Don't forget - General Motors and Apple were start-ups once, too.
- 10:07pm Sunday, Walkerville, Ontario
Kids are in bed. Glass of wine in hand, you are polishing your business plan – and love it. But you are still not sure about the financial piece.
- 4.55am Thursday, Toronto, Ontario
You wake fretting over an article that discussed the high failure rate of new businesses. And you only signed the lease yesterday….
- 5.30pm Saturday, Tecumseh, Ontario
Your friend agrees to put in most of the money as a sleeping partner, and you will do the work. You both think 40% of the business sounds fair.
- 11.30pm, Friday, Lasalle, Ontario
You’ve worked for months to get to opening day. Now, a week in, you have a huge box of paperwork and no idea what to do with it.
Congratulations. This may be one of the most exciting times of your life. You have never been busier. The adrenaline compensates for the lack of sleep.
There are some key things that reduce the risk that you will ever become one of those gloomy statistics. Amongst those – understanding your cash flows, how much you will need, and when you can repay it. This will be important to your investing friend. And – by the way, that 40% of the profits – was that before or after you took out a living wage?
As if you didn’t have enough else to do, let’s add a few more things to your list. Fortunately we would like to help with them. Or, if you want to do it yourself (let’s face it, money is tight), we can help you set it up:
- creating a system for your record-keeping, and helping you keep it straight.
- ensuring your systems make more efficient use of your scarce time.
- choosing the right business structure (proprietorship, partnership or corporation)
- deciding on the right way to involve others.
- keeping on top of all your obligations to the government (such as payroll or HST)
- the necessary evil of tax returns
If you borrow money from a bank, they may ask you for “review engagement financial statements”. We can explain what those are – and provide the necessary report.
We also know some good local resources available to you.
Two pieces of advice:
1. Your emotions will fluctuate with your bank balance. Get used to it.
2. Don’t forget – General Motors and Apple were start-ups once, too.