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Micro entrepreneurs, just like any other business owners, should have a budget plan in place to help them manage their finances effectively. A budget plan allows entrepreneurs to track their income and expenses, identify areas where they can cut costs, and plan for future investments. By using a budget template each month, micro entrepreneurs can keep their finances organized and make informed business decisions based on their financial situation. Additionally, having a budget plan can help micro entrepreneurs avoid financial stress and ensure that they have enough funds to cover their expenses and achieve their business goals.
Micro Entrepreneurs, here is a template for you to use to track your monthly income and expenses. Adjust the categories to suit your specific business needs. Total your income from all sources to ensure it covers your expenses and generates a profit (net income). Re-evaluate your budget monthly and make adjustments as needed. Please check with your financial professional on what is applicable to your specific situation.
Business Name: ___________________ Month/Year:___________
Income
Product/Service Sales - List each product or service sold separately
- Product/Service #1: ___________________ $______
- Product/Service #2: ___________________ $______
- Product/Service #3: ___________________ $______
- Product/Service #4: ___________________ $______
Total Sales $________
Other Income
- Government grants $________
- Sponsorships $________
- Other (specify)______________ $______
Total Other Income $________
Total Income $________
Expenses
Cost of Goods Sold
- Inventory $________
- Materials and supplies $________
- Other (specify)______________ $______
Total Cost of Goods Sold $________
Operating Expenses
- Advertising and marketing $________
- Insurance $________
- Professional fees (legal, accounting) $________
- Office supplies $________
- Payroll (wages, benefits, taxes) $________
- Equipment $________ - Other (specify)______________ $______
Total Operating Expenses $________
Total Expenses $________
Net Income (total income minus total expenses) $________
Notes:
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