Overview
week 5 discussion Respond to the following in a minimum of 175 words:
- Why is creating a long-term funding plan important to success in business?
- Do you think the 3 stages of business development need different types of funding? Why or why not?
- What are some of the items you might need to fund in stage 2 of your business development that may be different than items in stage 3?
- Assuming you are going to start the new business you are contemplating, which stage of business development do you think will be the most expensive for you to fund, and why? w
week 5 assignment. (Here is my business a Local Gym Business)
week you learned about 4 types of operating budgets. The type you use depends on the nature of your organization and the goals you are pursuing.
IMPORTANT -- please read all of the following instructions before completing and submitting the paper (especially the "cite" paragraph).
Prepare a 2- to 4-page initial operating budget and financial plan for your business. Address the following in your plan:
- Describe your business’ products or services and the individual items you may need funding for.
- Create an operating budget of the key components for your business in the first year, which may include items like raw materials, sales, labor, etc. Include an explanation of key components of your operating budget, briefly and as needed, and include the following considerations for possible changes to the operating budget:
- Explain the type of operating budget to use if your major objective for the year is to significantly improve the value you are providing for your customers, employees, and stakeholders.
- Explain the type of operating budget you will use if your organization needs major restructuring based on a new direction you are pursuing.
- Assess the relationship between an operating budget and a financial statement. Explain how your operating budget informs your projections.
- Estimate the amount of money you will need for the individual items required for launching your product or service. Determine where you will acquire this funding.
- Estimate funding required to stabilize your company and prove your business model in Stage 2 of business development.
- Estimate funding needs as your company grows and you become ready to scale and expand your business (new equipment, new locations, more employees, new products, etc.) in Stage 3 of business development.
- Determine where you will acquire the total amount of funding identified in this assessment; include the funding sources and possible terms and conditions for the funds.
Note -- Each of the above 9 bullet point requirements must have their own sub-heading within the paper. The paper is preferred to be submitted via an MS Word document with a cover page and reference page (No PDF files if possible).
Cite a minimum of three references with in-text citations. Note the following regarding written paper assignments:
It should not have to be re-stated but remember ALL written paper assignments are required to have a cover page and a reference page (not to be included in the minimum page requirement) AND citations in the body of the text representing all references. A paper with no references OR no citations could be considered a form of plagiarism and might result in zero points. Also remember, in-text citations are not just for quoted material.
Format your paper according to APA guidelines. (an example of an APA format and Style paper was posted in the week 1 discussion area)