Well, spending from the business is not really a good thing for a business, because it will affect the business. Before spending from business one must make sure the business is standing well and already have a solid root. To avoid loss and shut down of the business.
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How soon should one start to spend from his business?
- Thread starter Thosynho
- Start date
One of the purpose of establishing a business is to spend part of it on ones welfare.
One can start spending from his business from the time the business has start growing well and standing on it's feet.
A business that is well established can be spent from but a business that is yet to be well established should not be spent.
One can start spending from his business from the time the business has start growing well and standing on it's feet.
A business that is well established can be spent from but a business that is yet to be well established should not be spent.
Spending from your business depends on how financially stable you are. If you have no savings somewhere, there is high probability of you spending from your newly established business since you have to survive. But if you are financially bouyant you can wait till the business starts to flourish before you spend from it.
Most small businesses take at least 2 to 3 years to be profitable and become truly successful once they’ve hit the 7 to 10 year mark. Most small businesses take years to be successful, despite the overnight success of companies like Facebook. Statistics show that successful small businesses are built over years, not months.
It is advisable to start spending from your business when the business has fully grown such that you don't need any loan to keep growing the business when there is need for such . If profit of 100 % has been made it is safe to spend from it.
Spending from an immature business is actually risky and can be very bad for your business, even make it crumble. You should wait for your business to gain profits before you even think of spending from it, because I believe you should invest a good sum of your profits. This is why it is good to have multiple streams of income because the others will sustain you and provide for you while waiting for your main business to mature, reckless and unnecessary spending cripples a business, matured or not.
People go into business mainly to get rich, and once your business start recording profits, that is, after deducting all possible costs. The next thing is to spend and enjoy yourself.
Businesses have different initial costs and ways to measure profit, a business could become profitable or take some years.
You just have to find what works for you, there is no specific time to start spending from a business.
Businesses have different initial costs and ways to measure profit, a business could become profitable or take some years.
You just have to find what works for you, there is no specific time to start spending from a business.
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When you can start eating from your business depends on you and your financial goals. If you have a long term goal you will not be able to touch the profit of your business. It also depends on the profit you are making, if your profit Is high and you know that using your profit for other investments can better your financial life you can go ahead with it
Damscooguns73
Mythical member
Concerning on soon should an individual start spending from his business. Well, I believe for an individual to start spending from his business , he should have made more from his capital and he is able to pay his staffs or employees their salaries in advance.
Starting a business is a big process and hurdles that has to be scale through systematically. In business, there is need to separate business from personal spending. In every business you can't but to spend money on the floating of expenses. A well structured budgeting plan is what will rescue the business from been run into bankrupt.
The person can start spending from his business when you Know that you have achieved enough, and it is not advisable to let your experiences more than your income, because of it is, loss is coming gradually.
GIFTMICHAEL
Captain Junkie
Most people depend on their small business for survival, without sustaining themselves it will be hard to survive. It be unwise to see such demeaning situation and still tell them not to deep hand on the profit that comes from the proceeds of the business.
It is advisable, that anyone who wants to venture into business should set out a particular capital for that business only and not using the business process to solve personal problems. As soon as you find out that you have make so much profit in the business, you can leave the business to stay at least two years before thinking about to touch the profit small, so that the business will not crashed.
Abibatabosede
Mythical member
When starting a business,you need to set aside some amount of money in your savings from which you will be taking out your own salary. You try to discipline your self and not spend beyond that. Until the business grow enough for you to add to your earning.
Should it ever come to one mind to start so bring from one business.
Once one gave start spending from his or her business then such a person is writing a letter of downfall to his business.
This is the mistakes most business men usually do that makes their business fall.
Once one gave start spending from his or her business then such a person is writing a letter of downfall to his business.
This is the mistakes most business men usually do that makes their business fall.
You can start spending from your business when you start getting profit that you desire, some people will like their business to be well established and having branches before that start spending profit from the business while others can start spending as soon as they start making profit, it all depends on individual decision.
New business needs time to grow to an extent before you start spending from the profit. You must grow your business to a stage where your income from the business is multiple of the capital that you use in starting it. You must have an estimation of your daily income which you determine your profit from. There is nothing wrong from spending from the money generated from the business after all business is created for the purpose of making profit.
In my opinion, when you have enough interest to start over your business at least two times with no stress, you can start spending from your interest.
Never be too comfortable with how much profit you have. That is what wrecks the business for some. If your start spending your immediate gain, you may be digging a hole.
Anything can happen, losses can be incurred, prices of raw materials can increase. What would you do if you have no money to reinvest?
Never be too comfortable with how much profit you have. That is what wrecks the business for some. If your start spending your immediate gain, you may be digging a hole.
Anything can happen, losses can be incurred, prices of raw materials can increase. What would you do if you have no money to reinvest?
K
kayode10
Guest
One of the benefits of starting up a business is to have enough money at your access another to buy whatever you want. But you need to nurture your business to the harvest season before you can start spending. if your business bring large profit for you at the early stage the best thing you can do is to reinvest about 80% of the profit and keep the 20% for yourself. You can spend that 20% the one you like why do you remaining 80% is for your business expansion.
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