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Developing financial projections for your startup can be challenging, as it involves forecasting revenue and costs accurately for the first year and beyond. The process can feel overwhelming, especially when presenting these figures to potential funders, as it may seem like a commitment to those numbers. This video outlines six major components of financial projections for startups. Key points include establishing financial goals and objectives, which should clearly indicate how much money you need to achieve success. Additionally, it emphasizes the importance of income tax planning, highlighting that this aspect should not be overlooked by small business owners. Planning is essential to avoid potential financial pitfalls.
