I want to open a sports bar and lounge and given the importance of this first step, the handout gives all importance to calculating expenses. Finding financing sources is a separate matter, for the final business plan. I need to calculate the expenses. Describe generally how you went about it, especially any surprises or head-scratchers along the way.
Did you benchmark against another company? Did you postpone investing in a storefront? Will you wait to hire people? Did you look up law firms, CPAs, or payroll services? Perhaps you have personal experience with helpful services for small businesses in your area. Is it feasible to start your small business in a business incubator to lower your startup costs? Is it feasible to start your company as an online venture? (Remember the home office option.) Give other students reasons to chime in with ideas. Brainstorming should occur here.