Business Plans Kit for Dummies by Barbara Findlay Schenck & Peter Jaret

Author:Barbara Findlay Schenck & Peter Jaret
Language: eng
Format: mobi
ISBN: 9781119245711
Publisher: Wiley
Published: 2016-05-31T00:00:00+00:00

Now it’s your turn: Creating your income statement

To develop an income statement for your business, use the template provided on Form 9-1 at www.dummies.com/go/businessplanskit (which looks just like Figure 9-1 except all the entries are blank). If your business isn’t up and running yet, use the template to project what you expect in terms of revenues and expenses. Doing so serves as a good basis when you prepare your new business budget.

More and more companies use accounting or financial software, such as Quickbooks, which makes the task much easier and can even link directly to your bank accounts. If you use accounting software, you can skip Form 9-1. But we encourage you to print your most recent income statement and carefully look it over. Make sure you understand each entry and that your overall financial picture makes sense to you.

Your income statement is an essential part of your written business plan. If your venture is up and running, include statements for the last year or two for comparison purposes. Also include income statement projections — whether yours is an existing business or a start-up. Show your income plans for a year or two, or even up to five years into the future. Refer to the “Forecasting and Budgeting” section near the end of this chapter for more information.

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