4 Tips on Getting Cash into Your Start-Up

4 Tips on Getting Cash into Your Start-Up
“Fail to Prepare, Prepare to Fail” Benjamin Franklin
If you are considering setting up your own business the key is cash, as in cash flow. The number 1 reason people fail at business is that cash flow runs out and business needs to close.  

When I was setting up my most recent company ClearChoice.ie I spent all the time researching, planning, developing etc. as best I could in the evening time and weekend.  I had the company almost ready to make money before I put own money in or before I start spending my 9-5 time working in the company.  This was because my first company Pax Asset Management was where I got my income.  

4 Tips on Getting Cash into Your Start-Up
Put the Ground Work In
So if you are considering leaving a company to set up your own business, please make sure you have worked your backside off in your spare time.  Make sure that you are in the position that you need to leave your job in order to make money in your new venture!  Don’t leave your job, a guaranteed income source to spend 6 months developing a company that has zero income coming in or in which drains you financially!

Before thinking of going out on your own considering look for government grants that are available.  A good place to look for grants would be https://www.localenterprise.ie as well as offering grants they also offer excellent Start Your Own Business Courses.  

Local Enterprise
When setting up ClearChoice.ie my Local Enterprise Office Dun Laoghaire Rathdown were an excellent support and I got three grants in total, access to a business mentor that had experience in the field I was getting into and I also won two awards with them and was nominated for Young Entrepreneur of the year award in 2016.  So it wasn’t just the grant that helped me!

Don’t OverSpend
The more smart you can be with your spending when starting up the less funding you’ll need.
Do you need that office space right now, or can you start from a hot desk, or even your kitchen table? Are you getting the best deal on your internet, phone etc.

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