Finance & Funding

How does a new business owner earn a salary to pay personal bills?

As you work through the development of your business plan, you will prepare a detailed financial plan to present to potential lenders. The financial plan will include all start-up costs as well as the salary that will be earned, if any, by the owners in each of the first few years of operation. This ensures that the financing granted to the business takes into account personal earnings without impeding on the financial state of the business.

Alternatively, many new business owners work a part-time position in addition to running their business to ensure that enough earnings are made to support their personal lifestyle. Prior to launching a new venture, it is important to ensure that you are personally financially prepared so as to eliminate the worry of falling short.

Samir Dandekar
Finance & Funding

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