Should you have savings before starting a business?

Small Business Forums Accounting and Finance Should you have savings before starting a business?

  • Post
    Simon G Little
    Participant

    I’m wondering what you guys did when you started your business. How did you manage your money? Did you use credit or find friends who could help? Or ask your parents or something like that? Or did you save like crazy until you had enough money to carry yourself for a bit.

    0
    0
Viewing 4 replies - 1 through 4 (of 4 total)
  • Replies
    Dave Sitalis
    Participant

    I’m a believer in having everything you need to be self sufficient. No bosses that way. No one watching everything you do, judging, etc. You can do things you way, and take the chances you want to take without judgement of others if you fail. Everyone fails. The most successful people probably failed the most having taken the most chances. Not having to worry about someone second guessing your decisions frees you in ways you can’t get when you use someone else’s money. If you can do it yourself, do it yourself.

    0
    0
    Julia Merrace 
    Participant

    This obviously depends on the business. What business are you in?

    0
    0
    Simon G Little
    Participant

    My company focuses on marketing and content design for other companies. We help to market and promote companies brands through print and digital creative content, website development, and strategy.

    0
    0
    Marius Kent
    Participant

    You don’t need a lot of capital for a business like that. Mainly you just need time and experience. You’d need a nest egg to make sure you can support yourself until you start to see revenue from a few customers – basically until you get things rolling. Good business to be in if you can get that going, and if you’re good at it.

    0
    0
Viewing 4 replies - 1 through 4 (of 4 total)
  • You must be logged in to reply to this topic.