There's no doubt that COVID-19 has had a significant impact on small businesses. But contrary to what you may think, now can actually be the perfect time to start a new business. Armed with the right tools, you can start down the path from business idea to successful startup. Follow our 16-week series to gain all the insights you need to Start a New Business Now.
Here’s a sneak peek at what you’ll learn in Chapter 13.
Making money is only part of the equation for startup success. Once the dollars begin rolling in, you need to effectively manage your finances to keep your business in the black and have enough left over to pay your personal bills.
Unfortunately, many startups fail because they run out of money.
Our free resource, How to Start a Business Now, is here to help. Read Chapter 13 to discover how smart business owners manage their finances, invest in their companies and still pay themselves. The chapter covers:
The difference between growth and profits
Business growth depends on investment, but you need to pay the bills, too. Learn how to:
- Find a balance between growth and profitability that satisfies both business needs
- Avoid distractions that hinder your profitability
- Identify goals that keep your business on track
Why perfection is a startup killer
Everyone would like to be perfect. Nobody is, and that includes your business. Learn why:
- Perfectionism can doom a business from the start
- Minimum viable products can put your startup on the fast track to success – and how to develop an MVP
- You need to adapt to market conditions and how COVID-19 has impacted startups so you can discover opportunities to thrive early, even if imperfectly
How much to pay yourself
Startup founders commonly question how much they should pay themselves. In Chapter 13 of How to Start a Business Now, you’ll learn:
- How much startup founders pay themselves, on average
- Why some founders take minimal salaries to foster business growth
- Why it’s important to accept a salary that pays your personal bills
- The differences between a regular salary and an owner draw, and which is best for you
How much to invest in your business
Marketing, equipment, employee training and other initiatives require business investment – but how much should you invest? Leverage the information in Chapter 13 of How to Start a Business Now to find out:
- What percentage of total revenues you should devote to marketing
- Why it’s important to understand the lifetime value of a customer and how that impacts your marketing spend
- How to use projected revenues to determine marketing ROI and profit margins
- Why you need to account for all overhead, including training, R&D and partnerships
- How to invest business profits beyond marketing, and why it’s important to do so
Where to get financial help
Startups have questions, and no single resource can answer all of them. Chapter 13 will help you:
- Understand why it’s important to consult with financial experts
- Discover free and paid resources to help manage your business finances
Money management is an essential skill all startup founders need to succeed. If you’re not a financial whiz, you need to seek advice from trusted experts who can help you manage your money, invest in your business and pay your own bills. Find out everything you need to know about managing your startup’s finances in Chapter 13 of How to Start a Business Now. START TODAY.
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