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Yes, to start a
business, you have to save
a little money. Some people say, "Have at least
18 months salary."
Others get started by "keeping their daytime job."
Start
working on a business plan.
The type of money
often corresponds with one's step or phase of growth. Find your step and then
find the appropriate money.
Others like Albert
Black, worked two jobs -- a full-time job at night ("...to perfect my computer
skills," said Albert) and the new business by day. And not just for a few
months! Albert worked a second job for ten years to keep his new business
afloat.
While you are
saving, work on your business plan.
According to
research done by VISA Business Card Primer and by the Small Business
Administration, most businesses are started with personal savings and less than
$10,000. This is good to know, however, if you want to grow, it does take cash.
Before you start your business, we recommend that you have at least the
equivalent of 18 months of salary in your personal savings account. Start
saving today. Albert Black teaches his people to be 20% - 25% savers!
For further
research:
- Albert Black is the founder of On
Target Supplies & Logistics.
- Thomas Keller of
The French Laundry: A high-end
restaurant.
- A one-person
shop: Monica Morgan
Photography.
- On leaving the
rat race of big business and corporate life:
Ashley Postlewaite of
Renegade Animation.
- Discussions
about Small Office / Home Office: SoHo.
- Your business plan.
- Go to the
discussions in Step 1.
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