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In this extension, you will complete a personal financial statement to detail your “assets,” “liabilities,” and “net worth” outside of your business.

“Assets” are resources that you own and don’t owe payment on, such as cash, investments, homes, and cars.

“Liabilities” are debts or bank notes that you must pay back.

“Net worth” is the total of your assets minus your liabilities.

You’ll need to provide this information to lenders and investors to be considered for a loan.

To complete your personal financial statement, you will: List assets and liabilities, Use functions and formulas to perform calculations, And link your business plan to your spreadsheet.

To begin, open the personal financial statement spreadsheet that accompanies this extension.

Make a copy and rename it.

Enter your name, title, and the date.

Next, list your assets.

“Assets” are anything that you can sell or cash out to generate income.

It’s okay to estimate these amounts for now.

Update your assets before meeting with lenders to ensure that your information is accurate.

Your spreadsheet will automatically total your assets using the “SUM function.”

Next, list your “liabilities.”

“Liabilities” are debts or expenses that you owe money on.

These include credit cards, personal loans known as “notes payable,” taxes owed, and mortgages on real estate.

You should include anything that you owe money on, long- or short-term.

Your total liabilities are automatically calculated in the spreadsheet.

It also automatically calculates your net worth by subtracting your total liabilities from your total assets.

If you print your personal financial statement to share with lenders, sign and date it.

This certifies that the information is correct and up to date.

If you like, complete the second half of the spreadsheet in order to provide more details.

Lastly, add a link to your spreadsheet in your business plan under the “Startup Expenses and Capital” subheading of your “Financing Information” section.

Now, it’s your turn: Make a copy of the personal financial statement spreadsheet and rename it, List assets and liabilities, Use functions and formulas to perform calculations, And link your business plan to your spreadsheet.

Choose an Extension
Complete Your Opening Day Balance Sheet

Complete an Opening Day Balance Sheet to estimate your business’s financial positioning when you open.

Complete Your Personal Financial Statement

List financial assets to prepare for loan applications. Prepare financial details to meet with lenders and investors.

Estimate Cash Flow for Your Business

Project your business’s first-year cash flow. Use cash flow information to strategize your business.

Add a Projected Balance Sheet to Your Financial Plan

Project a balance sheet for your business. Determine what additional resources your business needs to succeed.

Complete a Breakeven Analysis

Determine when your business will break even. Analyze variable and fixed costs.

Write a Use of Capital Statement in Your Financial Plan

Explain to lenders and investors how additional funding will benefit your business. Show how you will use a loan or investment to grow your business.


Choose one or more of the extensions to continue estimating financing for your business plan.