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How often do you feel unsatisfied with your job? How often do you think about trusting your guts and starting your own business? If owning a business is your dream and if you’re ready to take the first big step towards becoming an entrepreneur, understanding of your financial situation should be the first thing on your list.
While you must have the passion and vision to strike out on your own, financial ability is sometimes the most critical component of small business ownership. And you may need less than you think to get going. Knowing your business model first will help you strategize what your venture needs to get going successfully.
Check out these five financial strategies to guide your first steps toward building a small business:
Know your monthly cost of living
When you start your own business, in the beginning you’ll have smaller income – or no income. This makes it more critical for you to get a clear picture of your fixed cost of living. Make sure it includes every monthly cost you incur, such as housing, food, and insurance. Know that number and be clear that you’ll have to bring in at least that amount to support your basic needs.
Decide what you are willing to give up
Are you a conscious spender? You may be spending more money on non-essentials than you realize. After you establish a monthly fixed cost of living, review your monthly discretionary spending. What are you willing to live without in order to pursue your dream? New clothes? Dinner out?
The latest tech gadget? Make a list of the things that you can live without and start monitoring your spending accordingly.
Establish a “Kill switch strategy”
Usually when you start your own business, you decide a fixed amount that you will invest from your personal savings. If you needed to spend more than that, then you should probably scrap the idea and get another job. What are the conditions that will alert you to hit the kill switch of your business before you experience financial devastation? For example, you may have the Rs. 5,00,000 to get your business started, but don’t want to spend more of your savings beyond that. Knowing and establishing your exit conditions will allow you to focus on building your business and not worry that you’re ruining your personal financial health in the meantime.
Create an operational budget
You can’t be great at everything. In fact, the most successful businesses thrive because the owner is fully investing his or her greatest strengths into the business. A whole spectrum of skills are needed, for you to navigate and run your new business. Prepare a list of essential skills you need up front and what’d be the cost of hiring that skillset. What can you afford and how much revenue will have to be generated in order to support the skillsets? Knowing this number will help you establish how to fund your business in a way that works for you.
Setting a price tag to your products or services
Figure out what you should charge for your go-to-market product or service. Take into consideration your time, fixed costs, and cost of living when you establish the price or fee of what you sell. Keep in mind the value you provide and put a price to that – make sure it is market compatible, but is also practical and will support your operations.
Always remember one thing, no risk – no reward. But if you have the drive, patience and a defined financial path that’s right for you, pursuing your dreams will become a thrilling experience.
