3. Estimate expenses
What are the specific costs associated with each of your goals you identified? This is where you would break down each goal into an annual tangible amount of money, and then break it down by month.
4. Project income
You won't know what kind of income you are capable of making with your business until you are doing it, so at this point, it's all about reviewing the research you conducted for your business and marketing plans, and making well-rounded estimations.
5. Create a spreadsheet
Taking the information you have from Step 2 and Step 3 above, the next step is to develop a spreadsheet that will act as your actual budget. One way to do this is by working backwards from the bottom line and seeing where you end up.