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Work: Starting Your Own Business

Determine How Much Money You Will Need To Get Started

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Factor in how to cover costs of running the business for at least a year. Include the costs of any office or store space, equipment, and cash on hand to cover operating expenses - including money to repay any loans you may take out.

Think about your ongoing personal expenses and how you will pay for them while waiting for the business to generate an income. Include a reasoned guess about how much you will need to cover your health condition. Add at least six months, and preferably twelve months, to the date you expect the income to start "just in case."

If you expect to hire employees, consider giving them an ownership interest in the business. Top people are often willing to work for less money if they are offered a piece of the company. People also tend to work harder when they expect a share in the success. (If you go this route, put the arrangement in writing and at least include what happens if ithe arrangement between the two of you doesn't work out).

An accountant can help you determine your cash flow needs.

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