Retailers Forum Magazine - October 2023

FORUM WORKSHOP
As a new business, youʼll need “working capital”
(which may include income and start-up
capital). Youʼll be expected to pay cash for inventory,
for supplies, and for some equipment,
unless you lease your equipment. You might be
able to purchase some of these things and
make time payments, but youʼll have to make
those payments whether your business is making
sales or not. So you need working capital
– the cash money it takes to keep your business
in operation – to pay for day-to-day expenses.
Most businesses fail because they donʼt have
enough money when they start. Building a business
takes years. The early years will cost you
more than later years. Youʼll spend money on
desks and filing cabinets, computer systems,
and training employees, to name a few. Youʼll
forumworkshop
need to advertise
more
in the early
years to get
the word-ofmouth
adv
e r t i s i n g
s t a r t e d .
C h a n c e s
are, in the
first year or
two, everyone
will be
paid except
you, the owner. So part of your capital needs
will be what you require to live on. The SBA
prints a number of useful pamphlets on starting
a business. Read them.
continued..
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Page 46 OCTOBER 2023 | RETAILERS FORUM MAGAZINE