How Do I Financially Plan to Start My Business?

Explicit

In this episode, John and Scott dive deep into the crucial topic of financial planning for small business owners and entrepreneurs. They break down the essential steps of calculating startup costs, understanding monthly cash burn, and building a realistic pro forma to project revenue, expenses, and profitability. Drawing from personal stories and decades of experience, they highlight the importance of conservative planning, preparing for unexpected expenses, and the value of having sufficient operating capital. The hosts also discuss common pitfalls, such as underestimating costs and being overly optimistic, and share practical advice on budgeting for both business and personal needs. Whether you're just starting out or looking to strengthen your business foundation, this episode offers actionable insights to help you plan for long-term success.