From the course: Become Your Own Boss
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Your three piles of money
From the course: Become Your Own Boss
Your three piles of money
- Now once you've taken into consideration what you need to have personally, your timeline and your life plan, the next thing you've got to do is figure out how you're going to pay for this dream business. And here's a hint ladies, it's going to come from your right or your left pocket. Banks do not loan money to start up businesses, so you've got to figure out where you're positioned financially to start this business. So first thing you've got to think about is your three pots of money you need to have set aside before you even start. Number one, you need to have an emergency savings account for your household. Number two, you're going to need to set aside the first year of operating capital for your business. And thirdly, if you're in a position where you might have to quit your job to start your business, you need to make sure that you've got 12 to 24 months of living expenses set aside. And this is not your emergency…
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