This is a great question to ask yourself; Especailly in small business it takes a lot of cash to start it up and even more keeping it going. And sometimes you may need to use your personal assets. This is the time to get a financial planner and an Accountant to keep you from having any kind of crises or keep it to a minimum, must have people you can trust.
Sometimes, you may want to use some of your personal asset, this maybe a good idea for a small business owner for tax purposes this works well if your a sole proprietorship owner. However, this means you are responible for making that money back so you can live on and even make more. Makes sure that when you use you computer(s) keep track of the percent of time that you use it for personal use and business use it make help with deductions, this would mean that you would have to keep up with the deprecation and what the item is worth now a few years after you have bought the item the deprecation start when you start your business take half off and then devide that by a certain amount times the % that you use it per day per month.
Keep in mind to get to see anything from this it will take time it takes time too recover from such a lost. But it can be worth it in the long term of your goal. Remember this the fair market value at the time of the conversion, or the cost plus any additions or improvements that maybe needed; minus any kind of deduction casualty losses, up to the time of conversion.
I did get some of this from Business Owner’s Tool Kit online (Biz filings).
Having to decide how much to charge for an item using the fix cost and variable cost, that is one of the hardest part when you have never done it before; I always thought it was about what I had spent on one item like if something is $4.00 a yard plus my time per hr. I was so wrong, you also need to know your competitors pricing to make sure that you are lower or equal too and not so low you will not make a profit. As I’m growing into this business I am find these things out for myself that there truly is much more to learn. When your young you think that you know it all; not so fast pump the breaks. Like branding (P.O.) NOT P.O. Box either but purchase orders until College I didn’t even know what that meant. Not only that you must do your research in the field that your in or going into; that way you will not go in half-cocked.
It is hard to find investors when you’re still trying to find your way in this business and find the right direction that is right for you, it is best to know your goals the direction is not important right away because that can change many times before you get things right don’t try to get there to fast that just may hinder you. I know first hand that thinking things will happen right away but great things takes time to form the propper way.
Well, I am just about ready to show everyone my work and hope everyone will like everything I have too offer to everyone. I am learning that you will learn something new everyday; what they say is true you do learn something new everyday, and I am truly loving it. It helps to watch shows like Undercover boss and Shark Tank: I am not sure where the show that hired people and chose which companies they would like to work for. I guess not many people liked that one, all though I liked all of them. Whatching and listening to what people are doing and what they have done gives you Ideas of what not to do! or do them differently.