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Small Business Startup - Dont Quit your Day Job Just Yet!
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By Paul Kopp
Some Reasons to Wait:
** Your current bills to live on are not currently met.
** The business has not shown a profit yet.
** There is not a reserve of cash to keep the business going without outside income.
** You are in debt even more because of the new business idea.
A small business startup is exciting and yet definitely challenging. When starting a home based business the first thing needed is (besides knowledge) enough money to get it up and running smoothly. One thing that ruins a small business startup faster then anything else I can think of is lack of funding. Now I am not proposing going out and borrowing for your business, but I am an advocate of being prudent with what money you currently have coming into your daily life.
When starting a home based business you are actually going to be the chief financial officer of your new small business startup. If you have not been able to keep your personal expenses and spending down, what makes you think you will be able to do it in your home business startup? If your savings account is at a low now, then what will change in the business? Remember you will be the same financial officer as the one running your personal expenses.
Current Bills are not Met Yet
One mistake many first time home business owners make is to expect their current bills to be met by their new business startup before it has even made a dime. If your current bills are not being met with the job you currently have, then you have too much debt.
I would suggest you cut your living expenses down first. Get rid of as much bad debt as possible (credit card, car payments, student loans etc.) These bills will go with you into the new business and that will mean not only will you have to pay for your personal bills but now you will have business bills that need to be address as well.
The most important part of a home business startup is proper planning not only at the beginning but through the w!
hole bus
iness existence. Going into a home based business without the proper funding for its survival is why one out of three businesses closes the doors within the first 3 years.
My first home business startup was a real shocker when I realized that I had way too much personal debt to make the business work. In order for the business to succeed it needed double what I was making at my job just to keep up! That was not taking a profit out, it was just paying bills for personal and business expenses.
That is way too much stress for most people including me!
The Business has not shown a Profit Yet
So many times we get excited about our new home based business and believe that we can make money overnight. With this false belief we rationalize that it is time to quit our day jobs. We say to ourselves;
Check them out right here!
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