“It can be terrifying to jump into the uncertainty, not knowing whether you will break even. Therefore, it is very important to have financial plans in place regardless of where the funds are coming from.” - Lionel Chia
Finance is one of the most important aspects of a business. Unfortunately, many aspiring business owners are intimidated by the prospect of diving headfirst into a business and are unsure how to plan their finances for it. This podcast gives you a detailed guide on getting a clear idea of preparing for your new business venture financially.
Having a financial plan is the first step to your business, but many aspects go hand in hand. This includes how to finance your business, plan for setbacks, and understand the different types of business costs.
• Aspiring entrepreneurs or business owners
• Mid-career professionals who intend to start a business
• Potential start-up founders with ideas on a product or service
01:00 Importance of forecasting
02:17 Top-down forecasting method
03:22 Bottom-up forecasting method
04:20 Essential elements of a financial model
06:08 Conducting checks and revisiting your financial model
07:00 Key takeaways