October 29, 2020

How to Ensure the Survival of Your Business Startup

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Starting up a business is exciting, but also incredibly stressful. You have many decisions to make on a day-to-day basis. You may also be constantly worried about how to keep your business surviving and thriving. The good news is that you can ensure that your business startup will survive. Here are three ways you can make sure your startup business will survive.

Create a Solid Business Plan

Creating a business plan is one way that you can ensure the survival of your business startup. When you create a business plan, you account for risks, contingencies, and emergencies. You know where you’re going to allocate your money and what your business focus will be. Creating a solid business plan will give you confidence and credibility when you go and ask for a loan for your business. A solid business plan can save your business in times of crisis.

Insulate it From Personal Finances

Your business should be separate and distinct from your personal finances, which is something that actually doesn’t take very long. Figuring out the fees to register your business is the most time-consuming part. Insulating your business from personal finances includes creating a business structure, such as an LLC or an S corp that allows you to distance yourself from the business. This can also provide protection because the LLC or the S corp will help your business be held accountable for things the business has done while not holding you personally liable.

Avoid Debt

Another thing that you can do to ensure the survival of your business startup is to avoid going into debt as much as possible. Debt adds unnecessary pressure on your business because your energies are focused on paying off the loan. Instead of going into debt to buy a building for your business, see if you can rent it until you can buy it. If that’s not an option, see if you can move your business all online, limiting the expenses you’ll need to worry about for your business. Avoiding debt will take some hard work and perseverance, but it will be worth it when your business is successful and completely debt-free.

Your startup can survive and thrive for decades, but only if you take the prior proper planning required to do so. Having a plan, reducing risk and liability, and avoiding debt are all ways that you can secure the future of your business.

For help reaching your business goals, schedule some coaching sessions with us!

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