Small business owners have enough on their plate without spending hours trying to manually calculate financial information for their business. That is what small business calculators are for. They save you time, effort, and their results are generally more accurate than if you try to figure things out for yourself. Here are 10 great small business calculators you can use for your business, with the link to the page where they can be found and some information on what they will help you do.
If you are trying to get a general estimate of what it might cost you to startup a small business, the Wall Street Journal’s Small Business Startup Costs Calculator could be a great resource. The calculator basically has a variety of boxes related to common small business startup costs, from legal fees to training costs to rent/business lease costs. When you have finished, the calculator provides you with a nice summary/estimate of what your total startup costs could be.
Once you know a ballpark cost for starting your business, it is time to figure out your funding. Although SBA 7a loans are not generally given to startups, they are a great option once your business has been operating for 2-3 years. The SBA 7a The Small Business Administration’s (SBA) 7a loan is partially guaranteed by the SBA, meaning that eligible small businesses who might not otherwise have enough equity to get a traditional commercial loan, can get one via the SBA with fairly low interest rates.
This calculator will help you determine:
- Whether your business can meet the financial eligibility requirements to quality for an SBA 7a loan
- What your monthly interest rate and monthly payment would be on the loan
This calculator basically takes your assets, liabilities, expected annual growth rate for the next calendar year, and then uses a variety of ratios to calculate the approximate amount of working capital you will need for the upcoming year. This can be real handy if your business is growing and you are trying to make sure you have enough cash in the bank to handle next year’s liabilities.
Deciding whether to buy or lease a location for your business can be one of the toughest decisions for a small business owner. This calculator really helps in the decision making process. Once you find out leasing vs. buying statistics in your are, you can put that info into the calculator and it will give you a breakdown of how much your loan will cost, how much you need to budget out for upfront costs, how much you might want to increase your loan to if you need to factor in building improvements, and more.
This calculator will help you determine how many products/units you need to sell of any one item to break even and begin making a profit. Estimate your annual total fixed cost to produce one product/line of products each year, input your selling price per product and your variable unit cost, and the calculator will tell you how many products you need to sell in order to break even and begin making a profit.
For some small businesses with tighter working capital, it makes sense to lease necessary business equipment instead of buying it. With this calculator, you put in the value of the equipment, the type of lease, the length or term, the expected lifetime of the equipment, and the calculator will give you an estimate of what your monthly lease payment will be for that piece of equipment.
Bplans.com has some great calculators, especially related to marketing and your ROI. This calculator is to help you figure out the financial effectiveness of a targeted email marketing campaign. First, you input the campaign information, including, the size of your target audience, the estimated costs for the campaign, estimated response rate, estimated conversion rate, and estimated average buyer purchase. The calculator will then determine your estimated costs per contact, number of responses, number of buyers, your generated revenue, your profit, and more.
Ever wonder how much of your inventory investment is actually converting into sales? Well, wonder no longer. Input your estimated beginning inventory value, your cost of goods sold, and your ending inventory value, and this calculator will tell you how many times your inventory turns over each year and how many days it takes for one complete inventory turnover to occur. Just be sure to add commas where needed(ie 10,000 not 10000), because if you don’t the numbers are skewed.
This calculator serves as a one-stop shop to figure out how much an employee is actually getting compensated annually. You put in figures such as salary, paid vacation days, disability 401-K, and more. Once all the figures are in, the calculator will give you the employee’s total compensation package. You can then use this number as a ballpark for facilitating new hires and also as evidence for any employee that may be disputing/questioning/interested in how much they make in addition to their salary/hourly wage.
This calculator will ask you for a variety of information related to your business, including your sales, cost of goods sold (cogs), operating expenses, officer saliers, industry, and more. Once you have added-in all the info, the calculator will give you a ballpark figure for how much your business is worth.