Ch. 17.1 Activity Create a Financial Plan for a New Business! 10 points Working with a partner, you will go through the steps and processes of developing your own financial plan for a business. First, you must think of a concept for a business and describe it (business summary) in the space below. Use descriptive terms from class, such as sole proprietorship, partnership, service, goods, brick-­‐
and-­‐mortar, etc. You may need to look back at your notes from the previous chapters. Include, and underline, 7 descriptive terms in your business summary. You may need to do research about the type of business you decide to start, in order to determine expenses, assets, and capital that would be appropriate and realistic for that type of business. It must be completed before you leave class today. Business Summary – Identify Specific Assets Needed for the Business Determine Specific Start-­‐up Capital Needed Where will you get the capital? Be specific! Describe Your Start-­‐up and Operating Expenses Explain Your Financial Record Management Who will maintain the financial records and why? Be specific! Forecasting Future Finances Research the industry in which your business would be categorized. What is the economic condition of this industry? Based on that information, where do you think your business will be financially in 3 years? Base your explanation on the research you just conducted. Include a source. Describe Growth