Day 17 - Financial Planning for Business

Two days ago you worked out batch costs and determined how much inventory you needed to launch this business, giving you a total dollar amount you need to obtain before you can launch for real. Today you're going to plan out how you might finance the whole thing, being sure to add in the marketing costs incurred by your marketing strategy. Determine how much money you would need to charge per ounce of soap that you sell, and have a sense for how many ounces of soap per bar, how many bars per box, how many boxes per case, how many cases per palette, and how many palettes per truckload.

Once you know all that, you should be in a good position to research loans and grants. Loans typically come from banks, so you'll need to know current interest rates for business loans. Grants, on the other hand, never need to be repaid and thus are preferred if you can qualify for one of them.