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  #1  
Old 11-02-2017, 06:02 AM
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Sean101 Sean101 is offline
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Question How much cash in bank at start of business?

How much cash in the bank at start of your business project do you recommend having? Enough for 1 year? 3 years? Les than that or more? What is your opinion?
 

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Old 11-02-2017, 07:12 AM
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A minimum of 6 months cash which includes your salary, and all business expenses (too many to list - but you probably know them). Mind you, going out and leasing a Cadillac Escalade for a company vehicle, isn't the best use of a business expense amount.

2 cents
 
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Old 11-02-2017, 10:46 AM
Lebar.123 Lebar.123 is offline
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It really depends on what you are trying to sell and what is your business model and plan. You should sketch up a business plan before you go throw away your money...

Also for having a safety net you should try and have like at least 1 year of salary cash (my personal opinion).
 
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Old 11-04-2017, 12:24 AM
khadeer khadeer is offline
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It's really depend on your business and your daily life style, If you can make money in your business from the day one you no need to save money for long time if you have to wait for few months to make some good money in your business then you're taking a risk and you must have family support and financial support to sustain your business. So What do you think is business so easy ?

Last edited by khadeer; 11-04-2017 at 12:25 AM. Reason: changed
 
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Old 11-07-2017, 09:16 PM
vaguar vaguar is offline
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Rather than cash, it helps to have clients or qualified business leads in hand. That way if you run out of cash, you can always make some more.
 
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Old 11-10-2017, 03:35 AM
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jitendrasurve jitendrasurve is offline
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All depends on your business models. Are you Product based company or service based company..?

If you are providing services for example a Signage company. You need to have investment for buying the equipment's etc. You should hire a interns who work for experience and training. So bank balance does not matters, if you are cracking good deals monthly. You then save that money and start expanding your business.

But if you are product based company, you should have good bank balance, say some xyz app.
 
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Old 11-22-2017, 12:48 AM
lenaolsen lenaolsen is offline
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It really depends on so many things...
- What industry are you in?
- In which country is your business going to be registered? (ease of doing business varies from one country to another. According to The World Bank, New Zealand is the leader in 2017, in terms of ease of opening a new company)
- Are you going to have a physical store or it's going to be an online-based company?
- Do you need any employees?

You cannot estimate fixed and variable costs without knowing the fundamental details.
 
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Old 12-11-2017, 04:34 AM
eric_wahlberg eric_wahlberg is offline
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You also need to cut on your expenses, reserve some money for EMI/Rent etc and then go for business.

Start slow, then increase your speed.
 
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Old 12-17-2017, 12:17 AM
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I'd say it depends on what kind of person you are. If you are willing to live as poor on the floor and eat rubbish, you dont need much. If you need to maintain your normal lifestyles, you will need more.

One thing you should expect with certainty is that it will take longer than you expected, and that's where most people quit. The quit when it starts to get hard. It's the one who grinds that reaches ones goals.
 
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Old 12-20-2017, 12:53 AM
jameshouston135 jameshouston135 is offline
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hmmm this is a very interesting question but seriously there is nothing any quantitative answer of this question, infect it's depend that how much skills you have if you have a good skills and you know all pros cons of your online business then in just a $200 you can easily start your online business easily as i started with aliexpress and chose shopify platform for building an e-store.
 
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Old 12-22-2017, 12:46 PM
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I had 25,000 to start the business and live off. I have put around $7000 into the business so far and a few of my sites are starting to take off. I have also decided to put money into cryptocurrency too, thankfully I have made a decent ROI with it so far.
 
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Old 01-04-2018, 10:40 AM
Chima91 Chima91 is offline
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Having much money when starting a business with no direct plan on how to spend it will make you waste it.
 
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Old 01-04-2018, 10:50 AM
CLMB Marketing CLMB Marketing is offline
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It feels like this thread has opened up more questions than it has answers, but that's probably for the best.

I agree with a lot of the "it depends" statements.

It's possible to start a successful business with nothing in the bank. It's possible to fail at a business with 5 years of living & business expenses socked away before you start.

Although, as a general guideline, I would agree with LMD. To get started, I would suggest having 6 months of living and business expenses covered. Whether that is covered by money you have saved in a bank account, or covered by your current employment while you start the business on the side.

You want to have a constant cushion so that you remain hungry for success, but not desperate.
 
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Old 01-04-2018, 12:23 PM
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It depends more profoundly on your Business and your ability to handle things. You can start of with zero bank balance. What you need is a vision and voice. Your voice is enough to grab attention and your vision to gain success.

Just play around with the possibilities and probably you will succeed.
 
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Old 01-09-2018, 05:05 AM
bella.lopez bella.lopez is offline
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It all depends on the type of business you're looking for.

When I started my dropshipping business on WooCommerce, I saved enough for additional expenses like store automation with WooDropship and social media marketing which included my Facebook and Instagram ads.

Similarly, you'll have to layout a plan and save accordingly for setting up your business, advertising, order-fulfillment and other aspects that'll come your way. The list can't be encompassed in this post.
 
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Old 01-09-2018, 07:16 AM
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Looks like the OP has left the building.
 
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Old 02-03-2018, 12:17 PM
alnazer78 alnazer78 is offline
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ohh It really depends on what you are trying to sell and what is your business model and plan. You should sketch up a business plan before you go throw away your money...
 
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