We are born with an entrepreneurial streak – It’s in our DNA and there are an increasing number of people looking to start new businesses. This wave of start-ups is now zoning in on Jersey City as small business owners feel that Jersey City is becoming a hub and a vibrant destination that makes them feel optimistic about business growth in the area.
Coworking is a brilliant phenomena, which is now really coming into its own. It solves a lot of problems for entrepreneurs and opens up endless opportunities. Coworking spaces offer a community for entrepreneurs who otherwise might feel isolated, as well as abundant resources to grow their businesses.
There are a lot of options for financing a business, but none of them are easy. I was rejected by every major bank before I took my plan to community lenders and was approved. The process was painful. They poked and prodded into every detail of my life and it took months. In the end it was all worth it. I had what I needed to build my space and get myself to breakeven. Investors are another increasingly popular option, but you have to be willing to give up control of your business. You have to decide what you can handle and know what the other party is looking for. Whether you go with debt or equity financing you will be accountable to another party or parties. My goal is to get to a point the business itself can finance its growth. For most businesses this is the best option and will allow you to maintain your independence. For others you have to go after outside financing. Just make sure you never lose sight of why you started the whole thing to begin with.
Cashflow is the lifeline of your business. It’s not just about what you bring in and what you take out. But, most importantly, it’s about when you do it. I use my cash flow statement to know exactly where I stand and decide the next step of growth for my business. My cash flow projections are my peace of mind. Read More