Budgets and Break Even
Most people want to become their own boss. The first thing to do is calculate how much profit you need to make per month in order to pay your bills…or break even.
The maths is probably the most important part of the process. You need to have enough money behind you to 1) set up the business and 2) live off it whilst getting established.
Many of the business owners I know, and myself, started a business whilst working in their full-time job. Its hard work, but worthwhile. Getting yourself established before you resign is a great idea. The downside is that you are effectively doing 2 jobs. Not to mention that 1 of the “jobs” you have a far greater preference in doing! And this means that you most likely need to keep your new business to yourself!
Budgets, and finance in general are going to be imperative to your business becoming and remaining a success. Even huge companies go “pop in the night” due to cash flow issues.