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Personal Balance Sheet Worksheet

By filling out a personal balance sheet, you will be able to determine your net worth – your first step to funding your business.

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Personal balance and finances

Personal Balance Sheet Worksheet

Byfilling out a personal balance sheet, you will be able to determineyour net worth – your first step to funding your business:

Instructions:

  • Complete the Asset Analysis
  • Then fill out the Liabilities Analysis
  • Use the formula below to determine your degree of debt
Personal Balance Sheet Worksheet

Assets Analysis
Assets Detail Totals
Cash, Cheque and
Marketable Securities
Non-Marketable
Real Estate/Home
Partial Interest in Real
Vehicles
Personal Property
Personal Loans
Insurance Cash Values
Other
Total Assets A

Liabilities Analysis

Liabilities Details Totals
Secured Loans
Unsecured Loans
Credit Card/ Charge
Personal Debts
Current Monthly
Real Estate
Unpaid Income Tax
Other Unpaid Taxes
Other Itemised
Total Liabilities B
Net Worth (A-B=C) C
Total Liabilities & Net Worth D

Degree of Debt Analysis
If total liabilities exceed total assets, subtract assets from liabilities to determine degree of debt (B – A = E)

Total Liabilities B
TOTAL ASSETS A
DEGREE OF DEBT E

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Worksheets

Conduct a Personal Evaluation

Thinking of starting a business, but not sure which path to follow. Take a few minutes to do a personal evaluation of your goals and resources.

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ConductPersonalEvaluation

Take a few minutes to do a personal inventory of your goals and resources. Think about what it is that really lights your fire. Passion is a driving force in our lives, and that’s never as true as in business ownership. If you have a passion for your work, it’ll carry you far.

If you need help assembling this personal evaluation information, sit down with a trusted friend, an advisor, your spouse or someone you know with business experience, and outline your resources, strengths and weaknesses, as well as your financial resources. Talk through the concept and listen carefully. You need a reality check here. Don’t necessarily accept what you hear, but take it into account.

  1. What type of business activities play to your strengths?
  2. Can your advisor see you pursuing a certain type of business?
  3. Would you be better suited for a business-to-business sales situation or a retail setup?
  4. Are you good with people, a good public speaker?
  5. Are you detail-oriented?
  6. Can you afford to run a business?
  7. Can you afford to fail?
  8. What’s your level of risk tolerance?

This information will be very helpful when you start to narrow your business search. By maintaining a clear focus on your fundamental interests, you won’t be pulled off-track by the distractions you encounter during your quest.

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Worksheets

Start-Up Costs Worksheet

The following two worksheets will help you to compute the initial cash requirements for your business.

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Calculate startup costs

Start-Up Costs Worksheet:

Instructions

  • These two worksheets list the things you need to consider whendetermining your start-up costs.
  • The first worksheets includes the one-time initialcosts needed to open your doors.
  • The second worksheet covers ongoing costs you’ll face eachmonth.

Capital Requirements: One-Off Start-Up Expenses

Start-up Expenses Amount
Description
Advertising Promotion for opening the business
Starting inventory Amount of inventory required to open
Building construction Amount per contractor quote and other
Cash Amount needed for the cash register
Decorating Estimate based on quote if appropriate
Deposits Check with utility companies
Fixtures and equipment Use actual quotes
Insurance Quote from insurance agent
Lease payments Fee to be paid before opening
Licenses and permits Check with city or municipal offices
Miscellaneous All other
Professional fees Include CPA, attorney, etc.
Remodeling Use contractor quotes
Rent Fee to be paid before opening
Services Cleaning, accounting, etc.
Signs Use contractor quotes
Supplies Office, cleaning, etc. supplies
Unanticipated expenses Include an amount for the unexpected
Other
Other
Other
Total Start-up Costs Amount of costs before opening

Capital Requirements: Ongoing Monthly Expenses

Start-Up Expenses Amount Description
Advertising
Bank service fees
Credit card charges
Delivery fees
Dues and subscriptions
Health insurance Exclude amount on preceding page
Insurance Exclude amount on preceding page
Interest
Inventory**
Lease payments Exclude amount on preceding page
Loan payments Principal and interest payments
Office expenses Payroll other than owner
Payroll taxes
Professional fees
Rent Exclude amount on preceding page
Repairs and maintenance
Sales tax
Supplies
Telephone
Utilities
Your Salary If applicable for first three months
Other
Total Ongoing Costs
Total Start-up Costs Amount from preceding table
Total Cash Needed

*Include the first three months’ cash needs unless otherwise noted.
**Include amount required for inventory expansion.

If inventory is to be replaced from cash sales, do not include here. Assume sales will generate enough cash for replacements.

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Worksheets

Mission Statement Worksheet

To develop an effective mission statement, ask yourself these three questions:

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Mission Statement Worksheet:

Are you starting a new business?
If so, you’ll have to develop an effective mission statement.

Instructions:

To do so, work through these steps:

1. Why does our company exist? Who do we serve? What is our purpose?

2. What are our strengths, weaknesses, opportunities and threats?

3. List three ideas based on your special niche (e.g. affordablechildren’s special occasion clothes, exclusive designs for the smallrestauranteur, aromatherapy for the office environment):

4. What is important to us? What do we stand for?

Now that you’ve answered those questions, you are ready to write your own mission statement.

Use the area below:

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