If you are considering starting a new business before the big ball drops on the year 2012, you aren’t alone. New businesses are popping up all over the US as the entrepreneurial spirit spreads like wildfire. To give your idea the best possible chance of becoming a real money making, full time endeavor, you’ll need to have your finances in order. Here’s how to get started.
Equity is key. It is not only an optimal solution if your short on cash, but a great source of motivation for hard working employees. Offer a talented crowd an attractive yet reasonable bit of equity. Get to know them during a probation period, give them an incentive to stay and motivate them to help make your startup a success.
Plan to run your business with the word lean in mind. Vendors might agree to let you pay for goods over time, or you may be able to trade services with another start up. Think creatively and frugally. You may be able to squeak by in the beginning by bartering for equipment, computers, and even furniture. Have a clear idea of what you need to get started, and leave the “wants” for later.
Take care of your personal financial life. Smart entrepreneurs take risks, but they aren’t putting it all on the line. It’s important to be willing to invest your own time, resources, and money in your new venture. Just don’t put yourself in a situation where you could lose your home, car, relationships, and good health all in one swoop. Keep a cool head and move forward one calculated risk at a time.
Transitioning from working full time for someone else to being your own boss is a rocky road. But if you can keep your expectations realistic, control your spending, and bet on yourself in a smart way, you’ll see the kind of economic success that every new business owner dreams of.
For more information on how to UFOstart your startup and how to experience economic success in the first year feel free to contact us.
-bmt
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