April 26, 2017
You’re ready to start your first business. You have probably thought of a million things you need to do to open the business but unless you have been there before there are five things you won’t know that will trip you up.
Everything Costs More Than You Expected ~ You have probably been working on a business a plan that includes forecasts for revenue and expenses. It looks great and you can clearly make this work. Probably not. Most first time entrepreneurs under forecast their expenses and over project their revenue. When you are projecting expenses multiply what you have put in your initial plan by three to five times to get a realistic idea of what your expenses will be. Are your revenue projections still covering expenses? If not you need to do some more prep work.