Finacial Tips When Starting Your Own Business

Making the decision to become an entrepreneur is not an easy one. You may be giving up a full time job, spending a ton of saved capital or going into significant debt to follow your lifelong dream. No matter what the situation, starting a business is difficult and their are going to be a ton of questions during the start up process and your first year when it comes to finances.

Recently, small business owner, entrepreneur and CEO of WolfBridge Financial, Michael Kothakota sat down to discuss some financial tips when starting your own business.

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1. How Much Money Do you need to start a business?
2. How can I sustain my business when it is not yet cash flow positive?
3. What is cash flow?
4. How much money should I save to pay taxes at the end of my first year of business?
5. Are there any expenses I should budget for – no matter what my business model is?
6. How do I go about making sure my business is official, in a legal sense, and what type of cost can I expect to become official?
7. Are their any things you didn’t know to expect when you started WolfBridge Financial?

Are you a business owner? If so, what are some tips you can share that you wish you had know prior to the first year of business? Was there anything that would have either helped with the initial set up of your business or even something that may have given you pause when it came to becoming an entrepreneur?

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