How much money do you need to start a business?

How much money do you need to start a business?

You are ready to start, you know the business structure, the resources you need to begin and how to maintain a vibrant flow of new customers. One last thing to check – how will you pay for it all?     When considering how much funding you need to start your business you need to consider: How long until your first sale from now When will you make a profit How much money you need to fund the business until profit These three elements will give you key information in determining how much money you need to start up. They will give you the foundations of your cash flow in the business. A healthy cash flow is essential for any business, big or small. If the business runs out of money, it will be impossible to pay suppliers. You may have to get other short term finance which may be expensive and it could become a very difficult time for you to trade out of. To avoid this happening, you need to estimate your future cash flow. This way, you can be sure that your business has enough cash to pay its way, and you can keep growing. This is set out like a profit and loss forecast but instead of showing when a sale is made; you put in the amounts when the bill is paid. Like a Profit & Loss statement, there are two parts – cash in and cash out!   Cash IN This is the moment your business receives cash in from a customer. If you get paid in cash at the moment you make...
How to start a business

How to start a business

Are you staring out of your office window wondering how you can escape? Imagining what it would be like to be in control of your own destiny, make your own decisions, have the freedom and flexibility you crave. Chances are one of the escape routes you have considered, apart form winning the lottery, is starting your own business. Yet, you hesitate, as you are not sure how to start, if your idea will be a success or even if you have what it takes to be successful as a business owner. These are normal concerns. Last year, when writing my book, I interviewed 50 women who were al, considering leaving their jobs to crossover and start their own business. They all had an idea, and could imagine what it would be like, yet they hesitated. Their main concerns were; Will I make as much money as I make now? How will I know my business will be a success? Do I have the right skills and experience to be a success? How do I start? How much money will I need to get started? They need Clarity, Confidence and Commitment Clarity How clear are you on the idea for your business? Have you defined precisely what you are selling and who will be buying it, or is it more of a vague idea of the area you want to move into? The clearer you are about your business idea, the more tangible it will become. When you have a tangible idea, you can speak about it with more conviction and certainty. The other piece of clarity you need is...
You quit your job to start a business – How are you really feeling?

You quit your job to start a business – How are you really feeling?

Constant wondering if you’ve done the right thing, made the best decision, am I good enough or have the relevant experience can plague us. This never-ending self-questioning can deplete our confidence and erode our business success. We feel paralyzed by self-doubt. We don’t take those bold actions needed to move the business forward. Until you leave your job and start your business, you can’t know this. Having your own business is probably the biggest tool for introspection and increased self-awareness ever! As business owners, our internal mechanisms are intrinsically linked with the external performance of our business. This meshing of our internal and external worlds can be surprising. After a long, successful career in the corporate sector, you may take for granted your success and your ability to do your role well. You know that on the whole, you have what it takes to do the job and if you question things, it is more likely to be the ability of others and the culture you are working within rather than your own ability and performance. Suddenly, in charge of your own business, you realize that the buck now stops with you. You are what lies between where you are now and the future success of your business. This can be overwhelming for some, invigorating for others. There is no one else to blame. Taking responsibility for your business also means taking responsibility for yourself and your actions. This is where our mind can impede us or propel us. Finding the right support for our internal world is essential to make progress externally. The most common sources of this...
10 Traps to Avoid When you Leave your Job to Start a Business

10 Traps to Avoid When you Leave your Job to Start a Business

http://www.corporatecrossovers.com/wp-content/uploads/2013/04/Feb-Masterclass-10-Traps-to-Avoid-1.mp3 Today we are going to discuss the Top 10 traps to avoid when you move from being employed to having your own business. And these traps can last longer than you might think! I have recently completed some quantitative research on 300 women business owners, and these are some of the traps they faced, and some are from my experience of nine years of working with business owners and people who left corporate to set up their own business – Corporate Crossovers. For each Trap – I’ll share some ideas about how you might avoid it, or fix it if you are there already. TRAP NUMBER !: Trying to do it all When you set up you own biz you are probably very passionate about it, and it is something you are very good at and you love doing And when you dreamt of your new business you imagined that you would spend lots of time doing that one thing And then you discover that you have to do lots of things! Chances are you are not an IT expert, a brilliant website builder or even a book-keeper yet suddenly when you start up you are propelled into having to know all this stuff! And you think you have to do it all! I really urge you to use people who are expert at this stuff – find someone who is as passionate about book keeping as you are about your own business, and let them take over your books…or your web design or what ever. They will do the job better and faster than you. And save...
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