By Albert W. Rubeling
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Extra resources for How to Start and Operate Your Own Design Firm, : A Guide for Interior Designers and Architects
36 Chapter 05 2/10/07 10:23 AM Page 37 FINANCIAL CONSIDERATIONS HOW MUCH MONEY DO YOU NEED TO INVEST TO GET STARTED? Starting a business requires sacrifices. You will be amazed at how successful you can be with little or no money if you plan your start-up correctly. You need to approach your new venture with lots of careful thinking and sound planning if you want to succeed. Your capital requirements should be diligently formulated well in advance of taking the plunge. Chart 5 should help you figure out what your personal financial needs are, while chart 6 will help you determine which start-up costs will be necessary for your business.
You will need to purchase much of the same over a period of time. Forget a salary for a while! The only way to develop success in a young start-up company is to constantly reinvest time, money, and profits. Just take home enough money to live on. This is the single most important unwritten rule shared by all true entrepreneurs. If you invest your money in stocks or businesses other than your own, you have more confidence in those businesses than in your own. True entrepreneurs feel that no one can achieve success better than they can in their own business.
Too many designers hang onto hope, and are blinded by the euphoric experience of their firm start-ups to the point that they ignore their business needs and fail financially. As long as you remain true to yourself and strive for, measure, and achieve your interim goals, you will succeed. 21 Chapter 03 2/9/07 2:19 PM Page 22 ✯ Chapter 03 2/9/07 2:19 PM Page 23 PA RT 2 : The Reality of a Start “The secret of getting ahead is getting started. ” —Napoleon Hill “There are two mistakes one can make along the road to truth .
How to Start and Operate Your Own Design Firm, : A Guide for Interior Designers and Architects by Albert W. Rubeling