Your Financial plan for 2023
Attached to this page is a downloadable resource for you to use all the information you've got to make your 2023 business plan.
If you are on a Mentoring plan with me, now is the time to make a one to one appointment.
Let's just recap the information you'll need to fill it all out
First - How much money do you want to make? A lot of business plans start from what you're going to sell and work the other way, but I like to put a figure here to start with.
For the last few years, this has been my calculation
The amount I need to pay my son's school fees (my motivation for working as hard as possible) - plus
My "Salary" that i pay myself each month, which is my share of the mortgage/ bills - plus
Tax and NI on the amounts above - plus
My costs and expenses
Yours might be (made up figures to illustrate what i mean)
The amount needed for your share of the household bills (£1000 per month = £12,000) plus
The amount you'd like for you (£100 per month, = £1200) plus
Tax and NI on the amounts above (an average of 30% of everything over the tax free allowance = £900) plus
Your costs and expenses (£16,000 -i'm guessing that from my expenses)
Means you will need a Turnover of just over £30,000
Next - Who are your ideal customers? If you are selling to more than one type of customer how much of your sales are going to be to each, and what price point is that going to be at?
If you choose to sell to retail and florist customers, as your ideal customers, this might be the split in your sales.
DIY Brides -average spend £250
Florists - average spend £45
and local bouquet sales / subscription buckets -average spend £40
If you work out (or guesstimate) what % of your takings each type of customer is going to be, then you know how many customers you need.
You can then add your cost estimates, to complete your plan.
I've completed a plan below, for you to see an example using the figures above.
Does it look feasible? Could you think about selling that many bouquets each week? Would between 2 and 3 DIY brides a week be possible?. Do you know 11 or 12 florists that would buy from you each week?