The first six months can be crucial for laying the foundation of your business.
How can you manage finances while building a customer base and making a profit?
By carefully monitoring your finances, staying driven, and being organised you can prepare for long-term success.
Here are some tips for managing the first six months:
Maintaining a stable income
Steady income
consider part-time work or freelance gigs to supplement income while your business grows.
Invoice promptly
send invoices to clients immediately after completing work to keep cash flow steady.
You can download a free cash flow forecast template from the Start Up Loans website.
Managing finances
Cash flow
Monitor income and expenses closely. Use accounting software like QuickBooks or Xero to track finances and ensure bills are paid on time.
Budgeting
Create a detailed budget to prioritise essential costs and avoid unnecessary spending.
Stay focused
Set goals
Break down larger business objectives into smaller, achievable goals. It could be helpful to mark each milestone on a physical chart.
Routine and structure
Create a daily routine to bring structure to your workday, helping you stay focused and productive.
Keep your life balanced
Set boundaries
Avoid overworking by setting aside time for relaxation and hobbies.
Have a dedicated workspace
Try to keep your work area separate from your living space, in a separate office or away from your home if possible.
Keep learning
Skill development
Take courses or attend free workshops to keep up with industry trends and enhance your skills.
Feedback
Regularly seek feedback from customers and peers to improve your offerings and adapt to market needs.
Your 6-month goal chart
Try this quick-reference goal-setting chart.
Add your main targets and tick them off when you achieve them
| Month | The goal | Steps | Achieved |
|---|---|---|---|
| Example Month: June | Set up my dedicated workplace |
| Yes |
| July | |||
| August | |||
| September | |||
| October | |||
| November |
Go further with start up loans
Your previously read articles
Chapter 7
How we made a fresh start
Learn from the experience of other entrepreneurs who took out a Start Up Loan.
Learn more about how we made a fresh startDisclaimer: The Start -Up Loans Company makes reasonable efforts to keep the content of this article up to date, but we do not guarantee or warrant (implied or otherwise) that it is current, accurate or complete. This article is intended for general information purposes only and does not constitute advice of any kind, including legal, financial, tax or other professional advice. You should always seek professional or specialist advice or support before doing anything on the basis of the content of this article.
The Start-Up Loans Company is not liable for any loss or damage (foreseeable or not) that may come from relying on this article, whether as a result of our negligence, breach of contract or otherwise. “Loss” includes (but is not limited to) any direct, indirect or consequential loss, loss of income, revenue, benefits, profits, opportunity, anticipated savings, or data. We do not exclude liability for any liability which cannot be excluded or limited under English law. Reference to any person, organisation, business, or event does not constitute an endorsement or recommendation from The Start-Up Loans Company, its parent company British Business Bank plc, or the UK Government.
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