Business finance tips for your first year
Finance tips for your new business
Few businesses can get off the ground without some initial funding. To help you get your business up and running, we’ve outlined 7 financial pointers.
1. Make sure your business idea is viable
Our free Let’s Talk Business Ideas seminar can help you determine whether your new business is likely to be profitable, provide you with expert advice and give you the opportunity to network with other business owners.
2. Be aware of start-up costs
Financing a business can be expensive. It’s best to create a financial plan to get things moving – just make sure you don’t underestimate initial overheads.
3. Make a financial plan with your accountant
Your financial plan should contain your budgets and sales forecasts, as well as your personal financial plan.
4. Get financial support
You may need to get financial support to get your business up and running. To finance your business, you can explore loans and grants – or even ask your family and friends.
5. Make savings a priority before you start
To make sure you have enough finances, it’s best to save before you start. That way you’ll always have a cash reserve to call on if the unexpected happens.
6. Monitor your cashflow
Checking your cashflow every week is financially beneficial – but wait until the end of the year before you calculate your profit.
7. Stick to your budget
Keeping on top of your bookkeeping will help you stay within your monthly budget.