Carrying a business idea into reality requires much perspective. Learn three steps to get your business started the right way. Kurt A. Schindler, vice president of Banco Popular Financial Education explains, step by step, what to do to bring your dream from idea into action successfully.
1. Calculate and set your initial investment. Identify an additional budget for unforeseen expenses.
2. Separate your operating expenses from your personal expenses. Keep a separate budget for your personal expenses.
3. Make an annual projection so you could have a realistic expectation of when you might start to make a profit. A new business takes a little longer to make a profit.
Follow these steps in establishing your business. With these tips you can create a specific plan for success. For more information about the services we have available to maximize your finances visit popular.com/en/business and contact one of our experts. We want to help you realize your entrepreneurial dreams.
Kurt A. Schindler was Financial Education Director at Banco Popular de Puerto Rico (“Popular”) until January 2017. Schindler is a Certified® Financial Planner and holds a PhD from Kansas State University in Personal Financial Planning.
This article is for informational purposes only and does not constitute endorsement or guarantee of accuracy or applicability for any particular purpose. Neither Popular nor any of its affiliates, subsidiaries, or related companies is or will be responsible for any special, direct, or indirect damages arising from the information contained in this article. Should you require further information or guidance on the subject of this article, you should always seek the advice of the competent professional of your choice.