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FINANCIAL STATUS

It's Time To Answer Some Questions

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The process of starting a new business or taking over an existing business can be overwhelming. Fortunately, you can make that process a little easier by answering a few simple questions to get your off of the right foot.

Some of the questions you need to answer include:

  • Home much is your monthly cost of living?

  • What areas can you cut back in spending?

  • How much debt do you carry?

  • How much do you have in savings?

Those questions are designed to give you a better understanding of your current financial situation. Once those questions are answered, you can then proceed to the next round of questions which include:

  • Should you continue full-time employment until your business can pay your salary?

  • Can your spouse’s income cover all family monthly living expenses while you get your business up and running?

  • Have you saved enough to cover six to 18 months of expenses? This is the average time it takes a new business to make a profit.

  • Do you need an investor or bank loan to cover start up costs as well as six to18 months of expenses?

 

Once you have a better understanding of your financial status, the Miami Area Economic Development Service, Inc. can help focus in your business model.

Thank You Sponsors!

Thank You Sponsors!

Thank You Sponsors!

Thank You Sponsors!

Thank You Sponsors!

Thank You Sponsors!

Thank You Sponsors!

Thank You Sponsors!

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