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helencrazer
09-29-2015, 05:31 AM
I always wonder about this, because starting a business seems like a pretty brave act to me. How did you know you were financially ready to start a business? Did you just leap and hope the money would follow, or did you have a set amount that you felt you needed before you'd start up?

DavidZin
11-23-2015, 07:46 PM
Information very great.

vera27
01-10-2016, 10:18 PM
also u need a plan of actions i tnink)

DavidLewis
01-19-2016, 12:03 PM
I always wonder about this, because starting a business seems like a pretty brave act to me. How did you know you were financially ready to start a business? Did you just leap and hope the money would follow, or did you have a set amount that you felt you needed before you'd start up?

In some ways, you're never ready. In other ways, you know.

I made the mistake of jumping out into the wild before really understanding the future potential for the market I wanted to serve. Here's what I learned:

1) Test your ideas first - get an audience. This isn't as expensive as it sounds. You can see demand for certain ideas on Facebook, Topsy, Twitter, and even by just lurking on Google, and watching ads that show up over and over again. Join a forum where your ideal market might hang out and just start posting - ask questions. Try to be helpful. See whether people really want what you'd have to sell. If not, what do they want? Start there.

2) Save up at least 3-6 months of expenses to get you started. You might be starving for business for a while. You don't want to *literally* starve.

3) Hopefully, after a few months of saving up money, you've figured out whether your business idea will float (by hanging out in forums or by joining the appropriate meetup groups or whatever).

3.5) Now you can "jump in" and do actual testing - see if peope buy what they say they want to buy. If it flops, you'll know quickly. And, you'll have 3-6 months to find a job and/or start over.

Does that make sense?

mysuccess101
01-29-2016, 06:35 AM
If you know you have a stable job and you can afford your needs.

AlvinHorgan
02-01-2016, 05:51 AM
Too many of us create unrealistic personal financial expectations that will ultimately impact key decisions for your business.

HassleFreeAdvances.com
03-16-2016, 03:12 PM
I used to be a consultant, and I tried to never use the dreaded term "It Depends". But in this case, it is so appropriate. Here are a few things it depends on:

1) Business Plan - how good is it overall (the next three items speak to specifics of it)? Has someone reviewed it?
2) The Market and Competition - have you really nailed down your market position?
3) Pricing - How elastic is pricing in your industry? In other words, how much can you raise and lower prices compared to the amount of business you will lose or gain. Gross profit is maximized by knowing this.
4) Pro forma - how good are your cash flow projections? Do they have a high-level of sensitivity? How much money do you need to finance the period before your first break-even month?

5) What is YOUR risk tolerance? If you are risk averse (and maybe a good idea otherwise) is to keep your job and start small... and either boot strap finances and/or start the business in your home.

fastunsecured007
03-18-2016, 04:29 PM
I always wonder about this, because starting a business seems like a pretty brave act to me. How did you know you were financially ready to start a business? Did you just leap and hope the money would follow, or did you have a set amount that you felt you needed before you'd start up?

Thank you very much for you informative post. Please continue by posting this type of post. Thanks again

peterradcliffe
08-07-2019, 02:14 AM
I saved some amount before starting a business. for any business needs capital is required. for this, you need to save money. then jump into the business.

speeduser
12-23-2020, 06:38 AM
Wow, the name is very ancient name. I would assume the Baldwins came from England, am I correct? - Steven C Wyer (http://steven-c-wyer.com/)