How do I survive until the business can support me?
When starting a business you may find there are not enough profits to support you.
Preparing a personal financial plan will enable you can calculate how much money do you need to support you (and your family).
Analyse your personal spending to calculate how much you need to take from the business, do not forget those one off expenditures.
Finances are critical, particularly in the first year; you may need to make sacrifices to keep trading.
Prepare a financial plan for the business, including budgeted sales and expected costs.
Use this information to prepare a weekly or monthly Cashflow forecast and make sure you have enough money to cover expenses as they become due.
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