Working out your numbers from the beginning is very important. Note that they are just forecasts and can be reviewed, but it is necessary that the time is taken to sit down and work these out as ear
ly on in the start-up phase as possible.
The purpose of these workings is to provide an estimate of what the likely profits are to be from the business. When seeking finance from an investor or funding institution, it is necessary that these figures are available. It will not be clear otherwise how much finance is going to be needed to get started and what form the financing can take.
This module is aimed at those starting up a small/medium sized food business in Ireland.
The key aim of this module is that on using it, you will as a minimum:
- Have a clear understanding of the financial information required to make relevant decisions when setting up in business and how to go about compiling this information
- Understand how to approach the issue of financing for the business
- Understand what key taxation and legal issues must be addressed when setting up
This module is not a substitute for professional financial advice and must not be treated as such. It is intended as a ‘first-look’ or introduction to financial requirements for a start-up business in the food sector.