Finance & Money
Relocation: How to start over on a budget
Finance & Money
May 09, 2022 By Budget Insurance
Congratulations! You finally took the plunge and started your small business. This is an exciting time, but there are important financial considerations you should keep in mind. Use these tips to ensure you stay afloat and reach important milestones.
1. Consider insurance
Small-business insurance can save your business during unforeseen difficulties.The COVID-19 pandemic is a great example of this. Check out Budget Insurance’s Errors & Omissions Insurance and small-business insurance options, which offer cover for your different needs.
2. Find a mentor
The best way to learn the ropes is to draw from someone else’s experience.A mentor can guide you through tricky processes and give you tips for success.Some of the best ways to find a mentor in the small-business industry are:
Tip: If you decide to approach someone new, try getting to know them before asking them to mentor you. Break the ice by taking time to engage with them in person or online. Don’t be pushy if they aren’t interested though!
3. Set realistic goals
Rome wasn’t built in a day and the same goes for your business! In fact, most small businesses can take between two and four years to become profitable. And the best way to achieve results is to set achievable goals. When setting your financial goals prioritise:
If you’re unsure of anything, chat with a financial advisor who can help you.
4. Track your progress
The only way to review your progress is to maintain accurate records. Here are a few ways to monitor your finances:
5. Be extra careful with debt
Credit can help you with the finances you need to get your business going initially, but you should manage it well. Use these tips:
Find more finance- and business-related tips in these blog articles:
Budget Insurance is a licensed non-life insurer and Financial Services Provider. Terms and Conditions online.