Is finance leaving you frigid?
Are you waking up at 2am wondering how you will pay the mortgage? You know you would really love to create the new business you are dreaming of but you are terrified it won’t make any money.
Before you complete your business plan, take some time out to do some personal accounting instead. You need to make a safety net of cash to cover you just in case the business doesn’t take off like you thought it would.
So, get your calculator out and work out how much money you need each month to cover your living expenses – your housing, food, utilities, clothes, travel, holidays etc. Then start saving!
If you want to loosen up your fear around finances when you start your own business, having set aside a safety net of 8 months worth of living expenses will do that.
- calculate how much you need to live on for each month
- start a savings plan
That will help you rest easy and get back to your business planning!