7. Pay Yourself First
You’re going to be working hard to get the start-up moving but, you still need to eat and have a place to sleep. You need healthcare and a car and money to replace the fridge if it fails. Be realistic about how much money you need to live on and budget your own salary into the business plan.
8. Staffing
A lot of jobs can be outsourced at a lower cost than hiring an employee and providing benefits. If you do need to hire, who do you hire first, the accountant, the tech genius or the corporate attorney? Small business can’t afford to hire anyone who doesn’t pull their weight.
9. Don’t Over or Under Spend
Start-ups suck down money. Spend wisely and invest your funds in what’s important. Technology is great but do you need the latest thing? Money spent for online vendor lists may be worth it but a pricey advertising freebie for new customers, maybe not.
