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Nonprofit Business Cash Reserves

Ten Tips on How to Start a Small Business

Figure out the money. In general, you need working capital: enough to start the business and keep it running for at least a year. Remember you need an income, too.

The Small Business Administration can help you figure out what capital you need.

Decide how you will raise money. You can use your personal savings, borrow, find stockholders and sell shares, find partners, or get creative with other solutions. You will find plenty of suggestions online.

If family and friends are investing in your business, be sure you have a written agreement with each person. It’s best to have your attorney approve all agreements and contracts.

Think about the cost of your space, utilities, remodeling, signage, safe working conditions, supplies, merchandise, furniture, and equipment. They all take money and time.

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