In order to create a financial plan, you need to analyze the main components of your business and make assumptions about cash flow. You also need to determine the biggest costs and where to cut them. You should also research your competition. This will help you determine where to focus your efforts and how much money you will need to attract from investors and sales.
After you have finished the planning process, you can start implementing your plan. You may need to tweak your plan as your financial situation changes. Your plan should be flexible and dynamic, as your goals might change throughout the course of your life. Identifying your goals will help you determine how to begin implementing your plan. Think about your short-term and long-term goals. For example, you may want to pay off your student loans, buy a new car, or put down a down payment on a home. These will be the motivational force behind your financial plan.
Once you have your plan in place, revisit it annually to make adjustments. Ensure that your plan is current and reflects your current circumstances.
