Lab discussion

discussion

Better understanding how the basic financial statements relate and inform one another helps you to better understand your business and keep better track of how the business is faring and anticipate resource needs.

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Topic: The Relationship Between Financial Statements and Funding Needs

  • Given your projected opening cash needs, will you need funding? Think about your credit rating. Do you have adequate credit and assets to qualify for funding? If not, are there co-signers available?
  • If you need funding, how much and what kind will you need? Do not forget to consider your own investments, and well as investments from others. Be sure to read the articles on bootstrapping and franchising.
  • Will you need or can you benefit from a line of credit? If so, how much, and what are your expected interest rates? Why would you select a line of credit over a longer term loan?
  • Will you need funding in your first year (after the startup)? Is your need seasonal? If you will need funding, what will be the likely source(s)?

assignment

You have discussed your initial funding section of your business plan. Now you will apply what would appear to be the most practical and efficient plan for funding your business, including the sources and considerations needed to properly finance your start-up. You also consider safeguarding your financial future and those of your stakeholders in funding your business.

Complete the uses and sources of funds section of LivePlan:

Checklist:

  • Outline your uses of funds section. Even if you bootstrap, please include the uses of the money you and/or others will invest.
  • Outline the sources for your funding. These sources may include credit cards, personal loans, use of retirement savings, family funds, outside investors (angel, venture, crowdsourcing), and banks.

Download your Lab assignment in a Word document (not a PDF) and submit it to the Unit 9 Lab assignment Dropbox.

Consult the Unit 9 Team Discussion grading rubric from the spreadsheet downloaded in Units 1–3.

Assignment 2: Recorded Elevator Pitch

You will record your elevator pitch and upload it to the discussion board in Unit 10 by Friday night of week 10. Assure the elevator pitch is no longer than 60 seconds, and use the “Pitch” on LivePlan to help determine its contents. Attach it as a .WAV file or record it using any program such as Audacity®, QuickTime®, or Jing®.

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