Controlling your finances is important for your future and your business, so we tell you how to manage it and what you need to keep in mind to manage your money successfully. Will the vast majority of millennial be interested in being entrepreneurs to manage their time and be their own boss? The answer to certainty we do not have it, however, that is the perspective that many people today have about young people. And not just as an example of entrepreneurship independence but rather as a figure of rebellion of laziness who like easy things who do not care about their future much less for the management of their finances.
Look, these are the Excel Templates to control your expenses and income
In short, there are many points of view and a great debate, the fact is that they are the main public of the world trade. Young people have a different expectation. That is perhaps what motivates them to act many times in a “snatched” way before the possibilities presented to them. With the decisions, they make. It is okay to be risky but it’s also okay to be organized and strategically ask what you want to do and where you want to go. Because when we go out on an uncertain road without knowing anything, we can crash.
No one says that it will be easy even if you are a designer you will have to learn about legal, accounting, tax, marketing, and other customers among others basically it will be the “whole” of your company. What’s more, a columnist at one point shared with Personal Finance the five reasons why there are entrepreneurs who ‘throw a towel’ in Colombia?
Determine the viability of your company: here you have to take accounts, is to do an economic analysis with calculations that allow you to measure the profitability of your business. For this, you must consider three things: The necessary funds are the contributions that are in capital, then you must take into account, whether the contributions are own or third parties.
Calculate expected benefits: that is, determine what the results would be in terms of profit. Know how the company is: here you must take stock, look at the financial statement. The investment budget the resources to start a business must be covered by the financial budget the economic funds that finance such investments.
Financing needed: you have to determine how much money you need for the activities you have in mind to develop. Make the list and then determine how you can meet this need for resources if you require loans or investment from a third party.
Collections: are the entries that occur in the treasury of the company ie, revenue from customers or suppliers. Payments: are the outflows of money that is the resources that the company or employer uses to cancel purchases to suppliers expenses and cancellations credits. Expenses: refers to the acquisition of goods and services for production ie the purchase of machinery raw materials technology, energy etc