The only place where success comes before work is in the dictionary. – Vidal Sassoon
Before deciding to start your new business, entrepreneurs should consider completing the task of determining their net worth. The process is pretty simple but a path rarely traveled by entrepreneurs before launching their business. Taking the step to create a foundation for the creation of a financial plan that reflects who you truly are says a lot about your future success.
Just imagine how many professional before you wish they would have slowed down and taken a step back in order to take a huge leap forward. Think about it, once you start your journey of turning your dreams into a reality when does that process ever slow down? It doesn't. Each new day gets you a step closer to your dream goals, so why would you stop. Understanding this, now is a good time to "stop" and define what success means to you especially financially.
Start with gathering all of your most recent important documents such as retirement statements, bank statements, insurance documents, home-owner deeds, investment accounts and automobile titles. This will provide you an idea of your current net worth (Assets - Liabilities) before making the decision to use personal funds to fund your business start-up. I encourage you to not be afraid to know this fact about yourself? It's nothing to be ashamed of - it's more of a stepping stone and a first step in establishing future goals.
Consider how you can improve your net worth with the tips below.
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