Personal finances for business start up

Personal Finances for Business Start Up

Copyright 2006 The Powerful Promoter

Many business owners agree that starting a small business will involve the personal finances of the owner, even though the business may be formally regarded as separate entities. This is probably due to the fact that the business owner may be likely to lose his source of income during the initial operations period, especially during the first 3 to 6 months. With this, adequate planning, budgeting and saving should be done by the business owner prior to starting the business so as to have a pool of funds to support personal expenses.

One of the first steps to do this would be to track your monthly expenses on a daily basis in order to adequately determine your actual personal costs. Be sure to include buffers for emergency or surprise expenses. Once you have a clear idea where your monthly expenses go to, you can then create a budget for the period that your income may be affected. It may also be a g

 

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