How Much Do You Really Need to Start a Small Business?

Unless you’re related to
Bill Gates, the Cargills, Warren Buffet or some other family of billionaire
entrepreneurs, you will probably have to think about how you will secure money
for your small business or startup company.

As a Small Business Owner, You Should Worry if You’re Not Worried About

Worrying about money is a positive sign for small business owners. In fact,
even as your business grows, and you’ve made it beyond your first year, you’ll
continue to worry about money. Financial worries are normal and as you
learn to control these concerns, you can use them to fuel your desire to become
even more successful.

How Much Money Will You Need as a Startup?

Obviously, this will depend on what type of business you are starting,
where you are starting your business and when you start your business. Although
some businesses will thrive regardless of the economy, generally, starting a
business in a sagging economy will be a little more difficult. You may need a
little more money to get you through the “lean” months. Typically,
you should have enough saved up to pay for your business needs for at least two
months. This means you’ll be able to pay your employees, your taxes, your rent
and your overhead without any income with your two months’ savings.

It Takes Determination and Many Little Mistakes or Failures to Make it Big

I am a business owner. I have seen many of my colleagues fail, and
I have seen many more succeed. I don’t know the exact reasons small businesses
fail, but I can tell you that many times, those I’ve seen fail were not
committed to becoming successful. To many new business owners, a new business
venture serves only as a diversion or a part-time job. I understand the
realities of having to make money, but make sure you place enough energy into
growing your business as your other full-time job. Starting a business must be
a full-time job. If you have a full-time job, you will have two full-time jobs.
It cannot be a part-time job. As the successful Donald Trump said, “Sheer
persistence is the difference between success and failure.”

If you are a Northern Virginia or Fairfax resident looking for legal
help, contact our office today and schedule an
appointment with our law firm today in our conveniently located Fairfax office.

Smooth out your business operations with Keithley Law and our Fairfax business law attorneys. Small businesses and major companies alike rely on us for day-to-day counsel, as well as representation for difficult cases. Find out more by contacting us and arranging an initial consultation with our team.