Starting a Business: Lesson 11
Analyzing Your Personal Finances Before Starting A Business
NaShawn Branch, DBA, Executive Director of Tennessee Small Business Development Center at Southwest Tennessee Community College, will be discussing personal finance statements.
Topics:
- What is a Personal Financial Statement
- Examples of Assets and Liabilities
- Personal Financial Statement Tips for Obtaining a Business Loan
Test Your Knowledge
To receive credit for taking this course through TSBDC, watch the video and take the quiz that will appear below to demonstrate your knowledge.
Video Lesson Topics
- 0:26
- What is a Personal Financial Statement
A personal financial statement is a snapshot of your assets. The equation for a personal financial statement is: assets – liabilities = personal net worth.
- 0:36
- Examples of Assets and Liabilities
Assets would include: cash, savings account, retirement account, account receivables, life insurance (including cash surrender value), stock and bonds, real estate, and automobiles at their market values.
Liabilities would include: accounts payable, notes payable, residential mortgage balance, investment mortgage balance, installment loans, unpaid taxes, etc.
- 1:15
- Personal Financial Statement Tips for Obtaining a Business Loan
- Complete a personal financial statement for each person in the business.
- Order a credit report from three different credit bureaus.
- Be able to explain any negative credit report findings.
- An example of a personal financial statement form can be found at: www.tsbdc.com
Topics & Lessons
Each Below Topic Contains a Video Lesson and Helpful Downloadable Information
What Problem am I Solving and Who am I Solving it For?
The Planning Process and Planning Tools
Setting Goals
Legal Structure
What It Takes to Be Successful
Funding Options for Starting Your Business
The Realities of Grant Funding
Partnership and Operating Agreements
B Corp Certification
Is Starting a Business Right for You?
Analyzing Your Personal Finances Before Starting A Business
Want to learn more about how this topic relates to your business?
Schedule a meeting with one of our consultants! All counseling sessions offered by the TSBDC are no-cost and provided by our staff of professional business consultants.
End of Chapter
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