Start

Starting a business is the easiest stage. When you start your business, you are energized and have a lot of questions. You understand your niche and how you want to operate. This includes your startup costs, licensing, operation cost, pricing, profit margins, and staffing requirements.

Based on your financial situation, you will decide how to fund your business:

• Personal Savings & 401k
• Credit Card
• Home Equity Line of Credit (HELOC)
• Friends, Family
• Commercial Loan
• SBA Loan
• Investors
• Partners

To avoid any debt, you could work your day job and side hustle (after work, nights, weekends).

Unless you have investors who will patiently support growth over profitability, you are a self-funded business owner. You need to be cash flow positive or, simply, net profit minus debt service must be positive. Yes, remember to pay yourself.

You may have attended seminars, read many blogs or watched many YouTube videos. DIY (Do It Yourself) is great to a point, yet it won’t give you answers to your specific challenges, unique to you. On the surface, free information is good. In reality, once you decide to start your business, time and momentum are your key drivers. You actually waste time and lose money if you don’t execute with precision. This is why working with a coach to help you achieve your goals, set milestones and keep you accountable is so important.

Are you making a job for yourself?