Sometimes it’s difficult to know where to begin in creating a budget when you have no prior experience from which to draw. I recall my first year in business I did not have a budget and it hurt my business and personal finances. I started my business as an extension of my career and I jumped in with both feet. After a few months of I realized I needed help. I used LinkedIn Groups to ask for accountant referrals and it led me to visiting a local entrepreneur group of women. From there I found my accountant, along with a source of financial and business advisors.  

Some suggestions for resources when trying to project your first year of business follow:

• Contact financial advisors, accountants, or bankers in the community who work with businesses of your type; who might have some insight into what you can expect in your first year.
• Try to meet with other members of your profession, through professional societies, local business clubs, or direct contact with owners of similar companies, and explain that you are looking for guidance and helpful hints about determining the financial expectations of a company such as yours.
• Use the library to research your field.
• Draw on your own understanding of the industry or profession and that of the people who work with you. Your company might be new, but you have knowledge of the business. Sometimes a gut feeling based on experience and wisdom provides the best guidance.

Or, feel free to contact me and I would be happy to provide you with some resourceful individuals that I conduct business with and have relations with in the industry.

Article Resources:

In-depth article to get you thinking of all the components. http://www.inc.com/encyclopedia/businessbudget.html

Instant worksheet for calculating your small business start-up and first year budget. http://www.businessownersideacafe.com/financing/budget_calculator.html

In the startup phase, you’ll have to make reasonable assumptions about your business in establishing your budget and ask some hard questions. http://www.entrepreneur.com/encyclopedia/budgeting