A good rule of thumb for starting a business
According to Monica L. Dolezal, owner of Bizstarts consulting in Des Moines, Iowa, its a good idea to figure out how much your expenses will be for three to six months and have that amount in checking or savings to start with.
Personally, I would lean more towards the six month figure than the three month figure. In reality, most startups don't become profitable for a year or more, so make sure that you have reserve finances to get you through that first critical year of growth.
Check out this link if you want to read more about Monica Dolezal and her opinions on starting a business:
http://desmoinesregister.com/apps/pbcs.dll/article?AID=/20060126/BUSINESS04/601260325/1033
Check back often for more small business finance advice
Personally, I would lean more towards the six month figure than the three month figure. In reality, most startups don't become profitable for a year or more, so make sure that you have reserve finances to get you through that first critical year of growth.
Check out this link if you want to read more about Monica Dolezal and her opinions on starting a business:
http://desmoinesregister.com/apps/pbcs.dll/article?AID=/20060126/BUSINESS04/601260325/1033
Check back often for more small business finance advice
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