Introduction
From the very outset you need to ensure that fiscal responsibility is at the top of your list. Sure setting up a new business can be exciting. Being your own boss, investing in something you love, can be an absolute whirlwind. However, ultimately it is a business and you do need to follow everything through.
If you can then make use of an accountant/accountancy. They are worth their weight in gold. If, like me, finance was not your chosen profession, then you are likely to want all the help you can get.
From the beginning
From the very beginning you need to keep track of all your expenditure. Keep all your receipts, and ensure you know what everything is for. In the beginning, at least, try to remain focused on what you have to have for the business to succeed, and not what you just want to get as a new business owner. Challenge yourself, and never be afraid to put off that fancy purchase because is is not essential. As your business grows and you have more free money then is the time to enjoy the fruits of your labour!
Over and over
Time and again I find myself looking at things that may be “handy” or “useful” but really are not actually necessary. As a new business owner you need to make sure that any available funds are channelled into the key areas of your business to increase your chances of success. Think about whether you can make do without that tool, implement, or thingymahjig. Ultimately you want your business to bring in a return on your investment, to put food on the table, or meet whatever goals you have in mind. That end goal is what you need to remind yourself of when you get distracted by non essentials.
Conclusion
Plan out as much as you can before hand, with respect to your finances. Don’t over reach and don’t get anything you don’t need. You want to be in it for the long haul and not burnout bright. Ultimately try and enjoy the experience as much as you can!
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