Are You Ready To Be Your Own Boss?
Posted July 21, 2008 12:00 pm.
This article is more than 5 years old.
I want to start my own business. Can you give me some tips on how to succeed financially?
The allure of owning your own business is undeniable: creating the job of your dreams, greater control of your time and, potentially, more money. But entrepreneurship also carries a whopping financial risk, so it’s important to know what you’re getting into. Here are the key points to keep in mind.
Save up
Once you have a solid business plan in place, ask yourself where the start-up money is going to come from. Inadequate capital is one of the main reasons new businesses fail. To make sure you won’t be one of the casualties, you should have enough money to generously fund your business – and your own personal financial requirements – for at least a year, preferably two. Most small businesses are financed by a combination of personal savings, personal credit and “love money” (investments and loans from family and friends).
To read the other three things you need to know before becoming your own boss, click here.
