16
Jun

How Much Do You Need?

There’s only one thing that stands between you and your cherished [tag]dream[/tag] of being your own boss: [tag]money[/tag], you think. Of course, the amount of money needed varies tremendously depending on the type of [tag]business[/tag] you are starting, its size, whether it is local or national in scope, whether it is home-based, and other factors. Many surprises will be found along the way – some things cost a lot more than you think, others a lot less.

The good news is that many [tag]small businesses[/tag] have been started with little money. This is possible if it’s a small service business, requiring little equipment, sparse marketing tools, and minimal inventory or materials. If your business requires specialized equipment, employees, a leased space, etc., your startup costs will be much higher. This does not include your own daily living expenses, by the way.

Don’t be intimidated! Sure, some people have lots of sophisticated ways to deal with budgets, but – unless your business needs to get really big really fast – you don’t have to fear what you don’t know. The important thing is to just be willing to honestly look at the financial future you are creating, then as time goes on, check your estimates against reality, and fine-tune your [tag]budgets[/tag] accordingly.

More so, ask for help. You can’t know everything, especially when it comes to how taxes affect your business. Don’t just wait till late in the year before you ask for what you can do to increase income or reduce taxes – then it’ll be too late. So, take action now!