Starting a business is a crazy adventure. There are ups and downs, and more ups, and more downs. You want to make sure you are ready to stomach it all before you embark on such a journey. Laying down your business plan, you need to think about so many things your head will hurt. What will you sell, goods or services? Who is your main target client, how old is he, what is he looking for and how if your offer special? How will you launch your product, will you finance its production, do a kickstarter campaign to gauge any interest, or just order 1,000 items and take a big risk?
Getting a business loan to help get your business off the ground faster is generally a good idea. There may be a lot of things you haven’t thought about when you drew your business plan, so it makes sense that you keep your savings to cover those incidentals. Furthermore, you also want to keep your emergency funds in case things don’t go as planned. Becoming a business owner is a big leap to take, and you want to have at least 6 months of living expenses saved up before you go without a paycheck. AS a matter of fact, many business owners start hustling on the side, until their business shows any promising sign, then they transition to part time or quit their jobs.
The money considerations don’t stop here, unfortunately. There are a lot more decisions you need to make. For example, you can lower your costs at the beginning by working from a coworking space, which is great for networking with other budding entrepreneurs, and allows you to rent meeting rooms as you need them to receive your clients. Or, if your line of work allows, you can work from home until it is worth it to pay for office space. These savings do add up, although there are other things you don’t want to skimp on. For instance, you should higher an accountant to do your taxes at least for the first year, to make sure you understand what you are doing, and you stay on the right side of the law. Hiring people frees up some very valuable time for you to do what you are good at: the skill you are being paid for. As long as you work enough to keep the money coming in, outsourcing things that would take you five times the hours it would take a professional will be worth it. Think about it. Your accountant does tax returns in his sleep. While it would take you days to figure out the tax laws, and you would risk big by doing it wrong. Only to save yourself a few hundreds? Save on office space instead.
Every penny counts when you start a new business, and getting financing doesn’t mean you should be less careful with your money, as having difficulties to repay might jeopardize your business. So be very careful of what you spend and where, to make every dollar count.
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