T-Shirt Forums banner
1 - 6 of 6 Posts

· Registered
Joined
·
353 Posts
Discussion Starter · #1 ·
So I ended up getting the business plan pro program to help me with my business plan. So far I have done a bunch of research on business planning, but there is one road I always seem to come to with no answer. Everything I read talks about financial stuff (obviously) and that is the area that I am a little sketchy in...

Right now I am planning on starting the business by doing DTG fulfillment orders. I want to start an online store with the intent on having my items sold online as well as in certain stores. Regardless, until things get going, I will have little expenses and presumably little profits.

Now, all of the things I have read have had a section for goals and the examples goals are always something like $500k in sales and $70k in net profit, blah, blah, blah. My problem is that I know I won't be getting that my first year out, in fact I am setting up my company so that I will not be dependent on making any sales. Of course I want to grow into the next big thing, but I am not planning on diving into this feet first without testing the waters.

I guess my question is this- All the sites and advisers say i need to set measurable financial goals. How do I do that if I am totally uncertain what my achievements will be? Should I just hold off on that part until I've got 6 months under my belt so that I can then set measurable goals that I know I can achieve?

It's just hard when you don't really have industry experience.
 

· Registered
Joined
·
15 Posts
I think a person should always set goals. If you don't know where you're going; how are you ever going to get there? If you are struggling with developing this portion of the business plan, try writing out a simple goal sheet. I am currently crafting (slowly) my business plan, but did not even start until I wrote out a goal sheet. This is also something that I do in my personal life, separate from the business.

I started out with where I want to be in 10 years and worked my way backwards from there. I went back to five years... then three, two, one, six months, and first quarter. Once I had that set out, it was easier for me to project a reasonable route of where I need to be in my first year. This is something I learned from my father who has started three businesses. Two of which he sold for more than $10 million to national companies. He told me that my sights are never set to high. Your goals can always be adjusted as you progress.

Good luck to you!
 

· Registered
Joined
·
2 Posts
Your financial goals in your business plan should be reasonable but not so low that you aren't going to be making any money. Try and establish what your fixed expenses are going to be for the first six months of you business. Then estimate how many units you need to sell in order to cover all your expenses. From there you can decide how much more or less to set your goals for each quarter during the first year.

Have you established when your break even point will be? Do you want to be profitable at the end of year one or the end of year three? Just remember that your business plan should not be written in stone and can and should change as you grow your business. Its more of a guide than an outline for the business and can change at any time. hope this helps.
 

· Registered
Joined
·
141 Posts
Go to your local SBA office. If they have a small business development center, ask for help. They can help you pull together every piece of that business plan (especially the financials). They won't do it for you, but they can walk you through the process.
 

· Registered
Joined
·
3 Posts
i think it is a perfect idea given by Treegod coz until u have a path u have been passing then u can know which path to follow back 10years helps determine the potential and capability u have to go forward for the next 10years by then you will know where to slow down and where to put more effort or speed up .
finance is a very critical issue in business if mishandled or not keen with it it important to note money spend on establishment of business, cash used in marketing,cash used in learning the business and money used to entertain the clients which should be well minimized

sell your products or give a price to your product or service after you have calculated all your expense and then give a margin which is your profit
 
1 - 6 of 6 Posts
This is an older thread, you may not receive a response, and could be reviving an old thread. Please consider creating a new thread.
Top