We all have in mind the business of our dreams that we want to undertake, but we are terrified to do it for fear of failure and to lose our heritage. One of the main reasons people do not undertake is a financial question: With what money do I start? How do I keep it? How do I manage it? All are vital questions.
According to data from the 2013 Employment Survey, Eight out of 10 young Mexicans intend to undertake. Among the reasons are our bosses because we believe that we will earn more money because we will have freedom of schedules and more flexibility. We will not deal with a superior, but these conditions can become simple myths.
While the idea of entrepreneurship is attractive, it also relates to fears, or don’t we all know the story of someone who lost their money from starting a business?
Therefore, before you quit your job and throw yourself into the ring to open your business, we give you some tips that can help you.
Make a business plan
A business plan must decide whether the business is viable or not to play your assets. The project must contemplate a detailed budget for the first three years of your idea’s life. Here it should be clear what your brand brings and why it is unique. Besides, you must have a financial plan to know where the money comes from and where it goes.
Set a salary for yourself from the beginning
Remember that you are not the “petty cash” of your business, and the company is not the “petty cash” of your family.
Analyze the competition and know every angle of your business
No matter how much passion you have, if you do not have all the information in your market, your competition, and complete knowledge of what you will offer in your business, you will face problems. Do your homework! Nothing costs you; on the contrary, it will help you finish polishing your business.
How do I manage my money?
Once you have your business plan – including the financial part – what follows is how I manage that money? Whether it’s the money you saved for a long time, the money from your partners, a bank loan, etc., you need to tidy it up.
An application that has proven to be an ally of entrepreneurs is the online platform, which helps manage your savings to meet your goals.
One of the keys to saving is to have a clear objective; this platform allows you to have several goals and use money with the order. You can open an account to save for purchasing an apartment while saving to open your business, and you also have an emergency fund. Altogether, but not scrambled.
This way, you will avoid confusing your company’s money with your own, as it will be all through separate bank accounts.
You must create a profile and indicate that you are saving for a business in the future. It will depend on how long you want to open your company, and the system will recommend you. If you are starting, you better stay in a conservative investment profile to have the money at hand at the right time.
Another advantage of using this platform is that you can invest your business’s profits. There will come a time when the company allows you to have profits that you will no longer reinvest, and what follows is to grow your money – to have a quieter future – for that, the same platform offers you access to investment funds but That is another issue.
All in all
Even if it seems too early, you should always consider the future and contemplate how you will grow your business and get enough money for your retirement.About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.