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1. 5 Things to Think About Before You Start a
Business
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Before starting a business extensive research is required. You just can't start an establishment
without proper plans in place. Perhaps you've ideas for a perfect startup offering really unique
products or services. On the other hand, you may have popped into businesses for sale websites
and thought of purchasing a unique company you believe will change your fortunes one way or
the other.
Whatever it is, you probably should think about the following things before you invest in one.
How is the cash flow?
Capital is key, including the cash flow you need to run a business successfully. If you haven't
really thought about how you will be spending your money and on what, chances of facing
serious problems in coming days is real. You need to know how much you already have vis-à-vis
the needs of your new business. Start lean and save enough funds to run your business.
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Avoid expensive fixed investments
An office requires chairs, desks, appliances among other items depending on the business. For
entrepreneurs just kicking it off the temptation to invest top dollar on expensive fixed assets can
be overwhelming.
However, think about a lean company with just the minimum items to help kick-start it. Save the
rest of the money for a rainy day or boost your capital rather than use it all on non-essentials at
the beginning of your company.
Remember to save for a rainy day
2020 has taught entrepreneurs, companies and established brands that saving for possible tough
times is very important. Businesses started with a lot of hope for the New Year only to be
confronted by a pandemic that brought the entire world's economy to its knees.
While most companies and startups simply closed shop, declared bankruptcy or transitioned into
other areas, those that had prepared well simply adjusted and kept their services running at a

2. minimum and still did quite well. It all comes to saving for emergencies, both for the business
and personal life. Cushioning yourself well will pay off once you start your business.
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Bookkeeping headache
You must sort out bookkeeping and accounting matters before you begin. Can you afford an
accountant or professional bookkeeper? If you're working on a budget you might want to find
other ways of ensuring financial documents and fiscal administration are done well without
having to employ a financial expert.
For instance, you could stick with accounting software to manage your financials, especially to
help you compile documents by the time you're required to file your taxes.
Mind expenses
Too many expenses can ruin a budding startup. To boost revenue and allow the business to
thrive, cut unnecessary expenses such as expensive lunches from top hotels or luxurious high-
end office décor you can run the business without.
If you can start and run your new business without lots of expenses at the beginning you
probably should. Most importantly, never launch a business without having a clear picture of all
the expenses per month.
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