Starting Smart
If your outgo exceeds your income,then your upkeep will be your downfall.
Running a profitable new business requires adequate cash flow and that operating expenses consistently be met. Once you've settled on a business idea and have completed adequate preliminary research, the time has come to develop your first estimated annual budget.
Even the most conscientious person who tries to budget for an entire year may underestimate or overlook a variety of everyday expenses. Budgeting problems can result from miscalculations, overspending, or, quite simply, growing too fast. Before jumping in, keep in mind that the budget for your first year must include both one-time start-up costs and ongoing monthly expenses.
Continue reading this article - and everything on Entrepreneur!
We make some of our best content available to Entrepreneur subscribers only. Become a subscriber for just $5 to get an ad-free experience, exclusive access to premium content like this, and unlock special discounts.
Entrepreneur Editors' Picks
-
Crypto Doesn't Have to Be Serious. Just Ask This Comedian Who Organized a Conference About Failure in the Industry.
-
Want to Succeed? Turn Your Fixed Mindset Into a Growth Mindset.
-
Google's CEO Is Asking Employees 3 Simple Questions to Boost Productivity
-
'Greatest Storyteller Wins.' Katy Perry on the Surprising Link Between Pop Stardom and Entrepreneurship.
-
How to Unleash Your Creativity and Transform Your Marketing Strategy
-
The 5 Personalities You Meet in a Coworking Space
-
'Man's Best Friend' — and Investment: The Thriving Industry of Pet-Related Franchising
