9/16/2021 Tip: It’s Time To Calculate

Today’s Quote

“Don’t be afraid to give up the good to go for the great.”
~ John D. Rockefeller


Today’s Tip

Over the last 2 days I talked to you about conducting research and strategizing in order to create a great business plan.

Next you need to calculate.

All of your strategic choices will have costs and (hopefully) lead to significant revenues. 

Sketch out your financial projections by looking at whether you can expect revenues to cover all costs and leave room for profit in the long run. 

Assess your financial assumptions and startup costs into a financial model that generates a first year cash flow statement for you, giving you the best sense of the cash you will need on hand to fund your early operations.

Likewise see if you’ll need additional funding in the future and determine what milestones you’ll need to accomplish to be ready and eligible for additional funding rounds.


Today’s Resource

The Fastest Way to Finish Your Business Plan

Looking for a faster way to finish your business plan?

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  • Build the company of your dreams

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Today’s Question: What was sold in the Burpee mail-order catalog when it was introduced by 17-year old Washington Atlee Burpee in 1876?

Previous Question: What was unusual about the Sexto-Auto manufactured by the Reeves Manufacturing Company of Columbus, Indiana, in 1912?

Previous Answer: It had six wheels.

The vehicle had two wheels in front and four in the rear.  The same company previously had manufactured the eight-wheel Octo-auto.

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