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[S602]Small Business Startup Funding

by Joshua Feinberg, Jos

Business startup funding is a concern for most professionals starting their own businesses. Many wonder if they have enough money to begin and when they can quit their other jobs to focus entirely on the new business. The key to launching a business is making sure you've studied your business startup funding needs. If you find yourself presented with the opportunity to speed up your launch date, you need to be ready.

Personal Finances

Look at your checkbook and credit card statements and carefully consider personal expenses. This means you will need to uncover the extra money you spend and eliminate it from your budget. Reducing personal expenses is important to getting your business ready to go.

Just because you are taking better care of your business startup funding doesn't mean you need to get rid of life's enjoyment. Think about it as a priority for now; you can postpone vacations, fancy dinners and other fun events for just a little while, and this will make a huge difference in your business.

Evaluating Business Expenses

Business startup funding also involves minimum business expenses. Computer consulting is not about capital; you will have business expenses to deal with however, so you will need to add these into your business startup funding plan.

Adding It Up

Add up your personal and business monthly expenses and remember that in order to launch your business, you need to have six months of cash in the bank or else another capital source. If you don't have this, you shouldn't quit your day job just yet. However, you can start limiting your job to 15-20 hours a week so you can concentrate on building your business. Teach computer courses at a college or work at an electronics store to bring in reliable cash without straining yourself. This type of plan can help you build a client base.

Finding business startup funding is a challenging aspect of starting a small business, and you want to understand its importance as the root of both business failures and successes.

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When the time comes to actually launch your business you must have done your homework regarding your business startup funding needs. You need to be prepared so that if the opportunity to accelerate your launch presents itself, you're ready.

Assess Your Personal Finances

Take out your checkbook and credit card statements and review all of your personal expenses. Find all the frills and eliminate them. It's tough to do, but if you're really committed to getting this business of the ground you need to reduce your personal expenses.

Taking control of your business startup funding doesn't mean you have to quit enjoying life. You just have to prioritize for now. Skip the night show and catch a matinee instead. If you're going out for dinner, clip a 2 for 1 coupon or go to the early bird. Hold off on that tropical vacation for one year.

Evaluate Your Business Expenses

Another element of business startup funding is your minimum business expenses. Luckily, computer consulting is not a capital intense venture. You will have business expenses to cover though, so you must analyze what those are and figure them into your business startup funding needs.

Do the Math

Total up your personal and business monthly expenses. To launch a successful business you need to have at least six months of cash in the bank OR an alternative source of affordable capital. Many people won't have 6 months cash to cover their business startup funding needs. If this is you, you will need to find, or keep, a job.

Limit the job to 15 - 20 hours per week so you leave enough time to concentrate on building your business. Whether it's teaching some computer courses at the college or working at an electronics store, you have to be bringing is some reliable income. This reliable income will give you the cushion you need to spend time building your client base.

Securing adequate business startup funding is one of the most challenging aspects of launching a small business. You don't want to minimize its importance though. Inadequate business startup funding is at the root of many business failures.

The Bottom Line on Business Startup Funding

Do what you need to do now, in order to do what you want to do in the future. Having enough business startup funding means conserving your cash mercilessly. You have to know where your money is going and have enough to cover 6 months of expenses. If your business startup funding is a little short, a part time job is often the most practical means of securing the funding you need.

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Joshua Feinberg has sinced written about articles on various topics from Adwords, Business Plan and Information Technology. Joshua Feinberg can help you grow your computer consulting business, the RIGHT way! Sign-up now for your free audio training program that features field-tested, proven Computer Consultants Business Tools at http://www.SmallBizTechTalk.com. Joshua Feinberg's top article generates over 1000000 views. to your Favourites.