How will I fund it?
You are ready to start. You know the business structure, the resources you need to begin and how to maintain a vibrant flow of new customers. One last thing to check – how will you pay for it all?
Keep your calculator handy, as you will be estimating:
- how long it will be from now until your first sale
- when you will make a profit
- how much money you need to fund the business until a profit is made.
The first place to start assessing whether or not you need funding to start up is estimating your cash flow. Key to this is forecasting how long it will take you to make your first sale. Knowing this, and thus the process that will be undertaken to get you to this place, is a fundamental part of planning your new business. ...