Wiserr
Active member
Your business is bound to fall the moment you start mixing up your money with your business money.
And this is not applied to big businesses alone
It's even more needful to you as a small business owner
Before you start a business make sure you have your CAPITAL; the amount you want to put into the business
The capital covers the product you are purchasing, designing of fliers, logos, etc, training you get in respect to the business
Don't just put money, KNOW THE AMOUNT YOU HAVE PUT IN
It will help you know whether you are on the profiting/loss side
HAVE A SEPARATE ACCOUNT;
As a small business, it still is, the possibility of the business not getting registered with the Corporate Affairs Commission (CAC) is very high so opening a business account will be difficult a little.
That is where your personal accounts come in.
Open two personal accounts; one for yourself, the other for your business. If possible, don't request an Atm card for the business personal account to avoid touching it
Every business money should pass through it
DON'T USE ALL THE PROFIT;
The profit is actually what that will lift your business higher since you're still a small business owner
You can just map out a little percentage for yourself and reinvest the remaining into the business
There's still a whole lot of work to do
Create a system/strategy that will help you manage the money that flows into your business. It could be weekly, monthly, quarterly or yearly...just have a system
As a small business owner, you should not depend on that business for meeting your personal needs unless it will fall or remain stagnant.
The business itself has its own needs
MAKE YOUR BUSINESS A SEPARATE ENTITY
And this is not applied to big businesses alone
It's even more needful to you as a small business owner
Before you start a business make sure you have your CAPITAL; the amount you want to put into the business
The capital covers the product you are purchasing, designing of fliers, logos, etc, training you get in respect to the business
Don't just put money, KNOW THE AMOUNT YOU HAVE PUT IN
It will help you know whether you are on the profiting/loss side
HAVE A SEPARATE ACCOUNT;
As a small business, it still is, the possibility of the business not getting registered with the Corporate Affairs Commission (CAC) is very high so opening a business account will be difficult a little.
That is where your personal accounts come in.
Open two personal accounts; one for yourself, the other for your business. If possible, don't request an Atm card for the business personal account to avoid touching it
Every business money should pass through it
DON'T USE ALL THE PROFIT;
The profit is actually what that will lift your business higher since you're still a small business owner
You can just map out a little percentage for yourself and reinvest the remaining into the business
There's still a whole lot of work to do
Create a system/strategy that will help you manage the money that flows into your business. It could be weekly, monthly, quarterly or yearly...just have a system
As a small business owner, you should not depend on that business for meeting your personal needs unless it will fall or remain stagnant.
The business itself has its own needs
MAKE YOUR BUSINESS A SEPARATE ENTITY