Starting a business is not an easy task. It requires a lot of energy, determination and hardwork. Below are 7 financial tips for a new entrepreneur;

1. Have cash reserves.

For both personal and business in emergency fund.

This will prepare you for unexpected or bad situation

2. Don’t scale up too fast.

Expanding too fast will affect your cash flow. 

3. Minimize Debt

Debt dramatically increases risk. Hence, as much stay away from using credit cards. Don’t begin your dream with a burden of huge debts.

4. Keep fixed cost low.

Instead renting space for your own office, consider co-working space or your own home.

5. Build two budgets.

A personal budget is as important as business budget. 

6. Build personal brand as well company brand.

Personal brand differentiate you from your competitor, give you authority and credibility in your field.

7. Don’t Forget Taxes

What would you add up?