Cashology by FNBO

Important Financial Considerations When Setting Up Your Small Business

Episode Summary

Before we start off on today’s episode, a joke: why did the doughnut maker retire? He was fed up with the hole business. Starting a successful business involves many considerations — but none more important than examining your financial situation. Welcome (and thanks for listening today) to the Cashology® podcast, hosted by your guide on the path to financial savvy, Juli Wians.

Episode Notes

So our ‘hypothetical future Jeff Bezos’ is ready to launch off on the small business journey. Risk versus reward? Thoughts?

Let’s hit the former one first.  The business plan. How important is this, and will a new business owner really need it, or can a powerful idea overcome?

Now, we arrive at viability.  There have to be some criteria to make sure you have something promising in the works, right?

You all knew we’d get here, considering the source of the podcast, but…where does funding fit in this process? Is it better to seek funding from those closer to you? Go a formal loan route? Investors?

Useful info/links

  1. SBA has a template for those getting started on their business plan here https://www.sba.gov/business-guide/plan-your-business/write-your-business-plan
  2. https://www.fnbo.com/insights/small-business/
  3. https://www.grants.gov/ is a place for business to find and apply for federal grants that might be applicable for your industry.