This is the third and final part of this series: Do not start your business if you have not read this.
Here you can also see the parts I and II. In this final installment I’ll talk about a subject that few people dare to face in all honesty. One such issue that entrepreneurs often circumvent especially a bit but eventually becomes present in their business.
And it is the financial issue. A critical issue in the operation of a business and can guide you to success or take you to impending failure.
Do not start a business, if you have good financial habits.
This may sound hard. And indeed it is. But it is one of those truths that no one tells you one of those issues and many times we prefer to skip it in order to finally start a business is indeed an improvement in finance. And that is often precisely the problem.
Assume that the fact set up a company or business will represent more revenue automatically. Which is far from reality. Because, let’s face it. A company generates income only if the universal principles of money management is respected. What are those principles? Simple. Do not spend more than you earn.
Do not lightly expenses. Have a budget, etc. You can here see this article that will help you delve into the theme of care for your finances.
But the important thing to know in light of this issue is that the worst mistake that many entrepreneurs make is to just sit in the chair of directors of his business, in charge of handling money when their personal finances are in total chaos. And the question I always do them is: How do you pretend that your business is financially organized and successful, if your finances are in disarray.
How do you intend to generate profits if your credit cards are maxed out debt? How do you expect an organization to grow and develop if you have to pay your suppliers chasing you? Do not you sounds a bit contradictory? Indeed, it is. So the best advice I can give in this post is this.
Do not start a business if you are not a responsible person in charge of the money. Do not you throw yourself into the void without a parachute?
So why start a business venture in a totally adverse context and doomed? So no matter the size of your business, make sure finances are in control of someone who can look after them with great zeal.
You take and follow a budget and to take care of your assets in the most efficient manner. And if that person is you, then better and I congratulate you. I must say that I have debts or financial problems is not a limitation to start a company, unlike this will be your best motivation. However, be sure not to open a hole to escape pretend otherwise.