Based on the work you have done over the past several weeks as well as any adjustment you’d like to make at this time, type your completed financial plan or attach a file below. You can use the hypothetical financial plan for Stephanie Spratt as a reference, but your plan must be about you, and ideally will contain much more detail than is contained in Stephanie’s plan. The more seriously you consider and develop each area of the plan, the better prepared you will be to make realistic changes as circumstances change. Our textbook states the following near the end of chapter 21:

Your plan must address each of these categories:

1. Plan for Budgeting, including a statement of your goals

2. Plan for Managing Liquidity

3. Plan for Financing

4. Plan providing Insurance

5. Plan for Investing

6. Plan for Retirement

7. Estate Plan (Note: do not disclose the names of people who will receive your assets upon your death, just address the issues that were raised in the previous assignments for estate planning).

Answer preview

Having robust financial plans is essential when starting a business. Loans will form a large percentage of the capital for starting the business. Several lenders can lend me the money to start my business. I have done due diligence to ensure that the lenders I will approach are credible and that they are not scammers. Another source of financing is borrowing from relatives (Inc, 2010). After creating my business plan, I will approach my relatives and friends and request their financial support to start the company. However, I will inform them that losing money is the same as the chances of making profits, which prepares them for any outcome. 

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