Have you been mulling over starting a new business venture in the new year? Sometimes clients I meet think they have to seek out external funding or raise a lot of money through startup or venture sources before they start their business. Not necessarily! In fact, self-funding a business, especially one where you start out as a solo-entrepreneur, is very common. But how do you decide how much you need and when to say goodbye to your day job? In order to become financially ready, there are a few steps you should take BEFORE you think about finances, launching your website, or selecting vendors. First, you need clients! To get them you should develop a value proposition and define a customer base that’s ready and waiting to pay for the product or service you’re offering.
Every new business venture has risks, but the finance piece doesn’t have to be a headache with some good upfront planning. Provide value to the customer and the rest will come in time. I recently wrote an article for Women’s Prospects that provides a four-point checklist to get your financial house in order before starting your business.
Check out the full article here.