Starting up a business? even if you’re self-funded, you must still understand your startup costs. Here are some important facts:
- The majority start with less than $10,000
- Three quarters rely on their personal savings
- The number one regret of owners looking back on the first year is they didn’t spend more time learning about financial management
Start by mapping out all of the costs you anticipate having in the next year. Then, determine how much money you need to earn every month to stay in business (e.g., your operating income and salary).
MQ Accounting helps small business to create projections. This can be for starting a new business, buying a business or even expansion. Projections can provide insight and help in decision making.