Economic Factors to Consider When Starting a Business

Here are some financial questions you should ask yourself before starting your own business:

  • Do you have six months of living expenses set aside to live on during the startup period?
  • How long will it take for your salary from your new business to equal or exceed what you make at your current job? Can you afford to wait that long?
  • How much money do you need to open your business? Where will you get the money?
  • Is the current state of the economy likely to impact your business?

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