Episode #61 CPA Talks About Personal & Business Finance Skills Every Business Owner Needs to Have - Yeukai Business Show
Summary: <br> CPA Talks About Personal & Business Finance Skills Every Business Owner Needs to Have<br> Is it possible to start a business without a budget? In this episode of Enlightened Entrepreneur Podcast, Certified Public Accountant <a href="http://raviramcpa.com">Ravi Ramanrain </a>shares a few pointers on securing finance when starting up a business. <br> <br> Key Questions Asked<br> <br> What are the important things to prepare before starting a business?<br> What pointers can you give to those who are planning to start their business<br> What pointers can you give to those who are planning to start their business<br> What do they do if they don’t have a budget?<br> <br> <br> Highlights of Lessons Learned<br> <br> Pre-start up<br> – setting aside a year’s worth of take home pay is important. Having a savings cushion allows you to take the risk of doing business<br> – Have adequate planning for financial perspective.<br> <br> Pointers for Startups<br> <br> Have at least one year’s worth of your take home pay before starting business<br> Establish your credibility<br> <br> > How?<br> <br> education matters, work experience, <br> confidence in what you know, knowing your subject matter<br> get testimonials from your clients<br> keep good credit scores<br> <br> <br> * Create/plan a budget<br> <br> <br> a good plan for at least a year (recurring & non-recurring expenses)<br> <br> example: insurance, tax, unexpected costs<br> <br> If you are not on top of your expenses eventually your business will lose<br> <br> If you don’t have the budget, what do you do?<br> – hire an accountant to help you streamline your business<br> – establish a relationship w/ a personal banker<br> – personal bank loans may help<br> <br> * Make use of networking. <br> <br> <br> Building relationship is always important in doing business<br> <br> <br> * Maximize your business through social media<br> <br>
