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ProjectionHub

Want to Become an Uber Driver? Create Startup Projections First

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Number of Uber DriversThe number of Uber drivers is growing exponentially as seen in the hockey stick graph published by Forbes.  So if you are considering becoming an Uber Driver, you should run some numbers first just to ensure that you understand what you are getting yourself into.

So to help you do this, we have created a couple of financial projection models for Uber Drivers:

  1. Uber Driver that Leases a Car
  2. Uber Driver that Owns a Car

Although according to a report released by Uber, 62% of drivers lease their car from Uber, it is likely that the most common reason a driver might need financial projections is when they are applying for a car loan to purchase a car to drive for Uber.  That being said I am going to show an example financial projection assuming that you own a car or got a loan to purchase your own car.

Step 1 – Choose the “Uber Driver (Own Car)” Option when signing up here.

Step 2 – Add your business information

Step 3 – Add your projected sales – According to a report issued by Uber the average Uber driver in the US could earn $19 per hour.  Obviously this will fluctuate significantly by city and by country, so you will need to try to determine what your hourly rate will be in your city.  You might start by asking some other Uber drivers what they earn per hour.  In this revenue section of ProjectionHub you will want to enter your total sales for the month before any expenses like gas, or car maintenance.  So for this example I am going to assume you are driving full time, 40 hours per week, and earning $19 per hour.  So let’s say you work 50 weeks per year x 40 hours x $19 per hour = $38,000.  That means you earn $3,167 per month before expenses.  In the example I assumed $3,167 as your monthly revenue.

Step 4 – Add projected expenses – Here you will need to add all of your expenses related to driving a car for Uber.  This article provides 16 of the most common expenses for Uber drivers.  I have taken this list and added these expenses to the Uber financial model in ProjectionHub.  Some of the expenses are obvious, you should be able to add on your own, but some of them will take some estimations and calculations.  I have included my assumptions and calculations for several expenses below:

How many miles will you drive per year?  Before we can even calculate some of the costs you need to estimate how many miles you will be driving per year.  According to an Uber Driver from San Francisco, he drives 50,000 miles per year and works 40 to 45 hours per week.  Since we said you only work 40 hours per week in this example, let’s assume that you drive 45,000 miles per year.  This will help us calculate other expenses.

Fuel – Now let’s assume you have a fuel efficient vehicle that gets 30 miles per gallon and let’s assume gas is $3 per gallon in your city.  That means you should budget 45,000 miles / 30 miles per gallon x $3 per gallon = $4,500 per year or $375 per month.

Car Washes –  Let’s assume 1 car wash every other week at $10 per wash which amounts to about $20 per month.

Insurance – Car insurance for an Uber driver is likely a bit higher than for a typical driver.  MetroMile offers insurance for Uber drivers specifically and they charge $40 per month and 5 cents per mile.  So that is an extra $188 per month in addition to the $40 per month for a total insurance cost of $228 per month.

Vehicle Maintenance –  According to Triple A the average maintenance cost of a vehicle per mile is right around 5 cents per mile.  That is $188 per month in this example.

Then of course you will have other general expenses like license and registration, phone, tolls and parking fees, food and drink for passengers etc.

Step 5 – Add Assets – Here is where you need to add your car.  In this example I am assuming that you own the car, or you got a loan to purchase the car.  I have added a $30,000 car that will depreciate to $5,000 over 5 years.  The depreciation expense will be added automatically to your expenses.

Uber Car

Step 6 – Add your Car Loan – Next you will need to add a loan (if you have one) for the car.  In this example I added a $27,000 loan (assuming you put 10% down or $3,000 on the $30,000 car).  In this example I added a new Liability/Loan for $27,000 at 7.5% for 48 months.  Your payments are added automatically to your projections.

The purpose of this post is simply to walk you through the process of creating some projections for your Uber business. Good luck!

Want to Become a Realtor? Create Financial Projections First

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So you want to become a real estate agent?  Before you jump into the world of real estate you should run some basic financial projections to determine whether this is a good career option for you.  Can you really make as much as your filthy rich realtor friends?  We have created a basic financial model for you to utilize here at ProjectionHub.  Using this model I am going to create a basic set of projections for a new realtor that you can use as a model when you create your own projections.

Step 1 – Purchase the the Realtor Financial Model on ProjectionHub – here.

Step 2 – Add your business and ask us if you have any questions! support@projectionhub.com

ProjectionHub Releases v2 of App to Help Entrepreneurs Conquer Financial Projections

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ProjectionHub-Logo-Standard-SmallProjectionHub – An app to create and share realistic financial projections with investors, lenders and partners without the pain of Excel.

INDIANAPOLIS, IN – November 8, 2015 – Available today, ProjectionHub launched version 2.0 after 10 months of development.  ProjectionHub is a web app that allows entrepreneurs to quickly build and share financial projections that are required by investors and lenders without the hassle of using Excel.  Without a degree in accounting, most business owners shudder when they are asked to create a financial forecast for the next 3 years, ProjectionHub helps the non financial whiz look like an expert.

The app offers 20 unique financial models that are developed specifically for many of the most popular businesses including (SaaS, Mobile Apps, Food Trucks, Brewery, Coffee Shops, and Gyms to name a few).  Users can sign up for a business model that works for them, enter sales and expense projections, and then download projected financial statements to share with investors or lenders.  According to Adam Hoeksema, Co-Founder of ProjectionHub, “Version 2 of ProjectionHub is all about the entrepreneur.  Most solutions try to create a template that will work for every business, the problem is that there simply is no one size fits all when it comes to financial projections.  So we focused on customizing financial models for dozens of different types of businesses so that ProjectionHub is the perfect solution for every business model.”  Entrepreneurs will no longer need to panic when an investor asks for a set of financial projections, ProjectionHub makes it easy.

Small business owners can sign up for a free 7 day trial.  After that, satisfied users can subscribe for $25 per month and cancel at any time.

For more information, visit https://projectionhub.com.

About the Company:  Founded in 2012 by brothers Adam and Brandon Hoeksema, ProjectionHub has helped over 15,000 business owners create and share financial projections.

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Media Contact

Adam Hoeksema – adam@projectionhub.com – 765.667.5323 – @AdamHoeksema

ProjectionHub Survey to Help us Improve our Product

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Since launching in mid 2012 we have had over 11,000 people try ProjectionHub!  We are so thankful for our users who have been patient as we have fixed bugs and added new features over time.  In early 2015 we started the process of rebuilding ProjectionHub from the ground up, and now we are looking for some of our users to provide feedback on what you would like to see with ProjectionHub 2.0 and what you think of ProjectionHub right now.  If you have a few minutes to spare we would greatly appreciate you completing this short survey!

ProjectionHub Logo

Adam Hoeksema – Co-Founder ProjectionHub

Our Start Garden Pitch Deck

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Back in early December ProjectionHub was awarded $5,000 from Start Garden to run an experiment to improve ProjectionHub and then come back on February 26th, 2015 and share the results of our experiment.  Start Garden is a unique seed investment fund that believes in sharing the learning and results of experiments from their portfolio companies with the public.

In that spirit, I wanted to share our pitch deck and our learning from our experiments.

ProjectionHub Pitch Deck

Start Garden Pitch Request

Start Garden Experiments

We conducted 2 primary experiments, and learned a couple of key lessons:

1.  Conversion Rate is Not Always Related to Price

In October 2014 we changed our pricing structure for ProjectionHub from a 1 time fee to a monthly fee of $5 per month.  We knew this was a really low price, but we wanted to see if anyone would subscribe.  Many did!  In fact, 5.62% of users that signed up between October 1st and December 31st, 2014 subscribed at $5 per month.

As our experiment we decided to double our prices from $5 to $10 per month and see the impact on conversion rates.  Between January 1st, 2015 and February 14th, 2015 we actually saw an increase in our conversion rate!

It went up slightly to 5.67%.

We were surprised to learn that the price increase did not negatively impact conversion rates.  Preliminary results suggest that the price increase will not negatively impact retention rate either.  We wish we would have made the change sooner!

2.  Users Want to Get to Know a Product Before Sharing With Others

Our second experiment was changing our process to allows users to invite/share their projections with others.  In the past we asked users if they wanted to invite an advisor to be able to view or edit their projections at the beginning of the process.  Before the user had a chance to get a feel for the product, we were already asking them to share.  We thought that our invitation rate might improve if we added an option at the end of the product to invite other users.  We also allowed users to invite several users at once instead of one at a time.  Finally, we added user types that included (accountants, investors, lenders, advisors, and others).

We had a 133% increase in our invitation rate!  In the past we had 6 users invited per 100 new signups.  We increased that to 14 users invited per 100 new signups!

We are excited about what we learned through these 2 experiments and think it dramatically improves the value of our company because it directly increases revenue and increases users invited.

If you are a startup looking for seed funding, Start Garden is an excellent option.  You can apply here.

Auto Repair Shop Projected Financials for First 3 Years

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Auto Repair Shop ProjectionsAccording to a report by the Georgia Small Business Development Center, there are nearly 175,000 businesses in the US that are classified as Mechanical Automotive Repair Shops.  There are thousands of new auto repair shops that start each year.  The challenge is that many new owners are great mechanics, good with cars, and assume they can run a successful business.  Just like a good cook is not always a good restaurant owner, a good mechanic is not always a good auto repair shop owner.

In this article, I am going to walk you through the process of creating financial projections for the first 3 years of business as an Auto Repair Shop.  To open your shop you are probably going to need to get a loan or investment to get started.  The purpose of this article is to help you create a set of financial projections that will help you secure a loan or investment to start your shop.

The hardest part of creating financial projections for an auto shop is creating a sales projection model. So I am going to create an auto repair shop financial template that you can download.  Just look for the Auto Repair Shop revenue projection template.

Lets get started.

Sales Projections for New Auto Repair Shop

In my opinion, sales for an auto repair shop rely on your number of repeat/loyal customers.  According to the Georgia SBDC report, there are 10 general services that the average auto shop will provide.  The following table shows the 10 services, the average number of jobs per week of that service, and the average price for that service.

Auto Repair Shop Revenue Projections

So in order to create realistic projections for your startup, you can’t just assume that you are going to start out from day 1 doing the average.  You are going to have to win those customers, and then find ways to get them to come to you for all of their auto service needs.  So I am going to go through the process that I would go through if I were starting an auto repair shop in a community.

Step 1 – Potential Market

So first I would start with determining your market potential in terms of customers.  Actually, you might look at each customer as a vehicle.  So how many vehicles are there within the geographic area that you can serve?  Maybe customers would potentially come 20 miles to your shop, so your potential market is the number of vehicles within a 20 mile radius of your shop.

Step 2 – Initial Marketing Budget

Once you get an initial base of customers you might be able to grow and sustain the business based on word of mouth and referrals, but initially you are going to have to do some marketing and advertising to get a base of customers who can then hopefully help spread the word.  You will probably have to run some cheap deals to get customers to try your shop, they won’t likely switch for nothing.

Step 3 – Cost to Acquire 1 New Customer

Initially you need to know the cost to acquire 1 new customer so that you can set an adequate startup marketing budget.  You need to have enough money set aside for initial marketing to be able to secure a core of repeat customers.  So maybe you send out mailers with coupons for a $10 oil change.  You will need to estimate how much it will cost to send out each mailer and what percentage of people who get the mailer will actually come in.  That represents your cost to acquire a new customer.

Step 4 – % of New Customers that Turn Into Repeat Customers

Now out of these new customers what percentage will turn into repeat customers?  Maybe 25%?  You will have to make an educated guess here.  You can be sure that every new customer will not turn into a repeat customer, the question is what is that percentage.

Step 5 – % of Customers that Recommend your Service

Once you build that initial base of repeat customers, some percentage of them will share about your shop.  It is very common for people to ask each other where they take their car when it has a problem.  Not everyone is going to share, maybe it is just 5%, but those 5% can be very powerful.

Step 6 – Average Number of People your Customers Share your Service with Each Month

Now that you assume 5% will share with other people, you have to estimate how many people they will share with each month.  Maybe they only share once every 4 months, so you would estimate that they share with .25 people each month.

Step 7 – What % of those Shared With Actually Become Customers

Next you need to determine what percentage of those people that they shared with will actually come to the shop as a customer.  Then again you are back to the same question, what percentage of those new customers will become repeat customers.

Step 8 – Total Customers per Month

Finally, you will get to your total customers per month.  So in this model that I am building, this number represents your repeat customers.  This is not asking how many actually come to the shop each month, just how many people would you consider to be on your repeat customer list. Maybe it is 2,000 vehicles.  Of course not every customer comes in every month, but we will address that with the next step.

Step 9 – Average Revenue Per Customer Per Month

So rather than try to estimate what percentage of your customers will come in each month, it might be easiest to just estimate an annual dollar amount that the average vehicle will cost an owner each year in repairs and maintenance.  Maybe that number is $1,000 per year for the average car.  So then all you have to do is divide $1,000 by 12 months and you end up with your average revenue per customer per month.

Step 10 – Total Revenue

Finally, you will take your average revenue per customer per month and multiply by your number of active repeat customers.  Those 1 time customers will also help you generate revenue, but it might be likely that you are offering such steep discounts to get them in the door, that you don’t make any profit on those jobs.  You should still show the revenue for 1 time customers, but your focus should be completely on those repeat, loyal customers.

Cost of Goods Sold for an Auto Repair Shop

First, let me define Cost of Goods Sold for you.  Your cost of goods sold is any expense that you incur when your provide a service.  Essentially you have 2 primary cost of goods sold categories.

  1. Material Cost – These are the costs for purchasing parts or materials for a customer’s vehicle.  So if you buy parts for a customer’s vehicle and then add 30% to the cost of the part to charge to the customer, then your cost of goods sold would essentially be 70% of your parts and materials sales.  This is not quite accurate, but probably close enough for your projections.
  2. Labor Cost – This is actually a tough question.  First, do you pay your staff the same amount whether there is a full day of work or not?  Or do you pay them directly based on the specific jobs that they completed that day?  If you pay based on the jobs completed, then you have labor costs.  Let’s say you charge $100 per hour to the customer for labor, and you pay your mechanics $15 per hour, then your labor cost should be between 15 and 25% probably.  Why wouldn’t it be 15% flat?  Because you should consider taxes and benefits that you pay to mechanics as well.  If you just pay by the hour, then it might not make sense to enter in any labor costs in your Cost of Goods Sold section and just enter in Salaries/Wages in your Operating Expenses section.

According to BizStats, the average Cost of Goods Sold for an Auto Repair Shop is 46.72% of your total sales.

Operating Expenses for Auto Repair Shop

The easiest way to estimate your operating expenses for your auto shop is based on industry data provided by sources like BizStats.  The following categories and expense percentages are taken directly from BizStats:

Officers Comp. 7.40%
Salary-Wages 12.86%
Rent 6.64%
Taxes 3.21%
Advertising 1.18%
Benefits-Pension 1.28%
Repairs 0.94%
Bad debts 0.11%
Other SG&A Exp. 11.55%
Amort. & Dep. 0.00%
Interest Earned 0.01%
Interest Expense 0.59%
Other Income 0.52%
Net Profit 6.58%

All of these operating expenses are expressed as a percentage of sales.  So first you will need to create your sales projections and then you should be able to apply these percentages to your sales.

Startup Expenses for an Auto Repair Shop

According to an article by AppointmentPlus, the average startup costs are as follows:

  • Lift with Installation – $4,000
  • Insurance Cost per Year – $4,000
  • Tools – $15,000
  • Diagnostic Machine – $5,000 to $10,000
  • Rent – $1,500 to $15,000 per month

Your startup costs could range between $25,000 and $75,000 especially if you are planning on keeping some reserve funding to pay rent and other operating expenses during the first several months before you are at a breakeven point.

If you work through this process and present your plan to a potential lender or investor, you will be more sophisticated than many auto repair shops right off the bat.  If you need any help as you are creating your financial projections, feel free to reach out to me at adam@projectionhub.com

Creating a Startup Budget for a New Church Plant

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Church Startup BudgetAccording to the Christian Post, approximately 4,000 churches are planted in the US each year.  Surprisingly churches have a much higher survival rate than the average startup business.  The article estimates that by year 5, 70% of new churches achieve self sufficiency.

So if you want to set up your new church for success, you should spend some time creating a startup budget and a financial model that you can use to plan for the first few critical years of the church plant.

In this article I am going to walk you through the steps of creating a set of financial projections for your church using our web app – ProjectionHub.

You can either use our app to create your own set of projections, of use the Excel template that I am creating through this process by downloading our Startup Church Financial Projection Template.

New Church Income

When starting a new church you have a few different possible sources of income, and depending on your model of church plant, whether you have a sponsoring church or denomination, or if you are simply a group of people getting together in a home, your sources and amount of income could vary dramatically.  There are 3 primary sources of income for a new church:

  • Tithes and Offerings
  • “Mother” Church Support
  • Denominational Support

So the first step in creating a financial model is to estimate income for each month.  You will need to make a number of assumptions, so I will walk you through those now.

Key Income Assumptions

Tithes and Offerings

1.  # of Giving Units – First you need to know how many “giving units” your church will start with.  A giving unit can be defined as a person or family that gives to the church.  This is more accurate than estimating giving per person.  For example, a large family may have 8 church members, but only be 1 giving unit.  So if you are spinning off a new church from an existing church you might have the luxury of bringing some core members with you.

2.  Average Income per Giving Unit – This is going to be based primarily on the demographics of the county or city that your church is located in.  You can find the average household income for a family in your community from Census.gov.

3.  Average Tithe % – Unless you have a very generous congregation, you should probably stick with the national average tithe of about 2.5% of income.

4.  One Time Gifts/Year End Gifts – Also remember from a cash flow perspective that your income may not come in evenly throughout the year.  Many people will make one time year end gifts as part of tax planning.  So maybe the safest thing to do is estimate a 2% tithe throughout the year and then a larger tithe at the end of the year.

Mother Church Support

If you are a daughter church, you can probably expect some financial support from the mother church. For example, a church in Orlando, Florida that has planted several churches and will commit to providing $25,000 per year for 3 years.  Typically, you should plan on trying to reach self sufficiency within 3 years.  Within 5 years 70% of new churches successfully reach self sufficiency.

Denominational Support

It is also possible to get national support from your denomination.  It is hard to estimate what to expect here, this is completely dependent on your denomination, so you will just need to do some research.

Income Projections

Once you have all of your assumptions and data put together it is time to enter your income projections into ProjectionHub.  Here is a screenshot below. You will notice that I applied a growth rate to the Tithes and Offerings category because hopefully  you are adding new people to your congregation.  The growth rate depends on a variety of factors, so I am just going to assume a 4% monthly growth rate for the first year and then going down to 2% and 1% monthly for years 2 and 3.

Church Income Projections

Also, in this particular template that I am creating, I am assuming 25,000 per year from the mother church spread out over 12 months, and a $500 a month stipend from the national denomination.

Church Operating Expenses

Next you will need to estimate your general operating expenses which vary dramatically depending on the specific details of your church plant.  So rather than try to give you estimates for each category, I am simply going to list categories of expenses that you might have, and let you make these estimates based on things like cost of living in your location, whether the pastor is full time or part time, whether you meet in a home or rent a facility, etc.

I am going to throw in some estimated expenses into the template for a church plant in the mid west United States.

Example Church Expenses

Pastoral Expenses

  • Salary
  • Benefits
  • Housing

Office Expenses

  • Accounting
  • Staff Salaries
  • Legal
  • Insurance
  • Print materials
  • Maintenance
  • Telephone
  • Travel
  • Internet
  • Utilities

Program Expenses

  • Youth Group
  • Nursery
  • Worship/Music
  • Sunday School

Giving

  • Missionary Support
  • Congregation Support
  • Denomination Fees

Other

  • Building Fund
  • Contingency Fund

Church Plant Startup Costs

Starting a church can range from a thousand bucks in startup costs to tens of thousands of dollars in startup costs.  Again this all depends on your model of church plant.  I am simply going to list some of the startup costs that you may need to consider depending on your model.

Required Startup Costs

There really aren’t many required startup costs.  All you really “need” to do is incorporate in your state, and then secure non profit status.

  • 501c3 Filing – In order to accept tax deductible donations from the congregation you need to have 501c3 status.  If you have an attorney in your congregation, great!  Otherwise you might want to check out a service like StartChurch who can handle this process for you.
    • Cost Estimate $1,800

Optional Startup Costs

Although there aren’t many required costs, there are a lot of optional expenses that you may need to consider depending on your church plant model.

  • Facility – This is only a startup cost if you purchase a facility.  If you are renting, then rent will be part of your monthly operating expenses.
  • Computer – The pastor will likely need a computer to research and develop sermons.
  • Projector and Screen – Do  you plan to project music or sermon slides on a screen?
  • Bibles – Many churches have Bibles available for visitors
  • Chairs  – The congregation will want to be able to sit
  • Sound Equipment – In a small church and small facility, you may not need microphones and speakers right away
  • Instruments – Will the church own the instruments, or the musicians?
  • Coffee Maker – Coffee often helps create an inviting atmosphere
  • Printer – Will you print Bulletins or Newsletters
  • Initial Supplies – You will probably want some initial office supplies
  • Business Cards – The pastor and even congregation may want to pass out cards to invite people to church
  • Telephone – The pastor may need a cell phone
  • Website – It might be a good idea to set up a very basic website with contact info, service times, what the church believes, etc
  • Operating Capital Fund – Depending on how you want to create your model, it might make sense to have an operating capital fund as part of your startup costs.  This fund could cover the first 6 to 12 months of rent and pastor salary.  It seems wise to have some operating fund set aside to make sure that you don’t rely on a certain level of tithes and growth right off the bat.

So once you add up all of your startup costs for your particular model, you will need to enter those on the Startup Costs page in ProjectionHub as a Use of Funds.  You will also need to enter an equal amount for Sources of Funds.  So will your Mother Church make an initial cash investment to cover these startup costs?  Or will you raise funds from individual members?

Reaching Self Sufficiency

Once you complete the Excel template or work through the ProjectionHub app you will be able to see a monthly breakdown of your income statement, cash flow projection and balance sheet for the first 3 years of operation.  You should be looking for the month on your cash flow projection where you start to regularly bring in more cash than goes out.  You should at least try to plan to reach this point by the end of year 3, or have a clear plan to reach self sufficiency shortly thereafter.

Hopefully this article was helpful in walking you through the thought process you should go through when creating a financial model and budget for a new church.  If you have any questions, or would like me to review your projections, don’t hesitate to reach out to adam@projectionhub.com

3 Financial Projection Scenarios Every Startup Should Run for 2015

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Most startups and small businesses don’t bother creating a budget, or forecasting their financial results for the upcoming year, but I think there are a number of reasons why you should spend some time at the beginning of the year and create some forecasts for the year ahead.

Here are just a few ways that financial projections could be helpful for your business in 2015:

  1. Allow you to estimate when you will need additional funding from a lender or investor
  2. Help you know when you will need to hire that extra staff member
  3. Determine at what volume of sales will you need to move to a larger facility
  4. When will you be able to leave your day job and work on your startup full time
  5. What would happen if you lost your largest customer
  6. What would happen if you signed on that new customer
  7. When will you breakeven for the year

These are all questions that you as an entrepreneur should be able to answer (if they apply to your situation).  If you can’t answer these questions, then it is time to spend some time using ProjectionHub or another budgeting tool to create at least 3 financial projection scenarios for the 12 months ahead.

1.  Most Likely Case

The easiest thing to do is to start with what you did last year.  Last year is probably the best predictor of the next 12 months.  Or if you grew 5% per month last year, you may just assume that same growth rate continues for the next 12 months.  Another great way to project the future is signed contracts for the upcoming year.  If you already have contracts signed with customers for the next 12 months, use that as your most likely scenario.

If you are brand new startup, then you are simply going to have to make a bunch of assumptions about your sales and expenses.  Do your best to use industry data from a source like BizStats to get an idea of what others in your industry are doing.

2.  Best Case

Next, you should dream big and come up with a best case scenario.  This should show you your sales projections if everything goes your way over the next 12 months.  If you are able to retain current clients, and you are able to secure that new large client, or strike that business development deal.  This scenario should still be based on data, and should still be realistic.  A good example is if you are a SaaS company and you are currently experiencing a 90% retention rate each month, the best case scenario could assume that you bump that up to 95%.

Another example could be, your website currently converts 25% of visitors to sign up for an account, but you are planning on making some changes to the landing page which you hope will improve that conversion rate to 35%.

3.  Worst Case

Finally, it is important to plan for the worst case scenario.  This is similar to stress testing at banks.  Banks conduct stress tests to determine what would happen if a certain % of their portfolio defaulted.  Could they still survive if 10% of loans went bad?  20%?  30%?

Likewise, you should stress test your business so that you know what would happen if:

  • You lost your largest client
  • Fuel prices doubled
  • You lose an important employee
  • You Google rankings decrease dramatically

By conducting these tests you will be able to better mitigate these risks and avoid the worst case scenario.

So if you haven’t completed financial projections for 2015 yet, spend some time with ProjectionHub now and get this important planning process off your list in the new year.

Startup Wins Funding To Predict Your Chances of Securing a Business Loan

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Anderson, IN – December 17th, 2014 – ProjectionHub, a web app that helps entrepreneurs create financial projections for potential lenders and investors, secured a $5,000 investment from the Grand Rapids, MI based seed fund – Start Garden.  The investment is to be used to conduct a 90 day experiment which then leads to a chance for a $20,000 investment.

Adam Hoeksema, Co-Founder of ProjectionHub, says, “this investment validates the pain point that ProjectionHub aims to solve, creating realistic financial projections is tough for startups, but by utilizing the web we can help simplify the complex process of projections like TurboTax did for tax prep.”

ProjectionHub will have until February 26th to conduct an experiment that can help the company learn and improve the tool.  Then in February the ProjectionHub team will present the results of the experiment in a 3 minute pitch at the Start Garden facility in Grand Rapids.  A panel will then decide whether or not to award ProjectionHub an additional $20,000 in investment.

“We are excited about the opportunity to conduct this experiment.  We plan to survey our past users who projected that they would secure a business loan, and we will ask whether they were successful or not.  Based on those responses we believe we will be able to help future users predict the odds of securing a business loan based on the data in their projections.”  Adam Hoeksema goes on to say, “We may also be able to help ProjectionHub users determine what aspects of their business and their projections need to improve in order to increase their chances of securing a loan.”

The $5,000 investment will help ProjectionHub execute the survey and analyze the results over the next couple months.  Hoeksema said, “The investment by Start Garden is not only an investment in ProjectionHub, but it is an investment that holds the potential to help millions of startups create more realistic financial projections, and ultimately build stronger businesses.”

About ProjectionHub 

ProjectionHub is a web application that helps entrepreneurs create financial projections for potential lenders and investors.  Started in 2012 by brothers Adam and Brandon Hoeksema, the company has helped 10,000 users create more realistic financial projections through the app.

Contact

Adam Hoeksema

adam@projectionhub.com

765.667.5323