Salon_Savvy

1. Salon Savvy (Hair by Sayvia) 2. Sole proprietorship, Selected because I want to be in business for myself as it has been a lifelong dream. 3. Full service hair salon. 4. Lenders 5. Of course business start ups can succeed and expand even with management and accounting basics, however learning these yourself now will help you understand your own business better and allow you to take on other challenges as you can be safe in the knowledge that your business can run with your strong ideas and good business account structure. Accounting is important as it is that discipline that is used to calculate the net profit, the target end result of every commercial enterprise.The cash outlay at the beginning can be invested either by you or by potential investors prepared to support the entrepreneurial venture with hard cash. Any investors may judge the worthiness and value of their investment on accounting basics and the management business plans in place so it is certainly a very important factor to consider when planning your business, where you will trade from and how you will progress and expand. A detailed business plan is an important first stepping stone for a new start up business.Not only choosing the best accounts packages at the start, but choosing good entrepreneurial advice and using those as a basis for success in the future will help your business grow and also ensure that you have tight control over the accounting aspects of your start up business, allowing you to dedicate much more time and commitment to other areas of the business.By placing the correct ideas and using them in business from the start, you will be able to be more adventurous when it comes to ideas in running and expanding your business and potentially allowing you the chance to acquire other business in the future, especially with your newly found knowledge of asset financial records. Financial business accounts are a major benefit to a new start up business in having a detailed business plan in place against which actual progress and financial performance can be monitored. Lack of cash flow liquidity represents the potential biggest risk to a new business start up. Read more: http://www.articlesbase.com/finance-articles/starting-a-home-business-with-a-new-start-up-business-plan-867464.html#ixzz0qbAmpBJ9 Under Creative Commons License: Attribution StartUp Costs Every business is different and has its own specific cash needs at different stages of development; therefore there is no generic method for estimating your startup costs. Some businesses can be started on a shoestring budget, while others may require considerable investment in inventory or equipment. It is vital to know whether you will have enough money to launch your business venture. To determine your startup costs, you must identify all the expenses your business will incur during its startup phase. Some of these expenses will be one-time costs, such as the fee for incorporating your business and the price of a sign for your building. Some expenses will be ongoing, such as the cost of utilities, inventory, insurance, etc. While identifying these costs, decide whether they are essential or optional. A realistic startup budget should only include those elements that are necessary to start the business. These essential expenses can then be divided into two separate categories: fixed (overhead) expenses and variable (related to business sales) expenses. Fixed expenses will include figures like the monthly rent, utilities, and administrative and insurance costs. Variable expenses will include inventory, shipping and packaging costs, sales commissions, and other costs associated with the direct sale of a product or service. The most effective way to calculate your startup costs is to use a worksheet that lists the various categories of costs (both one-time and ongoing) that you will need to estimate prior to starting your business. The following tools will assist you in performing that task