Undertaking is not only about having a great idea in mind and a business plan, but also the order in which personal and professional finance It is essential to be able to create a new product or service and put it on the market.
According to Saralicia Jiménez, an academic at the Faculty of Business of the University panamericThe ideal way to start a business is to do the planning when you have a job or fixed income, in addition to having savings of six to 12 months.
“A person who wants to undertake must make sure they have personal capital that has nothing to do with the capital of the company, just like a personal capital that covers six to 12 months of fixed living expenses,” he explains.
The reason for having the savings is that it must cover all the expenses of the business operation for at least one year, since it is the most complicated in the face of uncertainty that it will work, in addition to the fact that the profits are reinvested to continue growing entrepreneurship.
Although there is no percentage as such, a entrepreneur You should try to save as much as possible, but the expert mentions that you should save at least 15 percent of your monthly income.
“At least 15 percent of our monthly income, then from there everything that is possible, all of this should be the standard of savings for everyone, the goal even for your retirement savings, (…) starting from the 15 percent, as much as possible,” he adds.
One of the expert’s main tips is to separate the personal finance and those of the venture or company, in addition to the fact that during the first years of the business everything is reinvested and it is advisable not to withdraw the profits.
“From day one you must earn a salary based on the size and operation of the business, this salary will be adjusted as the company grows and this will allow you to be personally independent from the finances of the business,” he says.
Financial advice to undertake insurance
Many can be the advice for entrepreneurs, the financial part It is one of the most important in order not to lose motivation or business growth, which is why the expert shares the following recommendations:
– The enterprise must have an initial capital sufficient to operate for a whole year, in case of any unforeseen event.
– Have a clear plan for the initial spending and capital required to get off the ground, otherwise you could start taking money from the personal reserve resulting in complications.
– Have a safe fund, this will serve as financial support in case an obstacle arises and avoid failing with financial commitments.
– Having a good credit history, which will give you prestige and respect with your colleagues, people in the middle, suppliers, clients, among others, actors who will support the growth of the business.
“Be very prudent with personal expenses and those of business during the entrepreneurship stage, being aware that it is being undertaken and that everything spent in that stage has to be essential”, concludes the academic.
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