how much should you spend to set up your business?
Everyone’s circumstances are different so deciding how much money you invest in a new project is very personal. You should take into account what success looks like including how much money you think you can make and by when, and also the likelihood of achieving success.
You should make it a fixed amount and know roughly what it is going to be spent on. Unplanned expenditure is the quickest way to fail before you are out of the starting gates. You should have in your mind ‘I want to spend x amount getting the project to the point where it has y and z and by then I will be ready to get money from sales / next stage funding’
If you are very resistant to investing your own money this is a warning sign either that you don’t believe in the project or your ability to deliver it or that your financial history or personality make you unsuited to the level of risk involved. If that is the case it would be good to talk it through and see if you can de-risk the project by changing the business model.
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