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Where do I get good numbers for my financial projections if I'm starting a new business and have no history to rely on?

Last Updated: April 04, 2007

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This is a very common issue with new business owners. Where to go to find initial numbers will vary depending on the type of business you are starting with, but generally you can try a business association or organization that represents the type of business you are starting. Sometimes they have the numbers that you're looking for. You can also try doing some research either online or at your local library to see if there are budgets available. The SBA has business libraries located around the country as well as online. You can also try doing some interviews with existing business owners, but be sensitive and don't push if they are reluctant to share any information. The more common the business area you are researching, the easier it will be to find information. Once you have found some numbers, you'll need to consider how well they match your situation. For example, if your business is in a different part of the country, your numbers might need to be adjusted. Likewise, if your business is much bigger, or smaller, than the business whose budgets you are using, you will need to make some adjustments. In any event, you should find an adviser who is willing to review your projections before you drop them into your business plan. As you get some experience, it will be important for you to update your projections.

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