One financial advice for those starting a new business

[cherry123]

What is that one financial advice that you would give to a new business owner. From me is that start small invest little capital and expand the business with more capital later. How about you?

 

[Stardom22]

After the start up of the business implement a No credit policy as this would take your business far away.

 

[Starmix]

Every business owner must not spend much.

 

[Suba]

My financial advice is to manage finances properly and correctly, such as separating business and personal accounts. Make financial records or accounting records, make budgets, monitor cash flow, use some of the profits to develop the business.

 

[eldavis]

Do not borrow to run your business, take things slow. These days most business owners tend to go for loans as their only option when it comes to getting capital. They end up running into debts even before the business starts.

 

[cherry123]

After the start up of the business implement a No credit policy as this would take your business far away.

I agree with you the fastest way to get your business collapse is having high debtors they can ruin any business at any time.

 

[Starmix]

A Business operator if new in business must interview his friends about positive and negative circumstances. Being new to business means headaches and sleepless nights thinking about adjustments of everything from rents to workers salary. There should be bond to cover expenses in case small profits happen.

 

[Golden9]

I would say to start small and grow as you learn. People often squander money thinking it's the secret of business success.

 

[Springtime]

Start small. Have proper financial planning and budgeting. Be vigilant in spending money.

 

[hastral45]

Do not borrow to run your business, take things slow. These days most business owners tend to go for loans as their only option when it comes to getting capital. They end up running into debts even before the business starts.

Best advice so far. Don't base the running of your business on borrowed loans as a start up. You will be dying of worrying in order to pay back.

 

[Chibson]

Never go into a business with all your money. it is also very much important you don't employ too much people if your business is new. Don't dip hands into your profit.

 

[Starmix]

They have to slow down and review their business plans which one needs innovation in case there are products not sellable.

 

[eldavis]

Best advice so far. Don't base the running of your business on borrowed loans as a start up. You will be dying of worrying in order to pay back.

Though i wont even advice anyone to take loan at all no matter the level the business may be in, but it is even understandable for someone who already has an existing business to take loan compared to someone just starting out.

 

[Imran Noori]

What is that one financial advice that you would give to a new business owner. From me is that start small invest little capital and expand the business with more capital later. How about you?

Don't start a business without consulting with a business expert.

 

[nomad]

Start small and gradually increase your investment, if you start profiting.

 

[Shavkat]

For me, it is best not to loan money when starting up a business. It is not a good start having a debt.

 

[cherry123]

Don't start a business without consulting with a business expert.

i agree with you this will help to minimise losses that might crop up later.

 

[hastral45]

As a starter in a business. Proper care should be taken on the kind of staff to be employed. Location of the business. Products to be introduced.

 

[Golden9]

Don't start a business without consulting with a business expert.

Not all experts are good, especially now. A lot of them are just book experts with no first hand experience. I would suggest getting a mentor instead, even if you have to pay for the training.

 

[SHAHID987]

If someone decided to open a general store and he has 1000$ capital then he must not purchase all items with this money rather he need to first purchase every item in low quantity then after seeing the demand must increase its quantity.