Variable costs may include equipment and materials, labor, wages for all employees, employee benefits, training expenses, travel expenditures, and so on. Fixed costs usually include rent, insurance, licenses, and more to operate your business. Make a calculation of all the fixed and variable costs needed for your business operations.

Make sure to set realistic projections of your revenue not just for the current year but for the future as well. Calculate these and take into account the varying times of the year, the factoring-in of holidays, office closures, and even the seasonal lulls and booms.

You should have an idea of the sales and consequent profits you can potentially make. Come up with an estimation of sales goals and profit goals.If you were still in the process of starting a business, search for any financial information on businesses similar to your own and use this information as your guideline. If you already have a well-established and secure business, collect all historical data that you have accumulated over the years. Whichever method you prefer, there are some basic steps to follow: If you’re constrained by time, you can always opt to download a business expense spreadsheet and then customize it accordingly. This can help you in calculating expenses, profits, and revenues. Using a business budget template can make life easier for you when creating an initial budget for your business. Preparing for and using your business budget template

Personal budget template excel