A start-up business is a huge investment. You put in time, effort, personal assets and most of all, money. Everything, tangible or intangible, has some value attached to it and after investing, you expect to get some positives out of it.
Women are born to be in control of things whether you manage your children at home, maintain a healthy lifestyle or work a 9 to 5 job. So why not harness all that energy, skills, knowledge and experience into something that you truly love. Stay at home moms are always figuring out ways to earn some extra cash that can be used around the house for her kid’s education or day-to-day expenses. What if you do something practical, instead of thinking all the time?
You can always start working towards something that you are good at. Be it cooking, fashion designing, a fitness instructor, a tuition teacher, a product distributor etc. There are countless possibilities that require some planning and budgeting. When you have figured out your work plan, then you have to start thinking about the finances.
Start-up business costs a lot of money and you have to manage your expenses. Either you operate from your home or rent a space to carry out your activities, prioritizing in allocating finance is essential to surviving the initial years. You have several options including:
- Financial advice from banks and institutions
- Interest income on fixed deposit certificates (savings)
- A long-term loan to survive the hardships of a start-up
- Borrowing from a friend or relative
After you figure out the optimum finance source, you can carry out the budgeting process to allocate for the necessities of a start-up rather than focusing on furniture & décor. Also once you start to generate revenue, be smart, do not get trapped into the glitz and glam of high-end shopping. First, focus on cementing your business and capturing a considerable market share. Visit www.lucimcmonagle.com for business and financial coaching lessons.