BEFORE you leave your position at a large CPA firm and decide to jump out on your own and start your own accounting firm, create some financial projections with ProjectionHub and prove to yourself that this is a good financial decision. The Challenge I have worked with a number of small accounting firms lately and […]
Sales Forecast
Starting a Photography Business: From Hobby to Profits
You have 140,000 competitors… According to the US Bureau of Labor and Statistics, there is likely about 140,000 “professional photographers” in the US. With that level of competition, if you want to turn your photography hobby into a profitable business, you are going to master the financial side of the business. Here is an article […]
Starting a Dental Practice? How to Build Financial Projections
If you are looking to start a Dental Practice you are likely to need some financing, which means you probably need some financial projections. According to a report by Sageworks, Dentist Offices show an average of 14.9% net profit margin. This is great, but as a Dentist, you didn’t go to school for financial modeling, […]
Auto Repair Shop Projected Financials for First 3 Years
According 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 […]
How to Create Sales Projections Using ProjectionHub
We are starting to add a series of videos to ProjectionHub to help our users create their financial projections with ProjectionHub. The first video we are adding today is How to Create Sales Projections Using ProjectionHub. Check it out below and then start creating your financial projections today.
How Accurate Should My Financial Projections Be?
This is a common question I get from ProjectionHub users. There is no simple answer but there are some basic principles I can share. Who are the Projections For? Depending on who the projections are for, you will need varying levels of accuracy. Here are some differences in your projections based on how the projections […]
How to Create Sales Projections for a Subcontractor
I recently had a subcontractor who was using ProjectionHub reach out to ask how to structure their sales projections and cost of goods sold. This contractor installed different types of flooring in residential homes and commercial buildings. The challenge for this type of sales projection is that 1 contract really has two distinct types of […]
Example Financial Projection for a Lawn Care Business and Other Seasonal Businesses
Are you thinking of starting a lawn care business this spring? As the manager of a microloan program, I have seen several loan applications from seasonal businesses including lawn care businesses. The challenge for the average lawn care service is that it is a really simple business to start, but it is actually very difficult […]
Why You Need to Include a Narrative With Your Cash Flow Projections
It is incredibly important to include a narrative explanation with your cash flow projections. Typically, your cash flow projections are provided to your banker or potential investor as part of your funding application. When a banker or potential investor looks at your projections they want to clearly understand how and where you came up with […]
How to Forecast Sales for an iPhone Application
By Adam Hoeksema There are tens of thousands of iPhone app developers out there hoping to hit it big and develop the next app that sells a million copies. The problem is that when you remove the top 10% of iPhone apps from the conversation, then the average app sells just over 11,600 copies. With […]