elements that should always be considered when endeavoring to start a business. But how do you determine these finances? In the link below, the author discusses some of the factors you should consider as part of start-up costs;
https://www.sba.gov/business-guide/plan-your-business/calculate-your-startup-costs
The next step would be funding, the types of funding, understanding the benefits and consequences of each type as well as what other options you can consider. Click on the link for more insight;
https://www.sba.gov/business-guide/plan-your-business/fund-your-business
It’s at this point where you would need to be realistic and completely honest with yourself, identifying the true value of your product, its costs and expenses will help you construct a solid financial plan and be accurate when requesting funding assistance or even calculating profits.