HAVE SKILLS BEFORE YOU START A PARTICULAR BUSINESS
Starting a business is also one of the most demanding things
you can ever do.
Failing to ensure you have enough money to slow down your business. Lack of knowledge or skills to run it appropriately might still increase the damage.
WHY SOME PERSONS START UP THEIR BUSINESSES?
Few people set up their own business only for the idea of becoming
wealthy. Even smaller numbers actually succeed in achieving this.
Consequently right from the start, it’s vital to consider how much you should be paying yourself.
MAKE SURE YOU GIVE ENOUGH TIME TO MANAGE YOUR BUSINESS AND HAVE SAVINGS HABIT
Ensure you give your business every chance of succeeding, but aside from the issues of needing to keep enough back for running costs and marketing.
In essence, you need to be realistic. If you have given up the comfort
and safekeeping of a regular salary, you can’t suddenly survive without any income at all.
You must have the habit of savings little and later, increase it greatly, provided you have the ability to sustain it. Eventually you will grow and survive the trends, competitors and similar enterprises.
You are also likely to have monetary commitments that you will still need to meet, in addition to the new ones you will be taking on by starting a business, so it’s important to make sure you take enough to support sensible living costs.
HOW MANY BUSINESSES BANKRUPT OUT OF INEXPERIENCE?
You might be tempted to borrow more or build up another debt on a credit card, which is something that will inadvertently place more pressure on your business.
For example some manufacturers or wholesalers would want to give you more goods/products on credit. But you are to take the goods/products you can truly manage and able to pay back, and take other new products for either short or long term agreement for a try; this is one of the ways out to overcome been bankrupt in managing any business.
The more the credit you owe the more you are likely to become a slave. It might sometime prove detrimental to your business.