Tuesday, 4 December 2012

Can you afford to start your own business?

Are you a risk taker? They say all top entrepreneurs are willing to take risks. However these are usually calculated risks unless the business owner can afford the possible loss.
Starting your own business will always be a risk, as there are not such guarantees in life. So we recommend you review your personal financial position to ensure that you can afford to start your business.
Firstly we would recommend a review of your personal assets, especially your liquid assets such as bank or savings accounts, shares etc, so you know you have back up resources if it takes longer than planned to get the business off the ground.
On our web site www.startyourownbusinessdvd.co.uk we offer a template to help this consideration.
We also offer a template for considering your personal survival budget. This is the minimum figure that you need the business to earn for you each month to ensure that your personally survive. It is no good running a business that breaks even without providing you with cash or a return to achieve the motivation and reasons you started in business. 

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