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Setting up your own business

Drawing up your financial plan

Are you starting a one-man business? If so, a financial plan is not obligatory. But it is still a good idea to do so. Because a financial plan is like an estimate. It will give you an in-depth understanding of your revenues and expenditures. And also of your investments and resources to finance them.

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Drawing up your financial plan
What can you find here?
  • What is a financial plan and why do you need it?
  • Who needs to draw up a financial plan?
  • What elements does a financial plan contain?

What is a financial plan?

A financial plan is an important component of your business plan.  It is a way to map the investments, financial resources, expected expenses and income of the first years. It shows you  

  • whether your business is viable
  • whether it is profitable 
  • what financial risks you might run

Your financial plan is based on various data, such as your objectives, the market data, your chosen products and/or services and the expected personnel requirements. 

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Do I need a financial plan?

Are you starting a one-man business? If so, a financial plan is not obligatory. But it is still a good idea to do so. Because a financial plan is like an estimate. It will give you an in-depth understanding of your revenues and expenditures (expected profit and loss account). And also of your investments and resources to finance them (expected balance sheet). 

Are you establishing a bv (public limited company), nv (private limited company), or cv (co-operative limited company)?  Then you need to draw up a financial plan. It allows you to justify the start-up capital.

What information must the financial plan contain?

Your financial plan must provide a clear overview of the financial situation of your business. Therefore, it is crucial that it contains the following elements:

  • A description of your activities
  • An estimate of your expected revenues (sales)
  • A calculation of your expected profitability
  • Your financing method (capital, loan, other resources, etc.)

Our advice: don't underestimate the costs. Allow for sufficient breathing space to keep your business viable.

Convinced that your plans are viable? Then contact an office nearby. Or take your first steps yourself via the Online Business Counter by completing your online registration.

Key takeaways

A financial plan is not compulsory for a one-man business. However, we do recommend it. For other company forms (such as a bv or nv) you are required to draw up a financial plan. Lastly, do not underestimate the costs. Create sufficient (financial) breathing space for your business

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