6. Cheap at twice the price
If you spend more than you have before the business is even launched, you’re setting yourself up for disaster.
If you overestimate how much revenue you expect to make in your first year then there are still a few options open to you that will mean the books balance at the end of twelve months.
The most successful businesses are those that plan expenditure right down to the last penny, and stick to it. Sticking to a budget is as hard as sticking to a diet – but to run a fit and healthy business you need to avoid eating all the pies before breakfast is served. You will grossly underestimate how much even the basic things cost to buy – coupled with the desire, every now and again, to break the budget on one or two items ...