Whenever you plan of starting a new business, you need a good business plan. A business plan is written to structure your business concepts and ideas into paper so that it becomes easy for investors or banks to understand and finance your needs.
Business Overview- This section will cover the objectives, mission and vision of the business. The goals of the business should be properly outlined in this section.
Starting a woodworking business can be a highly profitable enterprise with a lot of flexibility however it is important that you plan it carefully. Having a woodworking business plan will allow you to borrow funds from investors or the bank in order to get you started. In this guide you will learn what you need to have in your woodworking business plan.
Financial Plan- This is the most important part of the business plan where you need to show the three year projection of the projected financial statements, including income statements, pro-forma balance sheets, and monthly cash flow and annual cash flow statements which will help in forecasting your revenues and expenses.