Financial Support for your business?

Financial Support for your business?

My recent research showed that the number one concern for women thinking of leaving their jobs to start their own business is money. Will they make the same level of income as they have now, less, or even more? It’s not only the amount of money but also the uncertainty about how regular and reliable the income will be. These fears delay their departure. If you are thinking of ‘crossing over’ ensure you have at least 8 months of savings to fall back on incase your business does not go according to plan. Having enough savings to cover 8 months of living expenses means that you can keep working to bring your business idea to life and not worry about how you will pay the mortgage this month. Create a household budget and stick to it. Assess where you can cut your expenses as you are starting up your business. Create this budget while you are still working and live by it. In this way when you make the move from employment to your business, your lifestyle and spending patterns will not have to be another factor you need to adjust. You will have done the work already. Feeling confident about business financials and how the numbers work before you leave your job will make a huge difference to how you create and run your business. Understanding the finances of the business is critical, and if you don’t know the difference between a profit and loss statement and cash flow – get help now! Instead of shying away from the numbers, you will embrace them and understand how the...
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