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 waiting until your business is in financial trouble before applying for loans or other credit. This is exactly when you will be least likely to receive financing.
Related Posts
07 JUL
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...
17 JUN
Is there a decent amount of competition in the niche?
Competition is usually a good sign that there is demand in a particular market. Most people are afraid of too much competition, but a niche...
17 APR
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...