Being Your Own Boss - What You Need To Know About The Numbers
Being your own boss is so empowering and exciting but can also be so overwhelming. There are so many things you need to learn that may not fall into your area of expertise or interest. The financials is a big one for many people. I want to help you filter through all the madness so you can focus on what’s really important.
Before you even start your business, you’ll really need to get clear on your own personal finances. This is the first step so you can find out when and what it’d take to get your business up and running. This is also a great exercise since it’d give you a taste of what you’ll need to do and maintain for your business’ finances.
Once you know how you stand financially, you’ll be able to determine 1.) whether you can tap into your savings and bootstrap your own business 2.) whether you will need more time to manage your debt and build savings for your business, or 3.) if bootstrapping isn’t an option and whether you will need to look at other funding options (i.e. loans, crowdfunding, funding, etc).
Figure out what it’d cost you to start and maintain your business. What are your start up costs (this will be vary different if you start a product or brick and mortar business vs. a service-based business)? How much will you need approximately each month to run and maintain your business? What’s the timeline in which it’s realistic to get the business up and running (will you need to do research & development, secure a lease, build up a community/client base)?
I know this is a lot of information but these are some of the fundamental areas you’ll need to think of in order to make your business a reality! Invest in getting yourself educated in the numbers, it’d definitely pay off! And if you need someone to talk through about all of this, send me an email! I love talking numbers so I’m always happy to chat with you!