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Assignment Brief

This assignment is designed to assess your grasp of financial accounting principles as they apply to establishing a new business. You will create a detailed financial plan that highlights the critical financial decisions required to launch a business, emphasizing accounting factors. This exercise will strengthen your ability to plan and assess the financial components of a business startup.

Assignment Requirements: 1

Business Concept and Planning: 

Business Idea: Provide a brief description of your proposed business. Include details about the industry, target market, products or services offered, and the value proposition.
Business Structure: Discuss the choice of business structure (e.g., sole proprietorship, partnership, limited company) and justify your decision based on financial and legal considerations.

2. Initial Financial Planning:

Startup Costs: Identify and list the expected startup costs for your business. Briefly explain the component of each cost you have estimated.
Funding Strategy: Discuss the sources of financing you plan to use to fund your startup. Consider options such as personal savings, bank loans, and investor funding. Evaluate the advantages of each funding source.

3. Financial Projections:

Income Statement Projection: Prepare an estimated income statement for the first year of operation. Include estimates for revenue, cost of goods sold, operating expenses, and net income. Briefly explain the income statement that you have prepared.
Challenges: Identify and discuss the potential challenges that may arise in your proposed business. 4. Personal reflection: Write a reflection note on what you have learned through completing this assignment.

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