Starting a business requires financial planning beyond just the initial investment – cash flow management is crucial for survival.
Most businesses take longer to become profitable than entrepreneurs initially expect.
Separate business and personal finances completely with different bank accounts and credit cards.
Keep detailed records of all business income and expenses for tax purposes and performance tracking.
Build a business emergency fund just like your personal one to handle unexpected expenses or revenue shortfalls.
Understand the difference between revenue, profit, and cash flow – all three matter for business success.
Consider working with an accountant or bookkeeper to ensure proper financial management as your business grows.
