Overview:

This project will require you to identify as business that you would like to own or manage, develop a master budget, provide a budget justification / list of assumptions, and identify areas that you would focus on to ensure their success. The budget period must be one year.

You will select a business and then develop a master budget for the business. You will also provide a budget justification, which is a breakout that lists the assumptions and resources you used to come up with the numbers in your budget. A good resource to utilize is Biz Stats or another standard cost / benchmarking site.

Documentation Required:

All sources should be cited using APA formatting.

Report Requirements:

You will submit a report addressing the following:

• Brief description of your business including: Desired Location, Hours of operation, Services provided, and Description of space needs.
• Master Budget for a one year period
  • At minimum, must include:
    • Sales
    • Costs of Sales/ Costs of Good Sold
    • Gross Profit
    • Salary & Wages
    • Benefits
    • Rent
    • Advertising/ Marketing
    • Net Profit
    • Budget Justification for the numbers provided in each line item
• Reflection:
  • Answer the following two questions:
    • As the owner or manager of this business what areas would you keep an eye on to ensure peak performance?
    • What type of analysis would you perform to ensure you are on the right track and how often would you conduct your analysis