Knowing your actual start-up costs, which should be factored into your business plan, can be important as you look for funding. And whether you're tapping into personal savings, asking friends or family for investments, crowdfunding or applying for a loan, you should stop to consider the potential pros and cons of each approach.
Bottom line:
When you strike out on your own, money isn't always the most important thing – hopefully you've found something you also love to do – but you want to make sure the numbers add up. Putting in the time to make sure your finances are in order, and creating a plan for how you'll grow your business, can be essential to becoming a successful entrepreneur.
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This article is intended to provide general information and should not be considered health, legal, tax or financial advice. It's always a good idea to consult a tax or financial advisor for specific information on how certain laws apply to your situation and about your individual financial situation.