Are you ready for an emergency? For almost 40% of the population the answer is no. What does that mean for struggling entrepreneurs?
Truth of the matter is, if these people cannot afford an emergency car repair, how can the average person afford to create or maintain a small business?
People need budgets. A good budget can help the average person and entrepreneur stay afloat. Bootstraping can help new entrepreneurs succeed.
Here are a few tips for a good budget:
- Estimate how much you need versus what you would like.
- When calculating costs, estimate on the high side. Rounding up can offer some wiggle room at the worst times.
- Create a spreadsheet or use software to help you list all expenses and income. Detailed tracking is very important.
- Ask questions from professionals if you cannot afford to hire one.
- Always find a way to save some money. Always. It will help you later.
What tricks do you use?