Welcome to Week 6: Financial Planning

Agenda:

• Check-In

• Financial Planning Basics

• Using Excel & Google Sheets

• Understanding Key Financial Statements

• Taxes, EIN, and Business Structure

• Tools for Taking Payments

• Show & Tell

Important Dates

• No makeup class on Monday Oct 13^th (Company Holiday)
• New Make Up Class on Friday 17^th 11a-1p only
• Marketing Material due Tuesday Oct 14^th (Share and Tell)
• Business Plan Draft Due Tue Oct 21th
• Present Your Business Plan and Website Tue Oct 28^th (Share and Tell)
• Graduation Thursday Oct 30^th!

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Participant Check-In

Discussion Prompts:

• How’s your business coming along?

• What’s your biggest financial question?

• Have you started tracking your expenses or sales?

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Why Financial Planning Matters

• Helps plan growth and manage costs

• Keeps you ready for tax time

• Builds credibility with investors and lenders

Excel & Google Sheets for Entrepreneurs

• Create an expense tracker

• Use SUM formulas

• Save in Google Drive for access anywhere

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Tip: Use templates available in Google Sheets.

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Business Expenses to Track for Taxes & Financial Planning: https://docs.google.com/document/d/1Hq-Lv6kWy_qiGwUZwf6gDbGssD4EN39WmcHBKSiDRDY/edit?usp=sharing

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Expense Report Template: https://docs.google.com/spreadsheets/d/1AsDd9mpCNP1iDn754tet9GQ6Ft7JNOYTHYV88QMdXsc/edit?usp=sharing

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Preparing for Tax Season

Stay organized all year!

Use tools like:

• QuickBooks Self-Employed

• https://www.selfemploymentsupport.com/financial-planning

• Wave Accounting

• Expensify

• Mint

Create a receipts folder in Google Drive or email.

Business Taxes & Forms

What you’ll need:

• Income records (Invoices)

• Expense receipts

• 1099 or W-2 if applicable

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Get your EIN at IRS.gov

EIN vs. SSN: Use EIN for business taxes.

• https://www.irs.gov/businesses/small-businesses-self-employed/get-an-employer-identification-number
• When to get a new EIN: https://www.irs.gov/businesses/small-businesses-self-employed/when-to-get-a-new-ein

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Choosing Your Business Structure

• Sole Proprietor – Easy, full control, personal liability
• LLC – Protects assets, some costs
• Corporation – Raises funds, more paperwork
• Partnership – Shared workload and risk

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• E-Book: https://drive.google.com/file/d/1WexT7Dx8x3OhAztFnble8PNhCHaUwXdN/view?usp=sharing
• Worksheet: https://drive.google.com/file/d/1f2miGXGNsPjtfL0U2A6n6DzLpE_mX2WR/view?usp=sharing

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• Examples: Tasha’s Cleaning (Sole Prop), Green & Co. (LLC), DesignHaus Studio (Corp)

Tools for Taking Payments

• Square – Point of Sale + Inventory + Payroll

• PayPal – Online payments & invoices

• Stripe – Website-integrated processing

• Venmo – Small business payments

Website Payment

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Tip: Compare fees and ease of setup.

Links:

https://squareup.com/us/en

https://www.paypal.com/us/business/accept-payments

https://stripe.com/

https://venmo.com/

Show & Tell – Marketing Products or Websites

Each student shares:

• Marketing materials (flyer, website, social media)

• What they learned about their brand or audience

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Encourage supportive feedback.

Homework (Due Oct 9)

• Prepare Financial Plan

• Prepare Budget

• Continue Website Development

• Update Business Startup PDF Checklist

Closing & Q&A

Key Takeaways:

• Tracking money = understanding business

• Choose tools early

• Stay organized for taxes

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Reach out with questions before next class!