Let’s Practice: Start Up Costs

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Instructions

1. You will be required to use the SBA “Startup costs” worksheet to calculate start up costs for either your future business or you can use the mock scenario I provide below. Use this as an opportunity to practice and build your finance skills. The more comfortable you are with numbers the more you will be able to keep a sharp eye over your business.

2. Click here (Links to an external site.) to access the worksheet and proceed to fill it out.Or follow the directions below.

Follow these directions for how to access the worksheet:

A. Go to sba.gov (Links to an external site.)Links to an external site.

B. Once on the site, scroll over the “Business Guide” tab.

C. Under the “Plan your business” heading you will see the “Calculate your startup costs” option. Click on it.

D. Proceed to fill out the “Calculate your startup costs” worksheet. Keep in mind, you can change the expense categories or add new ones if necessary. Also, for this exercise you will only need to fill out the “Budget” column unless of course you have the “Actual” costs. Some of you might be filling out this worksheet for a business you have already started so please feel free to fill out both columns.

E. Once completed, make sure to save it to your computer.

3. Submit the completed worksheet

MOCK SCENARIO:

Although I recommend you use your own business idea to complete this assignment, you also have the option of using the following mock scenario provided below.

Marc has been working too hard as a teacher. He feels that it is time for him to take his life experience to a new level. He has decided that he wants to start his own hotel. Marc is creative and came up with a great name…….

Marc needs you help. He has to calculate the amount of capital (start up costs) that he will need to operate for his first year. Consider the cost of setting up and operating a small guest house. Produce a report on your findings.

Key things to consider:
Start up Capital costs. eg. Building, beds, chairs, sheets… ect
Cash outflows: Staff, electricity, water…ect
Cash inflows: customer purchases, bank loans, Marc’s personal money

Submission Guidelines

You will be submitting your completed worksheet by following the directions below. There are two very specific formatting requirements:

  1. The document you submit must be a .doc, .docx, pdf, excel or jpeg file; (If you use Google docs, you will need to download the file as a Word file, then upload it here.)
  2. The file should be named using the following naming convention: yourlastname_yourfirstname.doc (or .docx)
    For instance, if Jane Smith was completing the assignment, her file name would be smith_jane.doc

https://www.sba.gov/business-guide/plan-your-business/calculate-your-startup-costs

above is a direct link to the assignment.

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