BANGALORE: The idea in command and infrastructure in place, are enough for a healthy startup or at least, you wish this could be. However the financial planning and stability are a must to manage your money at the crucial time of starting a new venture. This is without a doubt is most important skill and is to be followed wisely. Money matters! Yes it can either make or break a startup and holds the ability for a transformation. Hence a successful startup relies on how you manage its money. Brace yourself and steer your money the way it has to be with these simple yet golden money-management skills if you want to start a new startup as compiled by Economic Times.

#1 Pre-Startup: It’s the crucial step as you prepare yourself both mentally and financially to begin a new phase of your work which needs a proper planning. You not only have to secure yourself but your family too.

Start by telling them the idea, the preparation and the processes of it. Save everything, spend less or it is wisely enough to have a financial reserve which can help you in your startup and other home expenses. Remember to make a saving which can uphold the expenses equal to 18 months or at least a year. Try and save some capital for your contribution towards your business. This financial planning and money reserve should be done while you are safe still in your job. Plan well, for crucial spending like education and health-care of your family. It is better to know when to call it quits and get back into a job and start building up the money reserve again.

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