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:

Video Lesson Topics

- 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.

- 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.

- 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

2:25

What Problem am I Solving and Who am I Solving it For?

2:03

The Planning Process and Planning Tools

7:13

Setting Goals

13:30

Legal Structure

9:38

What It Takes to Be Successful

10:18

Funding Options for Starting Your Business

4:05

The Realities of Grant Funding

21:51

Partnership and Operating Agreements

6:20

B Corp Certification

6:01

Is Starting a Business Right for You?

2:14

Analyzing Your Personal Finances Before Starting A Business

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