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Hi Jas,

Paying off your business debt is great – don’t forget it is a tax -deductible debt and there are benefits in not paying it out too early.

The very first thing that people need to do when starting their own business is their budget.

Of course, you’ve probably ‘worked out a budget’ for your business – but so many times soloists forget that they need to be paid also, and don’t allocate funds for this. The typical ‘start-up’ business owner lives off their savings; or credit, or family; or on the smell of an oily rag – hoping that they can make enough money to eventually pay themselves a wage.

This is the main reason why so many go broke and have to close their doors!

Something to think about – how much money do you need to run your household each week? Most of the ‘money-worries’ in working for yourself will be taken away if you’re paying yourself enough to run the home front.

If you need some help with this – don’t be afraid to contact me

Cheers,

B.B.