Be Accounting Literate.

Ready to #StartABusiness — but you are not accounting literate? Can’t read a Balance

Sheet? Can’t read a Profit and Loss statement?  Sure, you can hire a C.P.A. (Certified

Public Accountant). But, can you afford that person if you are a small startup?

If you are a larger startup, for sure you will want a C.P.A.  Even then, can you

interpret the Profit and Loss Statement? It can tell you where your losses are or where

your profits can be improved.

My suggestion: take an accounting course. You can attend a local community college

or sign up for an online course.

                                                   Budgeting

NOW, even before all of the above, did you create a detailed budget? The budget

is where you list the income that you anticipate for each month during the first six to twelve

months of your new business operation. Yes, this is guess work. Yet, the more you re-do

the budget (like maybe twice a week) and review the budget, the closer you will come to

reality. Next, do the same with each of the expected expenses ….. in great detail. Hopefully

you will show a profit in the first six months. Remember, you are only the owner (or one

of the owners). The business success is primary to your salary (or salaries). If you can get

by with no salary for the first six months — great. That can be made up later from future profits.

          Remember, budgeting doesn’t end after the first year of business. You  can now
convert to quarterly budgets. Then, continue them for at least the next three to five years. This
will help you decide when you can afford to add an employee or add more floor space or
open another location.
Prepare a Successful Foundation.
          Invest in the new book “Employ Yourself Now, Enjoy Yourself Now”,  7 Steps to
Start and Operate a Business in Less Than 90 Days. Just press the Purchase Now
button on page one of the website. As a bonus, you will receive (free) a one-half hour
personal small business phone consultation with the author (value $65.00).

 

 

 

 

 

 

 

 

 

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