Personal Finance Issues

Personal finance is a huge component of whether a venture is a success or a failure.  First, most of the capital to begin the venture will have to come from the owner themselves.  If they do not have a substantial amount of cash they will have to get loans any possible way they can and a lot of times the stress of the loan repayment may be overwhelming upon start-up.  Second, if the venture fails your personal assets will be at risk. You will have to back any loans you have with your personal credit and assets.  The last and most crucial component of personal finance in a business venture comes in to play with your daily and monthly personal budget.  If you are not able to save and budget for the venture and manage your own money well on a monthly basis your business will have a hard time as well.  A lot of times when you first go into business for yourself you will have to balance your own books and pay your own bills and salary.  One of the biggest mistakes I see small business people make is that the money in their business account is also used as their personal money and if there is not any separation it becomes a recipe for disaster. 

Bryan Lawlor