Got A Paycheck From My Old Employer After 2 Month Ensure to Start Prepared For Business With Start-Up Capital Estimate

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Ensure to Start Prepared For Business With Start-Up Capital Estimate

Want to start a business? If you do, you must be prepared for all the expenses necessary to set up and operate your business in the first six months. You need to know how much you will need as Start-up Capital. You need to plan properly for the upcoming expenses and Initial Capital Estimate is at this point.

The things that should be included in your Startup Capital Estimates are defined in a Startup Capital Estimate template available with Excel.

Check it out and make sure you have the money to cover all those expenses before you even announce to the world that you’re in business.

This article will discuss the necessary details to include in your Initial Capital Estimates Template and why they are important.

After you read this article, you will be able to clearly understand what you need to spend on, how much you need and estimate the Initial Capital you need before you open your doors to accept business from your clients.

Details required in your Initial Capital Estimate Template

Break your estimates into two sections: Monthly Costs and One-time Costs.

Monthly Charges are as follows:

o Owner-manager salary

You quit your current job to open a business. You don’t need to starve your family while you’re starting out, so you need to earn wages. Estimate your monthly wages according to your needs. You don’t need to estimate your salary too much, which will be difficult to pay for your business. Estimate an amount you are comfortable giving up your day job for and don’t estimate it too low either.

When you have the estimated your monthly salary as a manager, your Initial Capital estimate must be 2 months of this amount at least.

Why two months? You will not have receivables on the first day or even in the first month of operations and thus you have to estimate that only in the third month you will have enough to cover your salary from your business operations.

o Salaries and wages of all employees involved in your operations

Even if you operate a lean organization, there are multiple employees involved in the operation of your business. You must allocate salaries for them from the Start-Up Capital fund. This amount is necessary to be available when wages fall due to ensure that your operation will not be hampered.

o Rent

Rent is a necessary expense. Thus, it is one of the important sections in your Initial Capital Estimate. You will need a place for your business. Even if you will use your home as an office, you need to set up a fund for rent especially if you plan to expand later. Another reason why you should evaluate for a rental is that the IRS will take this into account when taxes come due.

o Provisions

You can never start a business without pen, paper and other office supplies. You must have the fund for it and it needs to be budgeted in your Initial Capital.

o Utilities

Telephone, electricity, water and other utility costs are necessary in your business operations, you need funds for them. As mentioned above, you do not expect to receive money during the first month of operation and thus you must include this estimate in your Initial Capital Estimate.

Other monthly costs considered in the Initial Capital Estimate include the following:

o Delivery costs

o Advertising

o Insurance

o Taxes

o Interests

o Maintenance

o Legal and other professional fees

One-time costs should be included in the Initial Capital Estimate

o Initial Operating Fund

You need to be able to run your business immediately. You cannot wait for the first dollar to come in and thus you must have a fund for these first months of operations.

Another business estimates that stability and receivables come from the first three to six months of operations. If you can prepare an initial operating fund for six months will be better, if not three months can be good enough

o Equipment and Fixtures for your business

If you use your home as an office, you may not need much of it but a table and chair will be necessary. A computer is a must in the modern business community including a printer. You will definitely need funds for them.

o Start Inventory

Do you produce your own products? You have to finance its production. If you buy a finished product for resale, you may still need to buy several to have stock when orders come in. This is a one-time acquisition cost because you can buy more stock as cash comes in.

o License and permits

You will need to operate a legal business and licenses and permits are required. This is a government requirement and you also have to fund it.

Other one-time costs in your Initial Capital Estimate

o Decorating and remodeling your office

o Installation costs

o Depositories with public services

o Legal and other professional fees

o Advertising and promotion for opening

While you have to make an estimate, you should be conservative. Do not estimate too high that you will encounter problems in setting up your Initial Capital, but do not estimate too low that your fund will be short for the first quarter of operations.

You must be clear with the source of estimates as well. The sources of assessment will help you ensure that your operations will be well funded. It is also necessary that your estimates are complete with all expected expenses and sources of estimate especially if you receive investments or apply for a loan for your Start-up Capital.

The Initial Capital Estimates template will help you when you need financing, so you better be clear about your estimates so that approval will be quick, whether getting investments or a loan. This will be helpful to you as the trader or anyone who wants to see your finances.

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