Business essentials: Business budgeting basics

This workshop is for Aboriginal and Torres Strait Islander peoples who require further understanding of financial terminology and who need to learn about managing finances.

The session covers setting up a finance budget and how to establish if a business is financially viable.

This workshop is targeted for people who already have a one-page business plan and marketing plan.

Topics covered include:

• developing sample financial budgets by identifying start-up fund requirements
• projecting sales
• setting realistic projections
• phasing sales in the first year
• identifying operational expenses of the business
• calculating what profit the business will make
• preparing some sensitivity analysis
• identifying break even point.

After completing this workshop, you will be equipped with budgeting tools to develop your finance budget to run and manage your business.