Free Business Budget Worksheet
Dennis M. Postema
April 7, 2014
Budgeting, Self-Employment, Starting a Business
Starting a business can be a great way to improve your financial future, but it can also be a gateway to personal financial disaster. Business owners often think that if they borrow money for their business, it won’t matter if the business fails because it’s not a personal debt—but many small business loans are personally guaranteed. In addition, small business owners are generally personally liable for judgements and debts to suppliers.
Because there’s a lot riding on the success of your business, you have to take it seriously and that means creating a business budget.
How to Complete the Worksheet
Use this worksheet to better understand the income your business needs to generate in order to meet all of its expenses. In the payroll section, be sure to include gross payroll (including withholding). Use the sick pay/vacation pay to parcel out funds that meet the promises you’ve made to employees, including the owner-employee. Retirement contributions have been placed in the variable section since they can vary depending on your policies and your employee contributions. You can simplify this sheet in order to accommodate single owner-employee businesses. After completing the sheet, if you find your expenses exceeding your anticipated income, complete the exercise again using more conservative expense calculations.
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