Part 4: Financial Analysis and Projections
Financial analysis and projections involve doing the following:
- Pricing: Establish a price for product or service and describe the fulfillment strategy.
- Estimate financial costs for raw materials, salaries, rent, equipment
- Estimate time for product production
- Make sales/revenues, income projections
- Analyze cash flow, balance statements
- Have sufficient savings to cover a year’s worth of costs, while raising money. If using a loan, include a plan to re-pay it.
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This is where a challenge goes (needed?)
- Note that product sectors differ in product-development costs and time.
- Pros and cons of using an accelerator – advantages include connections, advice, acceleration of time to market; disadvantages – loss of control in decision-making.
- Find an incubator hub that will better support your small business by joining forces with other small businesses, rather than setting up your own laboratory.
- Operate your office virtually at first to reduce costs.