[PODCAST] Basic tips on how to finance my business
Posted: Wed Dec 18, 2024 8:56 am
In this new episode of the Sage Advice Podcast, “Business Management as a Key to Success,” I want to shed light on one of the questions that entrepreneurs ask most when they start their entrepreneurial project: how to finance my business .
If you are thinking about starting a business, one of the first questions you will probably ask yourself is: where can I get financing?
Don't miss this podcast in which I give you the keys to choosing the right financing for your company
As you will see, in this field, there is one word that sums it all up: balance . If you are thinking of starting a business, you will have to be very precise so as dominican republic email list not to 'sin' by excess or by default in each decision you have to make.
In this sense, the first thing you need to be clear about is that financing will require you to extend your time vision . This means that you will have to include the future in your decisions. And, since you won't have a crystal ball, you will need to work with expectations.
Analyze your company before making a decision
To form them, you will have to carry out two very important analyses:
An internal analysis: This will lead you to try to understand how your own business will evolve (organization, learning, project development, etc.).
An external analysis will help you to better interpret everything that comes from outside. Both what is beyond your control (macroeconomic environment, legal environment, market structure), and what results from the interaction of your business with other agents (contracts with suppliers and customers, service protocols, reactions to the decisions of the competition, etc.).
Start of marked textTWEET IT! Listen to this episode of the Sage Advice Podcast where we tell you how to finance your entrepreneurial project.End of marked text
The raw material for this analysis that will lead you to form your expectations is information, not only accounting and financial, but also commercial, process, human resources performance, environmental information… You must use it to study different probable scenarios. You have to think of investment and financing as a path in which the end gives meaning to the beginning. Along the way, you must overcome difficulties and take advantage of opportunities.
For example, consider that fixed and variable costs are related. The more investments you make, the easier it is to take advantage of the benefits of size, specialization, learning… All of this leads to lower variable costs, but it is not free, so you have to find the sweet spot.
If you are thinking about starting a business, one of the first questions you will probably ask yourself is: where can I get financing?
Don't miss this podcast in which I give you the keys to choosing the right financing for your company
As you will see, in this field, there is one word that sums it all up: balance . If you are thinking of starting a business, you will have to be very precise so as dominican republic email list not to 'sin' by excess or by default in each decision you have to make.
In this sense, the first thing you need to be clear about is that financing will require you to extend your time vision . This means that you will have to include the future in your decisions. And, since you won't have a crystal ball, you will need to work with expectations.
Analyze your company before making a decision
To form them, you will have to carry out two very important analyses:
An internal analysis: This will lead you to try to understand how your own business will evolve (organization, learning, project development, etc.).
An external analysis will help you to better interpret everything that comes from outside. Both what is beyond your control (macroeconomic environment, legal environment, market structure), and what results from the interaction of your business with other agents (contracts with suppliers and customers, service protocols, reactions to the decisions of the competition, etc.).
Start of marked textTWEET IT! Listen to this episode of the Sage Advice Podcast where we tell you how to finance your entrepreneurial project.End of marked text
The raw material for this analysis that will lead you to form your expectations is information, not only accounting and financial, but also commercial, process, human resources performance, environmental information… You must use it to study different probable scenarios. You have to think of investment and financing as a path in which the end gives meaning to the beginning. Along the way, you must overcome difficulties and take advantage of opportunities.
For example, consider that fixed and variable costs are related. The more investments you make, the easier it is to take advantage of the benefits of size, specialization, learning… All of this leads to lower variable costs, but it is not free, so you have to find the sweet spot.