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3 things you need to start a new venture

Money is just the first step.

Author

Bryan Hasling, CFP®
November 15, 2024

If you're a founder / entrepreneur, you need 3 things to successfully launch:

𝐌𝐨𝐧𝐞𝐲 𝐢𝐧 𝐭𝐡𝐞 𝐛𝐚𝐧𝐤 (runway, burn rate, cash)

It can take time to get a new venture off the ground. Not only will it take some start-up cash, but you also need to know how much you'll spend before hitting your income targets. If you're in the red, decide how long you can survive that.

𝐀𝐠𝐫𝐞𝐞𝐦𝐞𝐧𝐭 𝐟𝐫𝐨𝐦 𝐲𝐨𝐮𝐫 𝐬𝐩𝐨𝐮𝐬𝐞

If you and your partner are not fully aligned on the plan and mission, you will fall off-course quickly. Or worse, you will damage your relationship. My wife and I had so many conversations about this, and she has been my / our biggest cheerleader.

𝐀 𝐜𝐚𝐭𝐚𝐥𝐲𝐬𝐭 𝐭𝐨 𝐚𝐜𝐭

You may want to be an entrepreneur, but what if nothing ever triggers you to act? In my case, a cross-country move towards family prompted a career-catalyst. But without that, I'm not sure I'd be on this path today.

We talk about this on Penny Armbruster's latest episode of 'taming the chaos of entrepreneurship':

Taming the Chaos with Bryan Hasling

As an entrepreneur, managing finances effectively while navigating personal and professional life changes can be quite challenging. Recently, I had the pleasure of speaking with Bryan Hasling, a financial planner, who shared valuable insights on how to tackle these challenges.

www.1610bookkeeping.com/articles/taming-the-chaos-with-bryan-hasling

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