If you are reading this at this moment, I take it that you currently have a rough idea on what you want to do for your future endeavor. It may be a brilliant idea you wish to nurture or a niche/field you want to enter into. You are standing on the edge of the cliff ready to take leap into this journey. At this moment, you are passionate and motivated, with high hopes that the business will prosper. You are willing to put in all your effort and time to hatch your business into success.
So let’s bring you back to reality for a moment. Would you be able to afford to pay for a sudden and unexpected expense? How much should you put aside for your contingency fund? How much should you spend on your employees such that you don’t lose out? How would you be able to handle the financial aspect of your business?
When starting up your business, it is essential to have a grip on your possible expenses incurred such that you don’t risk possible losses. In addition to that, planning your budget beforehand is an essential step to ensure the survival of your company.
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