10 Ways To Financially Prepare For The Launch Of A Small Business

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Don’t quit your day job

When starting a side business, Davis says you need to stay at your day job until you have at least “12 months worth of personal expenses saved and 6-12 months worth of consistent business revenue. That means revenue that covers your business expenses completely. If 2020 has taught us anything, it’s better to be safe than sorry and this certainly applies with a decision such as quitting your day job, especially if you’ve been able to keep it this year. Confirm that your business is lucrative and create a cushion of savings for those inevitable times of feast and famine in the business cycle. You might also consider getting a part-time job to stretch your savings as your business grows.”

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