Unit 1- Task 1.5 need help?

[child_friendly]

Has anyone done 1.5- Demonstrate financial planning for own homebased service?
I am stuck on this question and finding it hard how/what to do for a financial plan. Im doing my course with DCMA. I know roughly how to do it but wounder what other people included in theirs? What information needs to be in it and how do you work out your expenses, income and net profit etc.....any help anyone??

[EmmaReed84]

I struggled with this as well. I just detailed the avenues I will use to advertise ie shops, website, business cards, networking, forums etc. Also detail the outlay ie cost of NCMA membership and ins (if you are gonna use them) first aid cert, anything you need to pay for before you start minding. (safety gates, toys, first aid box, fire blanket etc)

[child_friendly]

I understand that, but don't know how to write it and what to estimate for prices i.e. toys, travel cot, gas, electricity. How do you know its a reasonable estimate? How do you work out your income, expenses and profit?? Im so confused and lost

[kim-d]

Hi
I use a spread sheet for mine. don't forget to claim 45p per mile on petrol, if your minding full time it's 33 per cent of your heating and lighting. 10 % of water rates, 10% council tax 10% wear and tear.
I have a copy of a forcast cash flow spread sheet which i used for funding. I can email it to you privatley. let me know.:thumbsup:

[child_friendly]

Thanx Kim have pm you