Most likely when you start your business you are going to need money to get things going. It’s important to think about how much you will need and where you will get it. Remember:
- You don't always need a lot of money.
- You don't always have to go to a bank. Think about borrowing money from family, friends, or micro-lenders.
- You want to work toward a good credit rating. That means you need to be responsible about spending and managing money. Get a credit card. Use it wisely – don't overuse it – and always pay your bills on time.
- You have to be money smart. That means you need
to know how to make choices about budgeting, spending, and
borrowing money. You can learn more about this on the Money
101 section of the site.
In your business it's also important to:
- Track expenses carefully so you know how much to save in order to get started.
- Know how much you need to charge for your product or service.
- Know how many people you can afford to hire.
- Understand how hard you will have to work to make ends meet.
- Know what your profits are because you must pay taxes.
The Do It Yourself section
of the site will help you in these areas. You can also read more in the Money 101 section.
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