Financial Tips For Starting Your Own Business

   If you’ve got a business idea and you couple that with an entrepreneurial itch, you may find yourself tossing and turning at night trying to figure out a plan for moving it forward – dreaming of the day you’ll become your own boss.

   I’ve hung my shingle in the past and know from experience that there are ups and downs to starting and owning a business. The initial years can be especially tricky, but the long-term payoff can also be financially and personally rewarding.

   If you’re up for the challenge and excited by the prospect of becoming a business owner, there are a few steps you can take to help make sure you’ll start your new venture on sound financial footing.

1).  Create a business plan. Using a written business plan as a guide for your first few years as a business owner can be very helpful. The process of researching and writing your business plan can also teach you more about the industry and may help you better understand the viability of your idea.

   A good place to start could be with either the U.S. Small Business Administration (SBA) or the SCORE Association (a non-profit supported by the SBA), who have free resources and training that you can use to help you create a business plan.

   Once it’s complete, you can use the business plan to attract partners, investors an ...

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