A good business plan should include a projected start-up budget and estimated costs. It is important to research all funding possibilities, including government grants, bank loans, and small business loans before you commit ...
Sarah Lochead-macmillan's insight:
Understanding the many ways businesses can fail is paramount. However, lets get back to basics.
1. Understand that if you spend more money than you have you will fail
2. Research how much money you need to start your business and check how that money will be acquired, funded and achieved.
3. Set your budget and stick to it
4. Compare your spending to your budget and your income to your budget at the end of every week
5. If things are going wrong then stop, you havent failed you have just chosen the wrong path - plan and then try again.
If you have put your house on the line to start your business, your management of cash becomes that much more crucial.
Dont be afraid to ask for help and mentoring and dont forget to celebrate the successes.
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