5 Tips For Launching a Start Up

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October 15, 2017

 

Starting a new business can be hard. From setting up business bank accounts to managing your cash flow, it can be tough to get a new business up and running. Follow these five tips when starting your next business.

  1. Cash flow

Many startups fail because they run out of money. It’s important to know where every single dollar is coming from and going to.

  1. Monitor spending

Hiring a full time accountant isn’t ideal for a new business. Use accounting software to track your spending in the early stages to ensure you have a steady cash flow as well as accurately fill out your tax documents.

  1. Limit fixed expenses early on

Keep your business expense low especially in the early stages. Refrain from spending money on high rent and meals. Instead, use the money to help your business grow.

  1. Time is money

There are only 24 hours in a day. As a new business, any time during the workday spent not working, is time and money wasted. Plan out your day and make sure to allocate enough time to get certain things done. This way, you spend your workday focusing on making money rather than wasting it.

  1. Create financial goals

Creating realistic and measureable goals are key to startup success. Create daily, weekly and even monthly revenue goals will allow you to track your growth and make changes accordingly to ensure continued growth.

No matter the business, following these basic financial tips will help your startup stay afloat.