I currently just make cakes and treats on the side for friends and family and their various events and just did things on a donation basis just because I enjoyed doing them. I'm also taking some college classes and one of them they had us come up with a venture and are having us simulate through what it'd be like to set it up. So I figured this would be interesting but none of the small business confectioneries around here seem to be all that friendly in discussing anything about their financial records which I can understand but I do need to know some of this for my assignment. Any input is helpful since I've most this filled out but I'm curious how far off my numbers are for a business based in Michigan.
Keep in mind this is to be run from a storefront and not from a household.
Thank you.
Capital Investments
Amount
Property
Furniture and fixtures
Computer equipment
Other equipment
Vehicles
Operating Expenses
Amount
Legal, accounting, and professional services
Advertising and promotions
Deposits for utilities
Licenses and permits
Prepaid insurance
Lease payments
Salary and wages
Payroll taxes
Travel
Signs
Tools and supplies
Starting inventory
Cash (working capital)
Other expense 1
Other expense 2
Total Startup Cash Needed =
Annual
Sales
Estimate of Proposed Venture’s
Annual Sales—Year 1
Estimate of Year 1 Sales __________
Summary: How proposed annual sales, on average, compares to similar firms (circle one)
Below
Average
Average Above Average
Estimate of Year 2 Sales __________
Summary: How proposed annual sales, on average, compares to similar firms (circle one)
Below
Average
Average Above Average
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