One financial advice for those starting a new business

cherry123

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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?
 
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Suba

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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

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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.
 

Starmix

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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.
 

hastral45

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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

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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.
 

eldavis

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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.
 

SHAHID987

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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.
 
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