How to Start a Business: Figuring out Financials for Business Plan
With the school semester officially ending today at Berkeley College, I Decided to sit down and write out some ideas for what the goals for MBNY Media, Inc. will be for the next 12 months, financially.
Editors Note: It is imperative that we note, I also paid school tuition out of pocket today. So I'm even more compelled to figure out my numbers, so this business can pay for my education.
The weakest part of the business plan, which you can read here: how to start a business, was my financial projections were weak. So giving it some thought today while packing up. I'll start with the 5 year end goal and work down towards this current first year and the specific projection towards the revenue goal.
5th Year: $180k
4th year: $144k
3rd Year: $108k
2nd Year: $72k
1st year: $36k
Source $1k worth of media inventory per month
Attain 400 media items in inventory
Average media price of $30
Sell through rate of 25%
About 270 media items sourced per month
68 media items per week
10 items per day (7 days a week)
14 items per day (5 days a week)