How Much Did You Set Aside For Business And How Much Do You Still Keep Aside Presently?

[Rachael]

A business cannot be set up without the availability of funding. No matter how lucrative or feasible a business idea could be, without a means of funding, the business would remain unrealistic. When I started my janitorial services, I started out on a very small scale and I purchased the necessary tools which would aid my work and also I made some flyers just so I could create an awareness for the business. I also utilized the social media most especially Facebook for further awareness and so far along the line, I have been able to purchase more tools which aids in making my work more easier and faster compared to the first equipment I had purchased when starting out newly. I started out alone but today, I partner with a friend.

The job is really not easy as most times, we have to drastically lower the cost or charge of our services just so we could be picked for a contract and we end up incurring losses at the end of the day. Prior to when I set up the business although we have no office for now, I had set aside about $300 and this money went a long way despite the high cost of cleaning tools and materials and I kept about $50 for other miscellaneous like; transportation to customers houses or site to get the job done. How much did you keep aside for your business and how much do you keep incase of unforeseen situations?

 

[Kendy]

Well, I have not really had a stable business but I once engaged in poultry business and I helped my sister out with her fishery business as well so I think I can deliberate further on this topic. For the poultry farm business, that was about three years ago and by the time, I had set aside $600, the exchange rate of my currency was not as high as it is today.


I was able to work with the budget for a while from; purchasing the chicken and renting a place where they could live and then buying their necessary feeding tools, their feeds, drugs and sawdust which they slept on. I almost exceeded my budget but in some cases, I had to improvise. I kept about $40 for miscellaneous but it still was not enough most especially when the death rate suddenly increase. Out of 200 birds, I had only 134 left two weeks down the line of purchase. I had to meet a vet but the death rate still increased. It was an unforgettable experience and very painful because I had loaned the money. So when venturing to a new business, it is best to use your personal funds to avoid situations like mine.

 

[Shaf]

I've used about $100 for two different businesses as start up capital. The first was cryptocurrency and I've added more to it over time. With the ongoing correction, I'm in heavy losses with about 60% of my portfolio wiped out. I'm taking it as lesson fees though as I fully intend to be successful at trading cryptocurrency.

The other was put into the transportation business, lent out to repair a bus which brings daily or twice weekly returns at least. However the recent fuel scarcity has also made things difficult for drivers and though I have about $50 set aside, I won't help with it because of the nature of the businesses.

 

[Sotherefore]

Most of my earning are used to settle one offline problem and the other . is not really that I have a problem but all those things are really mandatory that I have to do them , so that is why I don't really plan to save my money now and even if I don't really have anything to do with this money it will mostly be invested in cryptocurrency for long-term purposes .

The reason is because I do not really have the interest to engage in any business now so I am not planning to save money to start up a business , probably I may decide to do this when I am done with schooling but for now I have to concentrate in school and make sure I achieved that one and set it aside.

I do like investing most of my money because I just believe that's just one of the best way I can be able to earn a reasonable profit from than for me to just save my money in the bank or any other platform that won't likely give you up to 10% of your investment every year which to me I consider it as a pure waste of time.

 

[Augusta]

This is why budgeting from the onset is very important. I think people needs to learn about budgeting so that getting things done without financial limitations will be achieved. Both personal and business budget should always be done to set things straight.

I think budgeting should be based on the money available. if you have as an x amount to use for both then you can look at the ok new that needs more money and quick one too, then you allot more percent to it but I think more money should be allowed to business needs since it is a means of making more money.

so allot money according to your pressing needs and the most is that you shouldn't go beyond your budget.

 

[Sotherefore]

I do not save a single money to start a business now, the reason is because I don't really have the interest and the time to start up a business, probably maybe in the future i may decide to start up a business.

For now my saving reason is not to established a business but I am just saving the money for whatever reason and most of the time I do not really save it in the bank, I prefer to invest my money because that is the most suitable one for me. Saving is just a waste of time since it won't likely generate me anything reasonable.

What I understand is that anyone who is interested to start up a business should rather plan ahead and not to just start up a business without any plans. if you're starting up a business without any plans and preparation , it might likely result in getting a loan.

If we are interested to start up a business , the plan shouldn't just be immediately because immediate plan means that there is no proper research about the business and if you are getting a loan as the only option , it might result in not being able to pay it back.