This week, I’m focusing my attention on financials. I’m going to create a personal budget and what I estimate it will take to run this company for the first 3 years. Obviously, I don’t have enough information to be too accurate with this. However, it is good to have a starting point.
Week 1 – Personal
Last week, I focused on the personal, emotional, and mental preparation that starting a business requires. My Homework was as follows, and I completed all of it:
- Answer why I want to start this business.
- List my 1, 2, 3, 5, 10, and 20 year personal goals.
- Make a list of my support systems I have in place.
- Send a personalized letter to those in my support system.
- Write a list of my personal values.
- Create my definition of success based on my goals and previous answers.
Click any of the links for anything you’ve missed or want a refresher on.
Week 2 – Financials
This week, I have less emotional homework. That’s good because some of those assignments I gave myself require some emotional digging. The letters to my support structure were especially meaningful to me.
I promised financial disclosures and transparency with this company, and I still intend to keep that promise. However, I’ve decided it is best if I keep my wife and my personal incomes private. I’ve decided they feel like private things to me. I will say that combined, our incomes are under $100,000 but greater than $50,000.
So far, things are moving right along, so I don’t need to modify the homework I gave myself in the original timeline.
- List my personal expenses.
- List my sources of personal income.
- Make and month-by-month individual budget for the next 3 years.
- Write down the estimated costs of running this business for 3 years.
- Using my personal budget as a guide, make a budget for the business for 3 years.
I’ll be completing these throughout the week, so check back often!