Businesses of all sizes require hard work, but it can be specially difficult starting out as an entrepreneur. The responsibilities and the risks can be scary, but sometimes having a business is worth all that. For young entrepreneurs, however, challenges that wouldn’t faze people with more life experience and access to finances can seem insurmountable. When it comes to small businesses, problems can feel much bigger and hit much harder than they do for big businesses. It is incredibly important to keep your head on your shoulders and make smart decisions as a young entrepreneur in charge of a small business, especially concerning financing, which is often a battle unto itself.
Financing options are hard to come by and the world of business is sometimes confusing and very intimidating. There seem to be unlimited options and unlimited sources of – sometimes conflicting – advice, but it’s hard to know what you should be doing in order to try and benefit your business the most. Sometimes it seems like you are out of the loop and all other entrepreneurs know what they’re doing with their finances. Networking events can feel strange when everyone else is talking about their 401K and you haven’t begun saving yet. It can feel like you’re always missing something that everyone else knows innately. The questions can be never-ending and asking them out loud can feel silly – “how much capital should I raise? How much should I plan to save? Is it important to know my credit score? Will forgoing a daily cup of coffee somehow benefit my business financially?”
To help with this, Fundera created an infographic outlining 10 money tips for young entrepreneurs. It makes it easy to keep track of some things you should keep in mind if you want long-term success for your business, such as getting a business credit card, talking to professionals, and creating emergency funds. It’s a great starting point to hit your stride and really make the most out of your financing. Explained simply with illustrations and supported by data, these tips are excellent markers for what you should be doing, and could even give you an edge over your competition. Once you’ve got these down, you should be well on your way to creating a small business that stands the test of time.