Finance Solutions for Small Home Based Business Start Up Success

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Explore the Finance Small Business Basic and key components. Are you learning and doing the finance basics required to enjoy success and avoid failure in your small home based business?

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Finance Solutions for Small Home Based Business Start Up Success

  1. 2. Finance is responsible for the availability of funds. Survival and growth require funds. Remember profit comes after debt service and the wages you pay yourself. <ul><li>ENTITY </li></ul><ul><li>STATEMENTS </li></ul><ul><li>BUDGET </li></ul><ul><li>CASHFLOW </li></ul>FINANCE Application of Funds
  2. 3. Choose your form of business and the people you involve carefully. Mistakes are easy to make and hard to correct. Entity Advantageous Form of Business <ul><li>Decide on how you want to handle entity demands. </li></ul><ul><li>Rate the requirements of each type of entity. </li></ul><ul><li>Select the entity that best supports your objectives. </li></ul>
  3. 4. Read and use them. Don't just receive them. The most expensive statements are the ones you don't use. <ul><li>Maintain a complete set of statements. </li></ul><ul><li>Review and compare statements. </li></ul><ul><li>Plan the future knowing the past. </li></ul>Statements Historical Record of Profitability
  4. 5. Plan ahead so you don't get behind. A budget is a road map to profit. Without one you may get lost . <ul><li>Develop projections from past numbers. </li></ul><ul><li>Live within your budget or know the reason why. </li></ul><ul><li>Adjust accordingly. </li></ul>Budget Historical Record of Profitability
  5. 6. You can't always be right. Track the flow of your money, understand mistakes, adjust accordingly. <ul><li>Analyze cashflow. </li></ul><ul><li>Review income sources and use of funds and credit. </li></ul><ul><li>Develop funding sources in advance. </li></ul>Cashflow Timely Use of Money
  6. 7. Small Home Based Business Avoid Failure – Enjoy Success Offered by a major electric utility to over 29,000 small business customers, immediately available to ensure your small home based business success. The Profit Puzzle www.profitpuzzle.com

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