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Monday, January 16, 2012

So You Want to Start Your Own Business Step Three

You now have your budget in order and you have your plan written and the bugs worked out. It is time to obtain financing. If you have read the books that I suggested in previous posts, you have some good ideas floating around about how to finance your business.

The big thing to remember is that “cash is king.” If you do not have the cash in place to provide for everything your business needs to get started and run for at least a year without any additional money, then you might want to put your plan on hold until you do have the money. The number one reason new businesses fail is that they do not have the money to see them through the startup.

You will make mistakes along the way that will cost you money. It happens in all businesses. Things will be more expensive than you planned. It happens all the time. Things happen that you do not have any control over. This is part of doing business.

Unless you have enough money to completely stock and run your business for a full year before you open your doors, you will have a hard time keeping the doors open. Even if you do have the cash to keep the doors open, you will find times when everything else seems to go wrong. This is part of being in business.

Do not forget to budget for a great accountant and an even better business attorney. These two professionals are two things you should not scrimp on. Budget for them. Also, be sure to set aside enough in the budget to adequately market your business. Customers cannot buy from you if they do not know you exist. Do not scrimp on marketing.

Success is in the details. Have your personal life in order before you start. Have your personal budget in order before you start. Plan your business. Set aside money for the contingencies. Make sure you have a backup plan for those things you can foresee.
Best of luck.
The opinions or advice listed in this blog or website should be used as a place to start only. It is not a substitute for the use of a professional.
Please be sure to consult your attorney and/or accountant with any specific questions.
There is no one right answer to any business question that will cover all circumstances.
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