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Having a handle on your financial profile before embarking on a business start up is important and yet many aspiring entrepreneurs often overlook this. Knowing your current - and projected - liabilities and income streams help determine the scope and feasibility of your business.
What steps have you taken to assess the financial waistline of your dream business? If you've had to pull back on some aspects of your business plan due to financial limitations, what's your new game plan? What advice would you give to others?
Our financial waistline (building a community movie theater) was impacted when a new theater (with six screens) opened in our small town. We've had to change our concept and lose a key part of our original plan, a cafe and gallery in the lobby of the theater (see my most recent journal). I think it's important to have a plan when you start, but, in most cases, it's just as important to be willing to alter that plan as things change. This is especially true with people who have limited budgets, like me. However, more often than not, the changes that have to be made after you hit a financial wall turn out to make more sense. Money tends to be the reality factor; it brings you down to earth, which is a good place to be when you're starting a business.