WAGOLL

How each of the cost will be funded: (Sources of finance)

Describe and explain ways in which you will pay for your businesses start up and initial running costs.

This may be one way or numerous ways.

These methods can include:

· Savings

· Loan

· Investment

Structure of the answer:

- Outline the method(s) of finance you will use to pay for your costs

- Fully explain why you will use this/these method(s) and when you will begin to pay them back.

- Outline the disadvantages of using this method but still fully justify that it is right for your business.

Financial Forecast Task

You must outline 5 start up costs that your business has and how much they are. (Also outline the website you got this information from)

You must outline 5 Running costs that your business has and how much they are. (Also outline the website you got this information from)- Split these into fixed and variable costs if you can.

Outline how much you will charge per product/service for your business and how this will help to cover your costs.

WAGOLL

Risk Assessment:

1) Describe what a risk assessment is and why it is important to do one.

2) Include a table that has the following titles:

• Risk
• Description
• Probability of it occurring (Scale of 1-10. 1 being very likely)
• Severity
• Contingency Plan/Problem can be solved by ….

3) Outline 3-5 risks your business will face when starting up, a description of the risk, how likely it is to occur, whether it will be a big or small problem and how you will solve the problem.

WAGOLL