It can be a number of months before a new business is profitable and generating a cash surplus. You may need alternative sources of income during this period, if only to cover your outgoings. If your business does make a profit, you may want to re-invest it to help your business develop.
Careful planning and the right advice can make this transitional phase much easier to manage. A financial adviser can help you address these issues further.
This guide gives advice on how to keep your business afloat in the early days. It will help you forecast your personal financial needs, reduce your spending, take steps to cut business costs and find other sources of business income.
Free business start-up support
Access free start-up business support from your local council. They will organise one-to-one mentoring sessions with your local business adviser and provide tailored guidance to develop your business plan.
Complete a short enquiry form or call 0800 027 0639 to register for this free advice and guidance.