What do you need to earn?
25th March 2015
There are lots of blog posts around about budgeting, business plans and cash flow forecasts and you really do need to have some sort of plan when starting out. Firstly it gives you some direction but it also gives you a measure to reflect on, is it going as well as I thought? If not why not? Or is it going better, great why is that, can you replicate it.
Whenever I meet someone starting out I ask them one thing – What do you need to earn to survive?
If you are going to start a business and you don’t have a huge amount of savings you need to make sure that you are going to make enough money so that you can take it out of the business to pay your mortgage, pay all your bills and eat!
I’m thinking that you are now thinking, yeah I know what that is it’s about £x. Don’t guess, we have a great little personal budget planner lets you enter your monthly and weekly expenses and work out how much you actually need. You can then include this in your business plan to make sure you don’t run into trouble.
Now comes the fun bit, when you’ve done that you can work out what you’d like to be able to spend on holidays, eating out, a new wardrobe. Then you have something to aim for in your business.
If you are starting out and would like to grab a coffee and have a chat about how we can help contact us now on 01273 737307 or drop us an email.