Commingling

Commingling Of Funds

According to Black’s Law Dictionary, ‘commingling’ is defined as, (Of a fiduciary) “to mix personal funds with those of a beneficiary or client.”

Even as a small business, it is important to set up separate accounts for your business and personal needs.

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How Are You Going To Fund Your Startup?

Most people know they want to start a business. What they don’t know most of the times, is how they’re going to fund their business. This is the stumbling block for many eager Entrepreneurs who simply give up their idea or dream when they just can’t figure this part out.  

When clients come to us with their interest to start a business, we make sure they understand what they are getting into financially, and that they understand the words ‘cash-flow’. Too many persons only pay attention to the frills of owning a business without taking into consideration, the in-depth details required to make a business survive and thrive. There are a lot of persons who start a business, and not enough Entrepreneurs who are able to seek out opportunities to create a sustainable, viable business, keep learning, keep creating, and keep innovating. If you’re going to build a business, why not build one to last? Why not build one your children or a future investor or buyer can take over?

So where are we going with this? Listen, if you want to start a business, you have got to keep your head in the game from the moment the idea comes to you, and not get carried away by the ‘shiny object syndrome.

So let’s talk Money! No, better yet, Capital! Where is it going to come from? This is your first business. Are you going to rely on the banks to just drop some money into your idea after you present them with a Business Plan? A Business Plan you paid someone else to do and you can’t even explain? To be quite honest with you, without a trading record, getting startup finance from a bank is going to be difficult no matter how good your idea seems.

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