This month's newsletter focuses on small business resources. Here are two tips that can help you prepare to launch or manage your small business:
1. Get Organized.
Your financial coach can be helpful in parts of this step. Future business owners can begin to refine their monthly budget and ensure that they set the a stable financial foundation to launch a business. Will your business require you to make personal investments for materials, services, etc.? If so, then the stability of your budget will greatly impact this step. A budget surplus can determine how much of your extra money will go towards your financial goals and how much can be allotted to your business. A budget deficit will require more thought on how to close the gap so that starting your business does not increase your personal debt.
A second part of getting organized includes separating your personal and business finances. Even if you are in the early stages—begin to think of your business as a separate entity from your own finances. Open a separate bank account to manage your business expenses. A business expert can help you decide whether a personal checking or savings account or a business account is the appropriate step for you. Read step 2 to find out how to get connected with sound business advice.
2. Get Connected.
Make use of programs and experts to help your business grow. Your city and state may offer a number of free small business resources. Your local chamber of commerce, Small Business Association (SBA) or SCORE chapter can connect you to the knowledge that you need. Massachusetts and Rhode Island residents can also access business resources through the Center for Women and Enterprise (CWE).