Before You Start a Business
What do you love? Where are you a rock star? What do you do really well, that you can sell? Should you start or buy a business? Is franchising for you? How big do you want your business to become? These are all questions that you should know the answer to before you start a business.
Plan your life, then plan your business! Some of the most successful business owners I know are entrepreneurs who created a business that is a byproduct of what they want out of life. If you love what you do, your business will not seem like work at all.
Once you determine your life plan, the next issue will be figuring out your financial plan. I believe it takes 18-months to reposition your finances to be your own boss. Getting back to the bare necessities will take careful planning. To end your addiction to your paycheck, you will need three pools of money to survive the first year to 18 months in business.
Below are some additional tools to help you create a life plan, reduce your expenses, learn how to develop a personal budget and calculate your net worth. This is a critical step to determine if you can afford to quit your job and start a business.
Life Plan
Budget Basics
Personal Budget
Net Worth Calculator
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