Make sure you have enough capital

Small businesses tend not to have enough capital to get themselves through the startup phase. To prevent this, have three months’ living expenses saved plus the amount you are expecting to need for the first three months’ business expenses. Plan as if you expect to receive no business revenue. An easy mistake to make is […]

Keep a separate business bank account

Mixing business money with your personal finances is a recipe for unexplained losses and tax-headaches. Keeping your business’s money separate will make gauging profitability easier and help you to keep proper track of your expenses. Keep accurate records of what you loan to your business. When your business starts making money, you can easily pay […]

Take calculated risks

A small business expansion is not without risks. To make the right decisions it will sometimes be necessary to move outside your comfort zone. We’re not saying you should rely only on good luck. By focusing on the end goal and proactively identifying potential roadblocks, you’ll set yourself up for success, even when your next […]